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IS 335 > Exam 1 - Chapter 2 > Flashcards

Exam 1 - Chapter 2 Flashcards

1
Q

understanding of the business

A

understanding of the business
How it looks today
How we want it to look tomorrow
How we move between these two points

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2
Q

How is strategy quantified?

A

How is strategy quantified?
Measurable targets
Balance the short-run and the long-run vision
Reviewed and renewed on a regular basis

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3
Q

FOUR SCENARIOS FOR ANALYTICS AND STRATEGY

A
  1. Separate
  2. Coordinated
  3. Dialogue
  4. Holistic
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4
Q

SCENARIO 1 – NO FORMAL LINK

- Analytics is used on an ad-hoc basis to

A

Based on the situational need of the business, not driven from strategy
Reporting tends to be decentralized
Data is rarely shared across functions

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5
Q

SCENARIO 1 – NO FORMAL LINK

  • Analytics is used on an ad-hoc basis to
  • Why take this approach?
A

Data insufficiency

Lack of analytical maturity

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6
Q

SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL

- Strategy is often monitored through ___

A

Strategy is often monitored through KPI

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7
Q

SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL

- _____ _____ are responsible for meeting their KPI goals

A

Functional areas are responsible for meeting their KPI goals

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8
Q

SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL

- _____ can help KPI performance

A

Analytics can help KPI performance

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9
Q

SCENARIO 2 – STRATEGY SUPPORT AT FUNCTIONAL LEVEL

- Functional areas can direct the _____ _____

A

Functional areas can direct the Analytics Process

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10
Q

look at the charts

A

-

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11
Q

For analytics to help, KPI Targets must meet five different criteria (SMART):

A 
Specific
Measurable
Agreed
Realistic
Time-Bound
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12
Q

Assumes that the organization has:

A

Assumes that the organization has:
Data Warehouse
Established BA function in the businessman’

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13
Q

Process includes

A

Process includes
Business and data understanding
Coordination between BA and Strategy
Continual feedback

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14
Q

_____ is generally more centralized

A

Reporting is generally more centralized

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15
Q

_____ can be shared across the organization

A

Insights can be shared across the organization

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16
Q

What is Developed by researchers at Harvard Business School

A

balanced scorecard

17
Q

Benefits of Balanced Scorecard
(2)

Organizes every project and process into four perspectives
(4)

A

Benefits of Balanced
Helps to improve strategy
Keeps the main foci of the business in balance

Organizes every project and process into four perspectives
Financial Perspective
Customer Perspective
Internal Business (Process) Perspective
Learning and Growth Perspective
18
Q

SCENARIO 4 – INFORMATION AS A STRATEGIC RESOURCE Benefits

A

Always Data Driven
Information is part of the strategic input
Use all available company information
Customer data
Preferences
Market basket analysis
Use the information to validate strategy

19
Q

Stakeholders do not exist in a vacuum, they exist in a _____-.

A

Stakeholders do not exist in a vacuum, they exist in a culture.

20
Q

What is the culture at your organization?

A 
What is the culture at your organization?
Support
Fear
Innovation
Complaisance
Competition
Analytic
21
Q

WHICH INFORMATION SHOULD WE PRIORITIZE?

A

high to lowest priority

Customer intimacy -> Operational excellence -> Product innovation

22
Q

Not every company is ready for a ______ approach to _____ and ______

A

Not every company is ready for a holistic approach to strategy and analytics

23
Q

There are prerequisites to being able to harness analytics in an organization

A

There are prerequisites to being able to harness analytics in an organization
Integrated data repository (warehouse)
Analytical expertise and maturity
Analytical organizational culture
Cross functional awareness and objectives

24
Q

_____ steps in the right direction are better than no steps at all

A

Small steps in the right direction are better than no steps at all

25
Q

MIT Meta-study of human intuition vs data driven processes

A

MIT Meta-study of human intuition vs data driven processes
Humans outperformed in 6% of studies
Data-driven processes outperformed in 46% of studies
No clear advantage in 48% of studies

26
Q

However, not all business take a data-driven strategy approachWhy not?

A

cost, time, expertise

27
Q

How do business analytics and strategy relate?

A

it develops what strategy you need

28
Q

KPI

A

monitor your strategy progress

29
Q

RELATIONSHIP BETWEEN STRATEGY AND FUNCTION

A 
Strategy goes down the pyramid 
function at the bottom

IS 335 (15 decks)

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