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ITM Midterm Flashcards

1
Q

Six Strategic Business Objectives

(The role of Info Systems (IS) in business today)

A
  1. Operational excellence
  2. New products & services
  3. Customer and supplier intimacy
  4. Improved decision making
  5. Competitive advantage
  6. Survival
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2
Q

Functions of an Information System

A

An organization uses the environment as input to process and calculate an output

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3
Q

Operational excellence

A

*improvement in efficiency to attain higher profitability
*IS and technologies (important in achieving greater productivity)

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4
Q

New products & services

A

IS help create new products, services and business models

(ex. APPL business model changing from tapes, CDs etc to Online, iPhone and Apple Music)

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5
Q

Customer and supplier intimacy

A
  • Serving customers well leads to customers returning
  • Intimacy with suppliers results in lower cost
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6
Q

Improved decision making

A
  • Managers do not have the right info without accurate info
  • Real-time data improves ability to make decisions
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7
Q

Competitive advantage

A
  • Delivering better performance
  • Charging less for superior products
  • Responding to customers and suppliers in real-time
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8
Q

Survival

A

Information technologies as necessity for business

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9
Q

The Business Information Value Chain

A
  • Raw data data acquired and transformed through stages that add value to that info
  • Value of information system shown in better decisions, greater efficiency, and higher profits
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10
Q

Business perspective on information systems

A
  • Investing in IS does not guarantee good returns
  • Factors include adopting the right business model and investing in complementary assets
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11
Q

Complementary Assets

A

Assets required to derive value from a primary investment

  • Organizational assets
  • Managerial assets
  • Social assets
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12
Q

Dimensions of IS

A
  • Organization
  • Management
  • Technology
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13
Q

Business processes examples

A
  • Manufacturing and production
  • Sales and marketing
  • Finance and accounting
  • HR
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14
Q

Types of Information Systems

A
  • Serves operational managers
  • Transaction processing systems (TPS)
  • allow managers to monitor status
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15
Q

Business Intelligence

A

A technology-driven process for analyzing data

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16
Q

Management Information Systems (MIS)

A
  • Serves middle management
  • Based on data from TPS
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17
Q

Decision Support Systems (DSS)

A
  • serves middle management
  • improved decision making
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18
Q

Executive Support Systems

A
  • support senior management
  • address non-routine decisions
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19
Q

Enterprise Applications

A
  • systems for linking the enterprice
  • includes all levels of management
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20
Q

Enterprise Systems (also known as Enterprise Resource Planning Systems [ERP])

A
  • resolve problem of fragmented data
  • Efficient response to customer orders
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21
Q

Supply Chain Management (SCM) Systems

A
  • manage firm’s relationships with suppliers
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22
Q

Customer Relationship Management (CRM) Systems

A
  • provides info that deals with customers
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23
Q

Knowledge Management Systems (KMS)

A
  • collect internal knowledge
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24
Q

Intranets and Extranets

A
  • Intranets: Internal company websites
  • Extranets: Company website accessible externally (only to vendors and suppliers)
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25
What is social business?
The use of social networking platforms to engage employees and customers
26
Different systems for different management
27
Collaboration
Working with others to achieve shared and explicit goals
28
IT Infrastructure
provides the foundation for serving customers and managing internal business processes
29
Moore's Law
Computing power doubles ≈ every 2 years
30
Law of Mass Digital Storage
The amount of data being stored each year doubles (as cost declines)
31
Metcalfe's Law
value/power of a network grows exponentially
32
Total Cost of Ownership (TCO)
TCO will be greater than initial purchase price for a device/system
33
What are Enterprise Systsems or Enterprise Resource Planning (ERP) Systems
- Collects data from firm for use in all of firm's internal business activities - Information entered in one process is immediately available for other processes
34
Business Value of Enterprise Systems
- increase operational efficiency - provide info to support decision making - enable rapid response to customer requests
35
Six strategic business objectives
1. Operational excellence --> SCM 2. New products and services 3. Customer and supplier intimacy --> SCM, CRM 4. Improved decision making 5. Competitive advantage 6. Survival
36
The Supply Chain
- network of organizations and processes for procuring materials, turning materials into products, and distributing products
37
Supply Chain Management: - Just-in-time Strategy (JIT) - Safety Stock - Bullwhip Effect
JIT: Components arrive as they are needed Safety stock: buffer for lack of flexibility in supply chain Bullwhip effect: info about product demand distorts as its passed across the supply chain
38
Demand-Driven Supply Chains
- Push-based model (build-to-stock) - schedules based on best guesses of demand - Pull-based model (demand-driven) - customer order triggers events in supply chain
39
Customer Relationship Management (CRM)
- helps firms know their customers (through sales, marketing, services)
40
CRM Software includes tools for what
- Sales force automation (SFA) - Customer service - Marketing
41
Operational vs Analytical CRM
Operational CRM - customer-facing applications Analytical CRM - Analyzes customer data
42
Business value of CRM systems
- customer satisfacion - more effective marketing - increased sales revenue
43
Churn rate
- Number of customers who stop purchasing products/services from a company - indicator of growth/decline of customer base
44
Database
Group of related files
45
File
Group of records of same type
46
Record
Group of related fields
47
Field
Group of characters as words/numbers
48
Byte
Group of bits that represents a single character (eg. the letter "A" or "5")
49
Bit
Smallest unit of data; binary digit (0,1)
50
Database Management Systems (DBMS)
separates logical and physical data files
51
Relational DBMS
represents data as 2D tables
52
Non-relational databases: “NoSQL”
- data sets stored across distributed machines - easier to scale
53
Databases in the cloud
appeal to start-ups, smaller businesses
54
Blockchain
- maintains a list of records and transactions - encryption used to identify participants and transactions
55
Big data
massive sets of unstructured/semi-structured data from web traffic, social media, sensors, etc
56
Data warehouse
stores current and historical data
57
Data marts
- subsets of data warehouses - focuses on single line of business
58
Business Intelligence Infrastructure -- In-memory computing
- used in big data analysis - uses RAM for storage to avoid delays
59
Online Analytical Processing (OLAP)
- supports multidimensional data analysis - enables rapid, online answers to ad hoc queries
60
Data mining
finds hidden patterns, relationships in datasets (ex. customer buying patterns)
61
Text mining vs Web mining
Text mining: extracts key elements from large unstructured data sets Web mining: analysis of useful info from web
62
Types of Decision (Structured vs Unstructured)
Unstructured: judgment and insight used to solve problem Structured: repetitive and routine; do not have to be treated each time as new Semistructured: Only part of problem has clear-cut answer given by procedure
63
How Does the Decision-Making Process Work? (manager heirarchy)
64
The Decision-Making Process
- intelligence - design - choice - implementation

ITM Midterm (1 decks)

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