Week 07 Flashcards
Explain 2 types of Information systems?
Operations Support Systems: productivity
– Transaction Processing Systems
– Process Control Systems
– Enterprise Collaboration Systems
- Management Support Systems: better decisions
– Management Information Systems
– Decision Support Systems
– Executive Support Systems
What is Database management?
Databases are central to information management
– Store data once only
– Protect the integrity of that data
– Make the data available to those who need it in the
form in which they need it
- Information has to move between different units
– This should be transmitted so that duplicate data
does not arise
– Hence interlinked systems which form a distributed
database.
Explain enterprise systems
Enterprise systems (ES) supports enterprise-wide or cross-functional requirements, rather than a single department or group within the company
Explain MRP & ERP
Material requirements planning (MRP) integrates production, purchasing, and inventory management of related products.
Enterprise resource planning (ERP) further
integrates transaction processing and other
routine activities in the entire enterprise.
Integration continues along several paths
– Functional areas
– Combining transaction processing and decision support
– Business intelligence
What does MRP stand for
Manufacturing resource planning
What does CRM stand for
Customer relationship management
Whar does FRM stand for
Finance resources management
Explain MRP
Material requirements planning (MRP) integrates production, purchasing, and inventory management of related products
Explain ERP enterprise system
Enterprise resource planning (ERP) further integrates transaction processing and other routine activities in the entire enterprise
Explain modern idea of CRM
CRM provides information from customer transactions
– Capture and integrate customer data from all over the organisation.
– Consolidate and analyse customer data.
– Distribute customer information to systems and customer touch points across enterprise.
– Provide single enterprise view of customers - formed from analysis
What are the aims in supply chain collaboration and information sharing?
– optimal inventory Levels
– optimal shipping plans
– successful management of just-in-time approaches
What is the B2B supply chain?
Network of organisations and processes for:
– Procuring raw materials
– Transforming them into products
– Distributing the products
What does upstream supply chain and downstream supply chain refer to?
Upstream supply chain:
– Firm’s suppliers, suppliers’ suppliers, processes for managing relationships with them
Downstream supply chain:
– Organisations and processes responsible for delivering products to customers
What do supply chain execution systems do
Manage flow of products through distribution centers and warehouses
What do supply chain planning systems do?
– Model existing supply chain.
– Demand planning.
– Optimise sourcing, manufacturing plans.
– Establish inventory levels.
– Identify transportation modes.
Explain EDI in terms of supply chain
Electronic data interchange is the exchange of structured business data electronically.
IN supply chain includes: Purchase orders, invoices, shipping notices
Explain UN/EDIFACT
The United Nations rules for Electronic Data Interchange for Administration, Commerce and Transport: comprise a set of internationally agreed standards, directories, and guidelines for the electronic interchange of structured data, between independent computerized information systems.
What other technologies and IT are used in supply chain and for what purpose
Use IOT sensors,
RFID
Mobiles devices
Expert systems and AI to monitor things
Apart from reducing investory cost also need IT to monitor perishable goods, ensure security and audit trail
What are the tangible benefits of E-supply chains
– Reduced costs
– Customer responsiveness
– Standardisation
– Globalisation
– Reduction in duplication of entries
– controls and reconciliation are enhanced
– rapid assimilation of data into the organisation
What are the intangible benefits of E-supply chains
– better information ➔ better management
– Information visibility
– New/improved processes
– Customer responsiveness
– Flexibility
– Reduced risk
– More data means More feedback to customers
What is XML?
XML stands for eXtensible Markup Language · XML is a markup language much like HTML, but a bit cleverer · XML was designed to store and transport data and exchange information. A browser knows (from a Stylesheet) how to
display it and Other programs can process it too. It’s all about tagging
Explain XBRL
XBRL Xtensible Business Reporting Language -
Freely licensed standard, originated in
accountancy profession
* It is XML – and cleverer still, as well as tagging
data items
What did the SOA adopt as an extension of XML for datasets?
XTbML - original standard was generalized and improved so that it would apply across a range of actuarial tabular data needs.
Explain blockchain
Blockchain is a transaction database that uses encryption to ensure the validity of transactions among the parties in the system. It is a distributed ledger in a peer to peer distributed database so there is no central authority.
Transparency - transactions visible to all
Encryption used to authenticate participants and
transactions
ex: used by bitcoin
Explain a mutual distributed ledger and its benesits
Large book: record events, facts, information or
transaction
Security - unalterable
Transparency - available and shared data since creation
Resilience - copy of data are distributed and shared by all nodes of the network
Disintermediation - No central authority
Explain a smart contract and its benefits
A Smart Contract is a computer program that automatically executes the preset terms of a contract when conditions are met. Implements straight-through processing so increase time to market and makes more efficient business processes. There is more certainty the contract will be executed as agreed.
How does blockchain prevent fraud in insurance
Eliminating double-booking, or processing multiple claims from the same incident
Establishing ownership through digital certificates
Reducing premium diversion, for example, in the case of unlicensed brokers selling insurance and pocketing premiums
Explain B31
Reinsurance market initiative - aims to explore the use of blockchain to serve clients through faster, more efficient and secured services. Members are trying to assess how blockchain tech can be established as a viable tool for the reinsurance industry
Explain EIS and what capabilities they need to have
Executive Information System (EIS) – a specialised IS that supports senior-level executives within the organization.
Executives need to understand huge amounts of data quickly
Most EISs offer the following capabilities:
– Consolidation (reduce quantity)
– Drill-down (look in more detail at one area)
– Slice-and-dice (selection
Explain a digital dashboard
A graphic that integrates information form multiple components - turning data into information.
Can have dense information but must not be cluttered - must be easy to view
What is business intelligence?
Infrastructure for collecting, storing, analyzing data
produced by business ex:Databases, data warehouses, data marts
What is business analytics
Tools and techniques for analyzing data ex: OLAP (online analytical processing), statistics, models, data mining
What are six elements of the business intelligence environment
– Data from the business environment ex: web data, social media
– Business intelligence infrastructure ex: databases
– Business analytics toolset ex: models, OLAP
– Managerial users and methods. Strategy, performance management
– Delivery platform—MIS, DSS, ESS
– User interface: Data visualisation tools
What are the main analytic functionalities of BI systems?
– Production reports
– Parameterised reports
– Dashboards/scorecards
– Ad hoc query/search/report creation
– Drill down
– Forecasts, scenarios, models
What is the overall goal and mission of BI and business analytics?
To deliver accurate real time information to decision makers
Who uses BI info?
The producers of BI - IT developers, business analysts, analytical modellers
Consumers of BI (majority) - operational employees, senior managers, business analysts, staff
