Intro to Business Information Systems: Ch 1 Flashcards
digital age
shifted from analog fashion to digital (binary) method
Bell’s law
digital devices evolve quickly
Moore’s law
number of transistors in an aggregated chip doubles every 18 months
Metcalfe’s law
the value of a network is the square of the number of nodes
Neilsen’s law
network connection speeds increasing 50% per year
Kryder’s law
storage capacity is increasing, exponential capacity growth
Information Age
computers aid in processing, organizing, and providing information specific to a particular problem domain
Acceleramotor
measures acceleration, phone can track steps
Gyroscope
Determines which way phone is oriented
magnetometer
measures magnetic fields, tells north
GPS
connects with multiple satellites and calculates where you are based on angles of intersection
biometric sensors
fingerprints, facial recognition
radar sensors
detect movement
proximity sensors
phone to face, turn off screen
ambient light sensor
auto adjusts brightness
Internet of Things (IoT)
world where interconnected internet analyzed devices have the ability to collect/share data without human intervention
machine to machine (M2M)
the devices that connect directly to other devices and platforms
AI
ability of computer or robot to perform tasks associated with intelligent beings, reason, discover meaning, generalize, learn, etc.
systems and outsourcing
using resources and operations outside of country base
reasons for outsourcing
increase productivity and competitiveness, cost reduction reducing operating cost in expensive areas, gaining new skills too costly to hire or inaccessible in-house, freeing up internal resources to work on core business functions, increased flexibility/scalability are also benefits of outsourcing
thriving in an innovation environment
stay ahead of the curve, develop skills difficult to outsource, specialize in niche areas, master current tools and processes, embrace automation, focus on innovation/problem solving, network, team player, communicate
business must drive use of technology
- assess state of competition/industry pressures affecting organization
- determine business strategies to address competitiveness/industry pressures
- identify business processes to support chosen business strategies
- align technology tools with those business processes
core drivers of the information age
data, information, business intelligence, knowledge
data
raw facts describe characteristics of event/object
big data
collection of large complex data sets which cannot be analyzed using traditional database methods/tools
(variety, veracity, volume, velocity)
structured data
has defined length/type format and includes numbers, dates, strings
unstructured data
not defined, does not follow specified format, typically free form text (email, tweets)
data vs information
data is the building block of information
information
data converted into meaningful or useful context
report
document containing data organized in table, matrix, graph allowing users to easily comprehend information
business intelligence
information collected from multiple sources that analyzes patterns, trends, relations for strategic decision making
data analyst
collects, queries, consumes organizational data to uncover patterns, provide insights for strategic business decision making
key skills of data analysts
understand math, statistics, and coding skills to work with data and business area subject matter expertise
data scientist
extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes/relevant information
descriptive analytics
describes past performance/history
diagnostic analytics
examines data/content to answer “why did it happen”
predictive analytics
techniques that extract information to predict trends/identify behavioral patterns
prescriptive analytics
creates models indicating best decision to make/action to take
systems thinking and MIS
knowledge is isolated if common departments work independently/use separate systems
MIS solution
business decisions made together, integrated processes, common database for information, common departments work dependently, data democratization
Systems thinking
way of monitoring entire system by viewing multiple inputs being processed/transformed to produce outputs
management information systems (MIS)
business function (ex: accounting) which moves information about people, products, processes across company to facilitate decision making/problem solving
components of MIS
people, data, processes, technology, management
CSO
ensures safety of business systems/safeguards against hackers/virus
CTO
ensures speed, accuracy, availability, reliability of MIS
CPO
ensures ethical, legal use of information
CIO
oversees use of MIS and ensures MIS aligns with business goals and objectives
CKO
collecting, maintaining, distributing company knowledge
