How information technology is changing business

Question 1

Explain changing nature of data collection

Answer 1

1) collects useful information ( e.g., raw data) from by user friendly software
2) chose best wholesalers in the market.
3) business partners use a “ Just in time” strategy ( keep them involved with business decisions)
4) a dealer channel that sells and builds products directly to customers.
5) less on hand inventory

Question 2

How do firms use information to create value?

Answer 2

1) sophisticated data exchanges that help customers customize products and directly sell the products to customers
2) technology helps customers directly purchase without other companies.