Final Exam Study Guide for Business Management Systems

Classification model

A classification model is designed when machine learning allocates a label value to a specific class and then seeks to recognize these values to decide what categories they fit into.

computer networks

A network is a group of two or more devices/computers that are connected together.

Formula for success

A simple formula that can be used to define success is __________ + organizational/business knowledge = problem solved.

CRM

A system that helps organizations track customer acquisition rates and improve future customer acquisition rates by providing useful data about which products or services attract customers.

Machine learning

A type of artificial intelligence that uses data and algorithms to create learning is called machine learning.

Adversarial network

A type of machine learning model that uses two neural networks designed to compete against each other to create artificial instances of data that are interpreted as real data.

Neural Networks

AI method inspired by human brain processing.

Generative Adversarial Networks (GANs)

AI networks competing to create realistic data.

Cloud-based AI Applications

AI services delivered over the internet.

Machine Learning

AI that learns from data and algorithms.

Cloud-based system advantages

Advantages of choosing a cloud-based, custom business management system over an on-premises option include reduced need for a large IT staff and greater control over the speed of implementing changes.

Network type for information exchange

An investment firm creates a network designed to facilitate information exchange between devices at its offices in New York City and New Haven, Connecticut, using a wide area network (WAN).

Descriptive Analytics

Analyzes past data to answer 'what happened?'.

Moore's Law

As computer chips become more powerful, more powerful business management software is written and the overall system's capabilities improve.

Location Dependence

Business strategies influenced by geographical factors.

Benefits of CRM in marketing

Businesses ultimately benefit from using a CRM to identify the highest revenue customers in a target market by saving time and money by targeting this precise segment of the market.

E-commerce

Buying and selling goods/services online.

CRM market targeting

CRM systems assist businesses in targeting a market segment by identifying a target market and providing insights into the profiles of these customers.

Platform as a Service (PaaS)

Cloud computing model providing platform for developers.

Infrastructure as a Service (IaaS)

Cloud service providing virtualized computing resources.

Software as a Service (SaaS)

Cloud-based software accessed via the internet.

Components of SMIS

Components of a social media information system (SMIS) combine to form and inform an organization's social media objectives.

databases

Composed of multiple tables, which are groups of assigned records and fields organized in rows and columns.

social media information system (SMIS)

Composed of three parts: people, data and procedures, and hardware and software.

Moore's Law

Computing power doubles approximately every 18 months.

Internet Nodes

Connection points in a network for data transfer.

Customer-Generated Content (CGC)

Content created by users about products or services.

Essential aspects of thinking

Curiosity, understanding context, having a technical mindset, data design, and data strategy are the five essential aspects of data thinking and skills.

DDDM

Data-Driven Decision Making.

Data Segmentation

Dividing data into meaningful groups for analysis.

E-commerce ubiquity

E-commerce ubiquity is the ability of an organization to create a strong presence among consumers in many places, with minimal time constraints, to sell them products and services.

Digital Devices

Electronic devices used for processing data.

Information Architecture (IA)

Framework for organizing and finding information.

Functions of an ISP

Functions of an Internet Service Provider (ISP) include providing access or a gateway to the resources on the Internet and providing an Internet Protocol (IP) address.

World Wide Web (WWW)

Global system of interconnected hypertext documents.

User Communities

Groups accessing SMIS for shared interests.

Data Handling Procedures

Guidelines for managing user data securely.

CRM systems

Help businesses identify MQLs and SQLs during the customer acquisition process.

Human capital in technology-based business systems

Human capital is vital to operating SMISs. People are valuable potential customers. People enjoy social media recreationally. Cultural influences apply to technology choices.

Sales Prospecting

Identifying potential customers for sales.

Database collections

In a database, data is organized in complex and meaningful collections specified by the database administrator.

supervised learning

In supervised learning, class labels are used to create the classification model.

business management system

Includes three main components: a decision-making information system, a predictive information system, and a database management system.

Customer Engagement

Interactions that foster a relationship with customers.

data analysts

Key skills required include technical writing skills, oral communication skills, and experience with SQL and computer code.

Neural Network Layers

Layers in AI models that process data.

Marketing Qualified Leads (MQLs)

Leads deemed more likely to become customers.

Scalable Learning

Learning that can grow with increased data or complexity.

LAN

Local Area Network connecting devices within a limited range.

