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79 Cards in this Set
- Front
- Back
Explain the Internet of Things (IoT) and cite examples |
IoT is a System of Systems - When devices come together to interact and form a network that all communicates simultaneously. Ex: Traffic Lights, Google Maps, Engine Monitors |
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Explain why it is important for business leaders to understand thatdata collection rates from IoT devices is increasing exponentially? |
Business Leaders will have even more datato analyze consumer trends, and must have capabilities to monitor and analyzethe data at an even faster rate |
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1.What are thesecurity issues associated with IoT devices? |
Hackers, Data Breaches, Phishing, andother viruses and bugs. |
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Do you agree withthe following statement: “The Internet of Things is just a passing fad and willbe gone within a decade.” Why or whynot? |
Will be around for a while as theinternet is getting busier and busier everyday. |
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Business strategy |
A leadership plan that achieves a specific set of goals |
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What linkage is there to Business Strategy? |
Marketing and Sales Strategy, IT Strategy, and Supply Chain Strategy **Also linked to Customer Satisfaction |
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Competitive Intelligence |
The process of gathering information about the competitive environment to improve the company's ability to succeed Tools: Porter's Five Forces Model Porter's Three Generic Strategies Porter's Value Chain Analysis |
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Porter's Five Forces Model |
Evaluates Industry Attractiveness Rivalry Among Existing Competitors Buyer Power Customer Power Threat of New Entrants Threat of Substitute Products or Services |
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Porter's Three Generic Strategies |
Broad Market and Low Cost Broad Market and High Cost Narrow Market and Low Cost Narrow Market and High Cost |
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What are the Drivers of Firm Profitability? |
Industry Structure Sustainable Competitive Advantage |
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Business Process |
a standardized set ofactivities that accomplish a specific task, such as processing a customer’sorder |
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Value Chain Analysis |
Views an organization as aseries of processes, each of which adds value to the product or service foreach customer |
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Support Value Activities |
Firm Infrastructure HR Management R&D Procurement |
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Primary Value Activities |
Receive and Store Raw Materials Make the Product or Service Deliver the Product or Service Market and Sell the Product or Service Service after the Sale |
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Customer Facing Process |
Results in a product or service that is received by an organization's external customer Ex: Order Processing, Customer Service, Sales Process, Customer Billing, Order Shipping |
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Business Facing Process |
Invisible to the external customer but essential to the effective management of the business Ex: Strategic Planning, Tactical Planning, Budget Forecasting, Training, Purchasing Raw Materials |
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Business Process |
A standardized set of activities that accomplish a specific task, such as processing a customer's order |
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HBR - Why do orders "fall through the cracks"? |
Orders fall through the cracks because thereare a lot of business steps that have potential to lose focus. |
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HBR - What is meant by a "functional silo"? |
Very narrow look at completing your taskand your task only. |
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HBR - What four problems emerge in the OMC? |
1. Most companies don't view the OMC as a whole 2. Each step requires cross-functional responsibility 3. To top management the details of the OMC are invisible 4. Customers not viewed as the priority. |
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Order Management Cycle |
•Organizations areorganized vertically whereas the orders flow horizontally!
–Horizontal Gaps –Incompletevisibility of top management of the Order Management Cycle |
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HBR - What improvements were recommended? |
1.Flowchart the OMC, Become Horizontal (Inter functional Programs and Investments), Role of IT,Staple Yourself to an Order |
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Systems Thinking |
A way of monitoringthe entire system by viewing multiple inputs being processed or transformed toproduce outputs while continuously gathering feedback on each part |
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Business Process Modeling (or Mapping) |
the activity ofcreating a detailed flow chart or process map of a work process showing itsinputs, tasks, and activities, in a structured sequence |
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Business process model |
a graphicdescription of a process, showing the sequence of process tasks, which isdeveloped for a specific –As-Is process model –To-Be process model |
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Continuous process improvement model |
attempts tounderstand and measure the current process, and make performance improvementsaccordingly Process: Document as-is, Establish Measures, Follow Process, Measure Performance, Identify and Implement Improvements |
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Process Improvement |
Used to eliminate unnecessary work and improve productivity |
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Business Process Reengineering |
Fundamental rethinking and radical redesign of business processesto achieve dramatic improvements in cost, quality, speed, and service. |
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Steps in Business Process Reengineering |
1. Set Project Scope 2. Study Competition 3. Create New Processes 4. Implement Solution |
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Business Process Management |
Focuses on evaluating and improving processes that include both person-to-person workflow and system-to-system communications |
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Drivers for Business Process Management |
1. Modeling and Understanding Documentation 2. Modeling for Redesign 3. Modeling for Execution and Compliance |
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Challenges to Managerial Decision-Making |
1. Analyze Large amounts of information 2. Apply sophisticated analysis techniques 3. Make decisions quickly |
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Six Step Decision Making Process |
1. Problem Identification 2. Data Collection 3. Solution Generation 4. Solution Test 5. Solution Selection 6. Solution Implementation |
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Three Decision Making Levels |
1. Strategic 2. Managerial 3. Operational |
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Operational Decision Making
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Operational decision making - Employees develop, control, and maintain core business activitiesrequired to run the day-to-day operations Structured decisions - Situations where established processes offer potential |
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Managerial Decision Making |
•Employees evaluatecompany operations to identify, adapt to, and leverage change •Semi structured decisions – Occur in situations in which a few established processes help toevaluate potential solutions, but not enough to lead to a definite recommendeddecision |
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Strategic Decision Making |
•Managers developoverall strategies, goals, and objectives •Unstructured decisions – Occurs in situations in which no procedures or rules exist to guidedecision makers toward the correct choice |
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Model |
