L 1.1 Managing in the Digital World Flashcards
Information systems are where?
everywhere you can receive information
ex. electronics, social media, books, canvas
digital innovation
a product, process, or business model that is perceived as new, requires some significant changes on the part of adopters and is embodied in or enabled by IT
3 important characteristics of digital innovation
digitilization
moore’s law
network effects
moore’s law
rapid performance improvements of IT components by doubling the number of transistors in an integrated circuit ever 2 years
network effects
the value of innovations increase when more people use it
why is digital innovation important?
- new technologies enable transformations in the way we live and work, how companies organize and structure industries
- managers have to understand these transformations in order to be effective
- managers have the opportunity (obligation) to become digital innovators
Digital density
the amount of connected data per unit of activity
3 drivers of digital density
connections, data, and interactions
big data
large complex datasets with significant volumes, variety and velocity
used fro analyzation decision making
data gives the ability to
connect elements of the physical to the digital world
Information systems definition
the combination of people and information technology that create, collect, process, sotre and distribute data
components of information technology
hardware (for filing), software (to execute business processes more efficiently), and telecommunications networks (allow computers to share data for global communication)
data definition
raw symbols such as characters and numbers, don’t have any meaning until processed
information
when data is formatted, organised, and processed it turns into information
knowledge
the ability to understand information, form opinions and make decisions or predictions based on the info