Cloud-Based Business Management System

Management system hosted on cloud infrastructure.

Business management system control

Managers have the greatest degree of control over a new business management system that is implemented as an on-premises solution.

Customer Satisfaction Metrics

Measurements assessing how products meet customer expectations.

Data Storage

Method of saving digital information for future use.

M-commerce

Mobile commerce involving transactions via mobile devices.

Tracking Analytics

Monitors user behavior and engagement metrics.

Local Area Network (LAN)

Network covering a small geographic area, like a building.

Wide Area Network (WAN)

Network covering large geographical areas.

Personal Area Network (PAN)

Network for personal devices within a small area.

Internet of Things (IoT)

Network of interconnected devices communicating online.

On-premises system responsibilities

Organizations that use an on-premises business management system are also responsible for maintaining, updating, and securing the system.

Roles in social media information systems

People play roles such as observers and bystanders, platform architects and data scientists, collectors of data points for analysis, and employees and contributors.

E-commerce Marketing

Personalized messages based on user behavior.

Social Media Providers

Platforms offering services for user interaction.

Positive outcomes of AI

Potential positive outcomes of AI include decreased human risk and injury, diminished human-caused errors, and increased productivity.

Intranet

Private network accessible only to an organization's employees.

Data Analytics

Process of examining data to draw conclusions.

Security Procedures

Protocols ensuring safe use of information systems.

CRM software

Provides the ability to make distinctions between true prospects and unrealistic sales opportunities.

Questions data analysts ask

Questions that data analysts often ask include what overall outcomes and results are needed and what are the time constraints for the project.

Cloud-based Servers

Remote servers providing scalable computing resources.

Sales prospecting tools

Sales prospecting tools that are most often integrated with CRM systems include Zoominfo, LinkedIn Sales Navigator, and Clearbit Prospector.

Sales Process

Series of steps to convert prospects into customers.

Artificial Intelligence (AI)

Simulation of human intelligence in machines.

SMIS

Social Media Information Systems facilitating user interaction.

Data analyst

Someone who possesses the knowledge of processing software, business strategy, and analytical skill to deliver data and reports that guide management and executives as they create well-informed decision making is known as a data analyst.

IEEE 802.3 Protocol

Standard for Ethernet connections in networking.

AWS deep learning process

Steps of the Amazon Web Services (AWS) deep learning process include Train, Retrain, and Tune the Models, Choose and Optimize the Algorithm, and Scale and Manage the Production Environment.

Customer Acquisition

Strategies for attracting new customers using CRM.

Deep Learning

Subset of AI using neural networks for learning.

Prescriptive Analytics

Suggests actions based on data analysis.

machine learning methods

Supervised Learning.

Customer Relationship Management (CRM)

System for managing a company's interactions with customers.

TCP/IP

TCP/IP is a suite of communication protocols used to connect devices to the Internet and covers how software applications communicate across networks and how data packets are assembled and reassembled once they reach their destination.

E-commerce Personalization

Tailoring online shopping experiences to individual users.

Network types

The Internet connects LANs, WANs, and other Internet networks together.

AI

The study and application of processes that combine computer and data science to enable computer-assisted or automated problem-solving.

TCP/IP layer

The transport protocol divides data into packets and acknowledges these have been received.

cognitive computing

The use of computer models that are designed to simulate human thought processes.

CRM Systems

Tools for managing customer relationships and data.

Sales Prospecting Tools

Tools that assist in identifying and managing prospects.

Segmentation Tools

Tools used to categorize market data effectively.

Information Density

Total and quality of available market information.

Subfields of AI

Two subfields of AI include machine learning and deep learning.

Data Fabric

Unified architecture for managing data across platforms.

User communities in SMIS

User communities rely on software components such as web browsers, applications that access content, smartphones, and devices with sufficient memory to engage with a social media information system.

machine learning

Uses various data inputs to build an algorithm.

Predictive Analytics

Using data to predict future outcomes.

Global reach of e-commerce

Using e-commerce, organizations can reach the largest number of potential and existing customers, thus increasing their global influence.

Questions that data analysts often ask

What overall outcomes and results that are needed? What are the time constraints for the project? How much is the company being paid for my analysis? Who will receive the information and analysis?

Responsibilities of a data analyst

Working on data analytics teams to extract data from large data sets, creating reports that outline key findings, and analyzing data to identify trends are just a few responsibilities of a data analyst.