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What are Information systems (IS)?
Any computer-based tool that people use to work with information and that supports the information and information-processing needs of an organization
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
What is Data?
Raw facts that describe the characteristic of an event
What is Information?
Data converted into a meaningful and useful context
What is Knowledge?
Information that can be enacted upon i.e “actionable information”
What are the four Organizational information cultures?
- Information-functional culture
- Information-sharing culture
- Information-inquiring culture
- Information-discovery culture
What are Five IS strategic positions and what are their roles?
- Chief Information Officer (CIO) – oversees all uses of IS and ensures the strategic alignment of IS with business goals and objectives
- Chief Technology Officer (CTO) – responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IS
- Chief Security Officer (CSO) – responsible for ensuring the security of information systems
- Chief Privacy Officer (CPO) – responsible for ensuring the ethical and legal use of information
- Chief Knowledge Office (CKO) - responsible for collecting, maintaining, and distributing the organization’s knowledge
What are Key performance indicator (KPI)?
Measures that are tied to business drivers
What is the difference between Efficiency and Effectiveness IS Metrics?
- Efficiency IS metric – measures the performance of the information system itself including throughput, speed, and availability
- Effectiveness IS metric – measures the impact IS has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases
What is Benchmarking?
A process of continuously measuring system results, comparing those results to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance
What information systems do Efficiency IS metrics focus on?
- Transaction speed
- System availability
- Web traffic
- Response time
What information systems do Effectiveness IS metrics focus on?
- Customer Satisfaction
- Conversion Rates
What is 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 a first mover advantage?
Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
What is Environmental Scanning?
The acquisition and analysis of events and trends in the environment external to an organization
What are the Five forces in the Porter’s Five
- Buyer power – high when buyers have many choices of whom to buy from and low when their choices are few
- Supplier power – high when buyers have few choices of whom to buy from and low when their choices are many
- Threat of substitute products or services – high when there are many alternatives to a product or service and low when there are few alternatives from which to choose
- Threat of new entrants – high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market
- Rivalry among existing competitors – high when competition is fierce in a market and low when competition is more complacent
What is a supply chain?
Consists of all parties involved in the procurement of a product or raw material
What is a Business-to-Business (B2B) Marketplace?
an Internet-based service that brings together many buyers and sellers
What are two types of Business-to-Business Marketplaces?
- Private exchange – a single buyer posts its needs and then opens the bidding to any supplier who would care to bid
- Reverse auction – an auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price
What is a value chain?
views an organization as a series of processes, each of which adds value to the product or service for each customer
What are three Generic Business Focus Strategies?