final Flashcards
What is an ERP?
- Enterprise resource planning: collects data from many divisions (departments) of a firm for use
- For internal business activity (information is available immediately for other processes)
What is enterprise software and who are the big names in this space?
- Computer application that helps companies with predefined business softwares such as finance and accounting/ sales and marketing/ manufacturing/ production
- Microsoft, adobe, dropbox, google, oracle.
How are enterprise systems used and what are their characteristics?
Increase operational efficiency, provide firm wide information to support decision making, enable rapid responses to customers request, and include analytical tools, minimizes time and cost spend in inventory
What is a supply chain? (recall the in-text graphic)
Network of organizations and business producing raw materials into finished products and distributing them
supplier-> manufacturer->distributor->retailer->customer
What are the upstream and downstream components of a supply chain?
Upstream: primary suppliers and supplier’s suppliers: goes from tier 3 to tier 1 (3 being the rawest supplies)
Downstream: distributor and retailers
What is the bullwhip effect and how have we seen that play out in the current logistics?
Info about a product demand gets distorted as it passes through the entities of a supply change
- A slight increase in demand might give a suppliers supplier too much inventory
What is an SCM? What are its components?
Supply chain management
- Manage flow of products through distribution centers and warehouses
- Components: model existing supply chain, enable demand planning, optimize sourcing and manufacturing plants, establish inventory levels, identify transportation models.
What do we mean by “friction” in enterprise systems?
A barrier to customers to buy products/growth
What is “just-in-time” inventory?
components arrive as they are needed
What is “safety-stock?”
Buffer for lack of flexibility in supply chain
What is the difference between push-based and pull-based supply chain models?
- Push based (build to stock)-scheduled based on best guesses of demand (nike)
- Pull based (demand driven): customer orders triggering events (business in dorm)
What are touch points in the digital marketing realm?
Method of interaction with customers such as telephone, email, or service desk.
What is the difference between an exchange, a marketplace, a market space and a private industrial network?
Exchange: third party net markets that connect suppliers and buyers
Marketplace: single, digital market place based on industry technology for suppliers and sellers
Market space:
Private industrial network: large firm using secure website to link its suppliers and other key business partners
What is disintermediation and what are its effects?
Removal of organizations or business process responsible for intermediary steps in a value chain
What are examples of dynamic pricing models and how are they facilitated with information systems? Who uses them?
Price of a product depends on the demand or the supply situation of a seller.
- They are facilitated with big data analytics
- Online retailers like amazon, Walmart uber
- Wendy’s is implementing it
What is e-business?
A business in the internet
What is e-commerce?
when did it start?
The use of the internet and the web to transact business digitally (social, mobile local)
Started in 1995
What are network effects?
Adding more people to a network is not costly but produces great gains
What is a business model?
a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.
What is an e-commerce model and what are the types?
Whoa business is selling or providing services to
- E-tailors (amazon)
- market creators (ebay, uber)
- translation bookers (expedia),
- content providor (apple music),
- community providor (facebook),
- portal (yahoo)
- service providor (google doc, dropbox)
What is B2B, C2C, B2C and G2C?
B2B-business to consumer
C2C- consumer to consumer
B2C-business to consumer
G2C- Government to consumer
What is a content provider and what are examples?
Creates revenue by providing digital continent such as news music or videos
Apple music, Spotify, Getty images, youtube
What is an example of a transaction broker?
Saves users time by processing online sales and transactions and generating a fee every time a transaction occurs
Expedia booking
Who is considered to be the founder of AI?
John Mccatty /alan turning
What are examples of artificial intelligence and for what purposes are they currently used in business?
- Chat bot- to assist customers anytime of the day
- Chat Gpt
- Siri/ alexa
- Facial recognition
What types of decisions are made at each of the three management layers in the business pyramid?
- Unstructured: Senior management-> decide entry or exit from markets
- Semi-structured: Middle management : design marketing plans
- Structured: operational manegement:
restore inventory/offer credits/discounts to customers
-Understand the evolution of decision making and artificial intelligence -semistructure
about the mid-1950s through 2023.
1950-alan turning said ai is one that we can have a conversation with
1970-expert systems were developed
Machine learning (netflix recommendations
Unsupervised learning
Where are we currently at with AI in 2023?
Understand “Business Intelligence” and its components.
Concise and reliable operations about business current operations, trends, and changes across the company
- Data ware house: stores current data
- Data mart: subset of dataware house
- Hadhoop: opensourced software framework
What is a KPI?
Key performance indicators
Measures by senior management to understand how well a firm is performing on a given dimension
What is a neural network and how is it used in business applications?
Find patterns and relationships in very large amounts of data that is difficult for humans
- In medicine and science : pattern classification/probabilities
- Screening patients
- AI systems
