Finance function and IT Flashcards
What are IT systems that create information and knowledge?
- Transaction processing systems
- Knowledge work systems
- Office automation systems
What are IT systems that share information and knowledge between business functions?
- Management information systems
- Decision Support Systems
- Executive Information systems
- Expert systems
- Enterprise-wide systems
- Knowledge management systems
- Customer relationship management systems
What do Transaction Processing Systems (TPSs) do?
Perform and record routine transactions.
What do Knowledge Work Systems (KWSs) do?
Facilitate the creation and integration of new knowledge into an organisation
What do Office Automation systems (OASs) do?
Computer systems designed to increase the productivity of data and information workers.
What do Management Information Systems (MISs) do?
Covert data from mainly internal sources into information. This information enables managers to make timely and effective decisions for planning, directing and controlling the activities for which they are responsible.
What are the 5 characteristics of MIS?
- Support structured decisions at operational and management control levels
- Designed to report on existing operations
- Have little analytical capability
- Relatively inflexible
- Have an internal focus
What does a Decision Support System (DSS) do?
Combine data and analytical models or data analysis tools to support semi-structured and unstructured decision making.
Used by management to make decisions where there are high levels of uncertainty.
What does a Executive information System (EIS) do?
Pool data from internal and external sources and make information available to senior managers in an easy to use form. Help managers to make strategic, unstructured decisions.
Easy access to internal and external info.
What are 3 features of an EIS?
- Flexibility
- Quick response time
- Sophisticated data analysis and modelling tools.
What does an Enterprise-wide system do?
Designed to co-ordinate all business functions, resources and information, wherever they are geographically. Example is an ERP.
What are 6 problems when it comes to Virtual Teams?
- Forming a team- to bond and built trust
- Knowledge sharing- communication aspects lost
- Processes and goals - hard to set clear goals and objectives
- Leadership - time differences and locations problems in leading a team
- Cultural differences - creature misunderstanding
- Morale - staff morale can be affected by isolation
What are the 4 approaches of implementing a new system?
- Direct ‘Big Bang’ change over - scrap old system and replace with new system in one move.
- Parallel running- old and new systems run in parallel for a period of time.
- Pilot operation - selecting one part or several parts of an organisation to operate new system in parallel with existing system.
- Phased or modular changeover - selecting a complete section of the system for a direct changeover. When that part is running, another one is selected.
Name the benefits of Information Systems?
- Savings because an inefficient system can no longer be operated
- Extra savings or revenue because of improvements
- Greater customer satisfaction, arising from more prompt service
- Improved staff morale from working with a ‘better’ system
- Fasted processing speed of routine tasks and outputs
- Reduced scope for human error improves accuracy of input
- Increased volumes of data that can be processed
- Ability to handle more complexity in terms of number of data streams
