OMIS MIDTERM WEEK 1 Flashcards
Internet of Things (IoT)
A world where interconnected Internet-enabled devices or “things” have the ability to collect and share data without human intervention.
Machine-to-Machine (M2M)
Refers to devices that connect directly to other devices
What are the core drivers of the information age?
Data
Information
Business intelligence
Knowledge
What are Information Systems? (IS)
- Computer-based tools that are used to work with information and support the information and information-processing needs of an organiztion
- Includes: Hardware, Software, Trained personnel, Policies & Procedures & Security measures
What is Information Technology? (IT)
- The acquisition, processing, storage, and distribution of voice, graphics, text, and numbers and other information by a combination of computers and telecommunications networks.
What are Management Information Systems? (MIS)
- The function that plans for, develops, implements, and maintains IS hardware, software, and applications that people use to support the goals of an organization
- MIS is a business function, similar to Accounting, Finance, Operations, and Human Resources
What is Data?
Raw facts that describe the characteristics of a event or object.
Ex: order date, amount sold, customer number, quantity ordered
What is Information?
Data converted into a meaningful and useful context.
Ex: best-selling product, best customer
What is Business Intelligence?
Information collected from multiple sources that analyses patterns ,trends, and relationships for strategy decision making.
Ex: lowest sales per week compared with the economic interest rates, best selling product by month compared to sports seasons and city team wins and losses
Knowledge
The skills, experience, and expertise, coupled with information and intelligence, that creates a person’s intellectual resources.
Ex: choosing not to fire a sales representative who is underperforming knowing that person is experience family problems, listening products that are about to expire first on the menu or creating them as a daily special to move the product
What is Information-Functional Culture?
Employees use information as a means of exercising influence or power over others.
Ex: a sales manager refuses to share information with marketing.
What is Information-Inquiring culture?
Employees across departments search for information to better understand the future and align themselves with current trends and new directions
What is Information-Sharing culture?
Employees cross departments trust each other to use information (especially about problems and failures) to improve performance.
What is Information-Discovery culture?
Employees across departments are open to new insights about crises and radical changes and seek ways to create competitive advantage.
What is a Chief information officer (CIO)?
Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives.
What is a Chief knowledge officer (CKO)?
Responsible for collecting, maintaining, and distributing the organization’s knowledge.
What is a Chief privacy offer (CPO)?
Responsible for ensuring the ethical and legal use of information.
What is a Chief security officer? (CSO)
Responsible for ensuring the safety of IT resources including data, hardware, software, and people.
What is a technology officer? (CTO)
Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT
What is a business strategy?
A leadership plan that achieves a specific set of goals or objectives.
Ex: Developing new products or services, Entering new markets, Increasing customer loyalty, Attracting new customers, Increasing sales
Who are the stakeholders of an organization?
Government, partners/suppliers, shareholders/investors, community, employees, customers, government
What’s a competitive advantage?
A product or service that an organization’s customers place a greater value on than similar offerings from a competitor.
What is first-mover advantage?
Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage.
What is a SWOT analysis?
Evaluates an organization’s strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.
