MIS Flashcards
the buying, selling and marketing of products , services and information over the internet and other networks
what is electronic data interchange (EDI) ?
a set of protocol that empowers business to communicate with each other. it enables enterprises to exchange business-critical information
e-payment
e-payment is a way of making transactions or paying bills online or through an electronic medium, without the use of physical cheque or cash
phases, benefits and challenges of CRM
PHASES- acquisition, enhancement, retention
BENEFITS OF CRM-
1. identify target market and best customers, loyal customers
2. help to customize and personalize products and services based on customer needs
3. provides consistent customer experience and value generation
4. improved customer relations
5. better decision making
6. better internal communication
CHALLENGES OF CRM
1. lack of change management
2. lack of poor integration between CRM and core business system
3. inadequate user buy-in
4. costly
5. failure to operate the CRM program
6. too much dependency on CRM
7. the data is dirty- a problem that pops out when you have duplicate, incomplete data
CRM
CRM is a strategy and technology used by business to manage and analyze customer interaction and data throughout the customer lifestyle. the goal of CRM is to improve business relationship, assist in consumer retention and drive sales growth.
components of CRM
- operational CRM- deals with the automation of fundamental business processes such as sales marketing and customer service
- analytical CRM- analyze customer data for better decision-making
- collaborative CRM-facilitates interaction between various department within a company
significance of CRM in business
- improved customer relationships
- increase sales and revenue
- enhance customer service
- data centralization
- marketing efficiency
ERP
ERP is a cross functional enterprise system driven by an integrated suite of software modules that support the basic internal business processes of a company. it gives a company an integrated real-time view of its core business processes, such as production inventory management, etc
benefits of ERP
- quality and efficiency
- quality and efficiency of customer source production and distribution, etc
3.decreased cost - better decision support
- integration across all business processes
challenges of ERP
- no clear objectives
- lack of proper user
- ERP implementation is not a cost, its an investment
4.higher dependency on ERP
characteristics of DSS
- supports drill down analysis
- handles large amount of data form different sources i.e external and internal
- provides reports and presentations
- performs complex, sophisticated analysis
DSS
a computer based information system that supports organizational decision making and leads to problem solving
components of DSS
- DSS database- includes data from internal sources of organization , data mined from the internet etc
- DSS software system - contains mathematical and analytical model that are used to analyze complex data thereby producing required information.
- DSS user interface- graphical interface that allows interaction between DSS and its users. it produces the analyzed data into various forms such as tables, graphics etc
functions of DSS
- data management - collects and stores large amount of data. this includes data warehouse, etc
- model management- involves statistical, optimization , financial models
- knowledge management- provides recommendations and insights
- decision making speed and quality - provides timely and accurate data
- communication and collaboration- enables communication and collaboration with stakeholders during decision-making . includes sharing information
different types of decision structure
structured- 1. made in established situations
2. can be programmed and planned
3. made in situation which can be fully understood
4. set for routine tasks
unstructured- made in emergent situations
2. made in situation which in unclear
3. cant be programmed and unplanned
4. sudden and one shot situations
semi- structured - falls between structured and unstrctured with partially defined problem involving structured and unstructured decisions
