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42 Cards in this Set
- Front
- Back
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Information Age
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is when infinite quantities of facts are widely available to anyone who can use a computer
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Data
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is raw facts that describe the characteristics of an event
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Information
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converts facts into meaningful and useful context
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Business Intelligence
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applications and technologies that are used to gather, provide access to, and analyze data and information to support decision making efforts.
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Knowledge
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gained through BI
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IT projected goals
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1. reduce costs/ improve productivity
2. improve customer satisfaction/ loyalty 3. create competitive advantage 4. generate growth 5. streamline supply chain 6. global expansion |
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Common Departments in an organization
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Accounting, Finance, HR, Sales, Marketing, Operations Management, MIS.
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Why must the departments work together to achieve success?
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All departments must work together as a single unit sharing common information and not operate independently but operation cross-functionally.
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Functional areas are
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interdependent
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IT
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a field concerned with the use of technology in managing and processing information
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MIS
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a general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems.
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System Thinking
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A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback
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How does MIS enable business communication?
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by moving info about people, products, and processes across the company to facilitate decision-making and problem-solving.
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Business Strategy
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A leadership plan that achieves specific set of goals or objectives such as:
1. developing new product 2.entering new market 3.increasing customer loyalty 4. attracting new customers 5. increasing sales |
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Porter's Five Forces Model
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analyzes the competitive forces within the environment in which the company operates to assess the potential for profitability in an industry
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What are Porter's Five Forces Model?
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1. Threat of Substitute Products or Services
2. Buyer Power 3. Threat to New Entrants 4. Supplier Power 5. Rivalry Among Existing Competitors |
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Threat of Substitute Products or Services
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High when there are many alternatives to a product or service and low when there are few alternatives
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Buyer Power
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The ability to affect price on an item
1. switching costs 2. loyalty program |
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Supplier Power
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ability to influence the prices they charge for supplies
1. supply chain (suppliers, company, consumers) |
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Threat of New Entrants
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High when it is easy for new competitors to enter a market and low when there are significant entry barriers
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Rivalry Among Existing Competitors
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High when competition is fierce in a market and low when competitors are more complacent
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3 Generic Strategies for choosing a business focus
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Broad cost leadership, broad differentiation, focused strategy
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How can a company add value using Porter's value chain analysis?
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by focusing on systems and how inputs are changed into the outputs purchased by consumers
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What are the 4 basic components of supply chain management?
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1. supply chain strategy - strategy for managing all resources to meet customer demand
2. supply chain partner - partners throughout the supply chain that deliver finished products, raw materials, and services. 3. supply chain operation - schedule for production activities 4. supply chain logistics - product delivery process |
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Customer relationship management
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involves managing all aspects of a customer's organization to increase customer loyalty and retention and an organization \'s profitability
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Enterprise Resource Planning
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systems collects data from across an organizations and correlates the data generating an enterprisewide view
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BPR
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looks at taking a different path, such as airplane which ignores the road altogether
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Metrics
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detailed measures that feed KPIs
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Efficiency IT Metric
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Measures the performance of the IT system itself including throughput, speed, and availability
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Effectiveness IT Metric
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focuses on an organization's goal strategies and objectives including customer satisfaction, conversion rates, and selling through increases.
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Define Primary Roles Along with their Associated Responsibilities
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1. Chief Info Officer
2. Chief Tech Officer 3. Chief Security Officer 4. Chief Privacy Officer 5. Chief Knowledge Officer |
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CIO
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Chief Info Officer- responsible for overseeing all uses of technology and ensuring strategic alignment of IT with business goals
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CTO
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responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's info tech
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CSO
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ensuring security of IT systems and developing strategies and IT safeguards against attacks from hackers and viruses
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CPO
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ensuring the ethical and legal use of information within an organization
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CKO
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responsible for collecting, maintaining, and distributing the organization's knowledge
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The gap between IT and business personnel
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business personnel have their own vocabulary based on their experience and expertise and IT has their own vocabulary consisting of acronyms and technical terms
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Fundamental Building Blocks of business today
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Ethics ans Security: to prevent the past from repetaing itself
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List three primary sources of low quality information
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1. online customers intentionally enter inaccurate information to protect their privacy
2. info from different systems have different entry standards and formats 3. call center operators enter abbreviated or erroneous information by accident or to save time |
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Explain how info differs throughout an organization
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Employees must be able to obtain and analyze the many different levels, formats, and granularities of organizational information to make decisions.
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Information Granularity
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refers to extent of detail within the information
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Benefits of good information
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significantly improve the chances of making good decisions
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