Class 1: Flashcards
what does value proposition mean?
is it desirable
what is it you do as a business
what is it that you have to offer to your customers
what does value extraction mean?
can we make money from it
what does value creation mean?
is it technically feasible
do we have, can acquire, can we invent, can we design tech that will allow us to give the value we propose
what are the steps to the creation of value?
- value proposition
- value creation
- value extraction
after identifying the value proposition and finding the product, what must you identify after?
the five forces model
who invented the five forces model
Micheal Porter from Harvard
what does the five forces model allow us to think about?
allows us to think about how our value proposition exists in its ecosystem and environment
who Arte the five forces in the five forces model
rivals and competitor
threat of more entrants
supplier power
buyer power
threat of substitue products or services
what do you do after identifying the forces in the five forces model?
you find your strategies
what are the aspects to consider in the strategy
cost leader
differentiation
innovation
operational effectivness
customer orientation
what is the value chain used for?
add the value promised in the value proposition
why is it important to check the value chain?
you wanna check if there is lack of efficiency
increases competitive advantage
this allows for more profits
why information technology (IT)?
Computer-based tool that people use to work with information
to support the information and information-processing needs of an organization
ex: equipment, hardware, the whole thing together
information systems (IS)?
the system itself
a tool to:
collect info
process info
store info
analyze info
disseminate (distribute) info
all for a specific purpose
it includes IT
what is the purpose of information systems (IS)
get the right information to the right people at the right time in the right amount and in the right format
to help business processes and decision making
why study information systems?
most connected generation in history
what is an informed user of IT and IS?
a person knowledgeable about information systems and information technology
what is done with data?
sorted, processed or assembled to create information
when is knowledge created?
When people apply learned criteria or learned expertise
what are the 4 main components of computer based information systems?
hardware
database
software
network
what are the major capabilities of information systems
perform high speed, high volume numerical computations
provide fast, accurate communication and collaboration within organizations
store huge amounts of info in an easy to access, yet small space
allow quick and inexpensive access to vast amounts of info, worldwide
interpret vast amounts of data quickly and efficiently
automate semi-automatic business processes and manual tasks
what has IT done to managers?
changed the way they work by changing the way they make decisions
less middle managers nowadays
managers are now more productive, increasing number of employees reporting to them
telecommunication allows more remote supervision of employees
what is the impact of IT on workers?
• May eliminate jobs
•
Potential loss of identity and
alienation
- Potential repetitive strain injury (RSI) or vision issues
- Provides opportunities for people with disabilities by using assistive technologies
what is data?
bits and bytes
the 1s and 0s
bytes
8 bits
when bytes are even more organized, what do they become?
information
the more structured the info, what dies it eventually become?
knowledge
business intelligence systems dashboards
IS that will be integrating data that is coming from different sources
geared to managers or to anyone who doesn’t need a lot of detail but need to see the big picture
traction processing systems
systems specifically designed to handle very high number of small transactions
sys
creative destruction
the idea that some business will disappear with the change of an industry
IT has transformed many industries
what has IT done to our quality of life?
changed it a lot
increase quality of healthcare with new devices
increased quality of our education such as research
banking now can be done online
people can work without physically being there
IT impact on social life
we can now be in touch 24/ with social media
IT and cryptocurrencies
IT allowed for the creation of crypto
IT and AI
widened the scope of AI
gives us impression that computers have real intelligence
