Info Systems In Business Flashcards
Computer literacy
Skills in using productivity software, as well as having knowledge of hardware/software, the internet & collab tools
Information literacy
Understanding the role of information in generating and using business intelligence
Business intelligence (BI)
Provides historical, current, and predictive views of biz operations $ environments & gives orgs a competitive advantage in the market
Transaction processing systems (TPSs)
Focuses on data collection & processing, major reason for use of cost reduction
Management information systems (MIS)
An organization of hardware & software tech, data, human process and human elements designed to create useful info for decision making
Data
Raw facts, and a component of an information system
Database
A collection of all relevant data organized in a series of integrated files
Process
This part of a info system generates the more useful type of info for decision making
Information
Facts that have been analyzed by the process component & is an output of an information system
Strategic Information Systems (SISs)
Focus on big-picture, only term goals and objective to assist an org or decision maker to achieve them
Information technologies
Support information systems that use the internet, computer networks, database systems, POS systems, and RFID tags.
Five Forces Model
Analyzes an org & its position in market, and how info systems can be used to make it more competitive.
Information is the ____ most important resource
2nd, after the human element
4 M’s of resources
Manpower, machinery, materials, money
PIS and HRIS
Personal information system/Human resource information system. Provides info for personnel to do task effectively.
LIS
Logistics information system. Reduce cost of transporting material & maintains safe and reliable delivery
MFIS
Manufacturing Info System. Reduces costs, increases product quality, improve inventory decisions, manage manufacturing resources
FIS
Financial Information system. Provides info to financial executives
MKIS
Marketing info system. Improve marketing decisions, 4 P’s, provides good info about marketing
4 P’s
Price, promotion, place, and product
Three strategies for successfully competing in the market
Overall cost leadership, differentiation, focus
Five Forces Model breakdown
Buyer power, supplier power, threat of substitute products/services, threat of new entrants, rivalry among existing competitors.
Cost leadership strategy: bottom line & top line
Bottom: improve efficiency by reducing costs . Top: generate new revenue by offering new products & services
Buyer power
High when customers have many choices and low when customers have few choices
Supplier power
High when cust have few options, and low when cust have more options.
Threat of substitute products or services
High when many alternatives to an organization’s products and services are available
Threat of new entrants
Low when duplicating a company’s product or service is difficult, focus strats are used to ensure threat remains low
Rivalry among existing competitors
High when competitors occupy same marketplace position, low when there are few competitors