Simplified Representation or Abstraction of Reality Help: Calculate Risks, Understand uncertainty, change variables, Manipulate time to make decisions |
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Four Quantitative Models used by DSS's |
1. What-if analysis 2. Sensitivity Analysis 3. Goal-Seeking Analysis 4. Optimization Analysis |
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Executive Information System (EIS) |
A specialized DSS that supports senior level executives withinthe organization –Granularity –Visualization –Digital dashboard |
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Four Capabilities Most EISs offer? |
1. Consolidation 2. Drill-Down 4. Pivot |
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Artificial Intelligence |
Simulates human intelligence such as the ability to reason and learn |
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Intelligent System |
Various commercial applications of artificial intelligence |
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Five Common Categories of AI |
1. Expert System 2. Neural Network 3. Genetic Algorithm 4. Intelligent Agent 5. Virtual Reality |
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Expert System |
Computerized Advisory Systems If and then computer system that holds vast knowledge Advantages: Retains Knowledge for when People Retire |
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Neural Network |
Analyzing of Patterns and Trends Anticipation of Trends to make better decisions |
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Genetic Algorithm |
Mimics the process of natural selection Very good for optimization and to help in solving search problems |
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Intelligent Agent |
An autonomous entity which observes through sensors and acts upon an environment using actuators and directs its activity towards achieving goals |
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Virtual Reality |
Human Centered simulation for social science |
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Data Mining |
Data-mining systems sift instantly through information to uncover patterns, trends, correlations and relationships •Data-mining systems include many forms of AI such as neuralnetworks and expert systems •Predictive Analytics offers insights and improved decision making,especially in “big data” domains |
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Pinterest - Disruptive or Sutaining? Web 1.0, 2.0, or 3.0? What is Pinterest's eBusiness Model? |
Sustaining 2.0 Consumer to Consumer |
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Disruptive Technology |
– A new way of doingthings that initially does not meet the needs of existing customers |
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Sustaining Technology |
Produces an improved product customers are eager to buy |
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Internet |
A massive network that connects computers all over the world and allow them to communicate with one another |
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What are the Reasons for growth of the WWW |
- Microcomputer Revolution - Advancements in Networking - Easy Browser Software - Speed, Convenience, and Low Cost of E-Mail\ - Web Pages easy to create and flexible |
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eBusiness |
Use of the Internet and other networks and information technologiesto support electronic commerce, enterprise communications and collaboration,and web-enabled business processes both within an internetworked enterprise,and with its customers and business partners |
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Name Advantages of eBusiness |
- Expanding Global Reach - Opening New Markets - Reducing Costs - Improving Operations - Improving Effectiveness |
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Key Characteristics of Cloud Computing |
- Reliable - Fast - Available - Device/Location Independent - Pay for only what you need |
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Different Types of Cloud Computing |
- Private - Public - Hybrid - Community |
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What does SaaS stand for? GE Question |
Software as a Service |
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E-Business Model |
A plan that details how a company creates, delivers, and delivers value on the internet |
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Name the four types of models? |
Business to Business Business to Consumer Consumer to Business Consumer to Consumer |
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Electronic Marketplace |
Interactive business communities providing a central market where multiple buyers and sellers can engage in e-business activities |
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Common B2C Ebusiness Models |
-Brick and Mortar -Click and Mortar -Pure Play (Virtual) Business |
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Name an example of Consumer to Business |
Priceline.com Demand for C2B eBusiness will increase over the next few years due to customer's desire for greater convenience and lower prices. |
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Types of Online Auctions |
•Electronic auction(e-auction) - Sellers and buyers solicitconsecutive bids from each other and prices are determined dynamically •Forward auction - Sellers use as a sellingchannel to many buyers and the highest bid wins •Reverse auction - Buyers use to purchase aproduct or service, selecting the seller with the lowest bid |
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What types of Consumer to Consumer communities are there? |
–Communities of interest - People interact witheach other on specific topics, such as golfing and stamp collecting –Communities of relations - People come togetherto share certain life experiences, such as cancer patients, senior citizens,and car enthusiasts –Communities of fantasy - People participatein imaginary environments,such as fantasy football teams and playing one-on-one with Michael Jordan |
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Clickstream Data |
Tracks the exact pattern of a consumer's navigation through a website Reveals: Number of Page views, Pattern of Websites Visited, Length of Stay, Date and Time visited, Number of Customers with Shopping Cars, Abandoned Shopping Carts |
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What do website metrics include? |
- Visitor Metrics - Exposure Metrics - Visit Metrics - Hit Metrics |
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What is the Internet's Impact on Information? |
- Easy to Compile - Increased Richness - Increased Reach - Improved Content |
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Mass Customization |
The ability of an organization to tailor its products or services to the customer's specifications |
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Personalization |
Occurs when a company knows enough about a customer's likes and dislikes that it can fashion offers more likely to appeal to that person |
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What are the Challenges of EBusiness? |
- Identifying Limited Market Segments - Managing Consumer Trust - Ensuring consumer Protection - Adhering to Taxation Rules |
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Web 1.0 |
A term to refer to the WWW during its first few years of operation between 1991 and 2003 |
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Ecommerce |
Buying and selling of goods and services over the Internet |
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EBusiness |
Includes ecommerce along with all activities related to internal and external business operations |
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Web 2.0 |
The next generationof Internet use – a more mature, distinctive communications platformcharacterized by three qualities –Collaboration –Sharing –Free |
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Advantages of Business 2.0/Web 2.0 |
- Content Sharing through Open Sourcing - User-Contributed Content - Collaboration Inside the Organization - Collaboration Outside the Organization |
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Web 3.0 |
Based on“intelligent” Web applications using natural language processing, machine-basedlearning and reasoning, and intelligence applications |