MSIS 5623 Unit 1-3

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Big Data

A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools

Internet of Things (IoT)

A world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention

Data Mart

Contains a subset of data warehouse information

Extended ERP component

Extra components that meet the organizational needs not covered by the core components and primarily focus on external operations

High quality _______________ can significantly improve the chances of making a good decision

Information - Good decisions can directly impact an organization's bottom line

Unstructured Data

Not defined and does not follow a specified format

Distributed Computing

Processes and manages algorithms across many machines in a computing environment

Intelligent Agent

Special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users

Structured Data

Stored in a traditional system such as a relational database or spreadsheet

Machine vision

The ability of a computer to "see: by digitizing an image, processing the data it contains, and taking some kind of action

Buyer power

The ability of buyers to affect the price of an item

Fact

The confirmation or validation of an event or object

Fuzzy Logic

a mathematical method of handling imprecise or subjective information

Extended ERP components include:

•Business intelligence •Customer relationship management •Supply chain management

Three most common core ERP components

1. Accounting and finance 2. Production and materials management 3. Human resource

2 Information Types

1. transactional 2. analytical

Data Aggregation

Collection of data from various sources for the purpose of data processing

Expert System

Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems

Balanced scorecard

Enables organizations to clarify their vision and strategy and translate them into action

_____________________ DOES NOT HAVE ETHICS, _________ DO

Information People - Information does not care how it is used, it will not stop itself from sending spam, viruses, or highly-sensitive information

Customer Relationship Management (CRM) Metrics

Measure user satisfaction and interaction · Sales metrics · Service metrics · Marketing metrics

Information Redundancy

The duplication of data or storing the same information in multiple places - reduced by databases

Source document

The original transaction record

Data gap analysis

company examines its data to determine if it can meet business expectations, while identifying possible data gaps or where missing data might exist

SWOT Analysis

evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies

Real-time information

immediate, up-to-date information

Forward Integration

takes information entered into a given system and sends it automatically to all downstream systems and processes

Backward Integration

takes information entered into a given system and sends it automatically to all upstream systems and processes

Business process reengineering (BPR)

the analysis and redesign of workflow within and between enterprises

Confidentiality

the assurance that messages and information are available only to those who are authorized to view them

Application Integration

the integration of a company's existing management information systems

Reasons ERP systems are powerful tools

• ERP is a logical solution to incompatible applications • ERP addresses global information sharing and reporting • ERP avoids the pain and expense of fixing legacy systems

Characteristics of High-Quality Information

•Accurate •Complete •Consistent •Unique •Timely

Most EISs offer the following capabilities

•Consolidation •Drill-down •Slice-and-dice •Pivot

A well-designed database should (4)

•Handle changes quickly and easily •Provide users with different views •Have only one physical view •Have multiple logical views

Potential business effects resulting from low quality information include

•Inability to accurately track customers •Difficulty identifying valuable customers •Inability to identify selling opportunities •Marketing to nonexistent customers •Difficulty tracking revenue •Inability to build strong customer relationships

The fastest growing extensions for supply chain management include

•Supply chain event management (SCEM) •Selling chain management •Collaborative engineering •Collaborative demand planning

Operational CRM

•Supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers

Types of Decision-Making MIS Systems

- Transaction processing system - Decision support systems - Executive information systems

4 Types of Integration

1. Application Integration 2. Data integration 3. Forwards Integration 4. Backward Integration

3 Types of Analytics

1. Descriptive 2. Predictive 3. Prescriptive

Data broker

A business that collects personal information about consumers and sells that information to other organizations

Hacker

Experts in technology who use their knowledge to break into computers and computer networks, either for profit or just motivated by the challenge

First-mover advantage

Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage

Enterprise system

Provide enterprisewide support and data access for a firm's operations and business processes

Password

Provides authentication of the user

Artificial intelligence (AI)

Simulates human intelligence such as the ability to reason and learn

Analytical CRM

Supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers

Prescriptive Analytics

Techniques that create models indicating the best decision to make or course or action to take Ex: Airline using past purchasing data as inputs into a model that recommends the best pricing strategy across all flights allowing the company to maximize revenue

Descriptive Analytics

Techniques that describes past performance and history Ex: creating a report that includes charts and graphs that explains the data

Virtualization

The creation of a virtual (rather than actual) version of computing resources, such as an operating system, a server, a storage device, or network resources

Critical success factors (CSFs)

The crucial steps companies make to perform to achieve their goals and objectives and implement strategies

Attribute (field, column)

The data elements associated with an entity - The columns in each table contain the attributes

Key performance indicators (KPIs)

The quantifiable metrics a company uses to evaluate progress toward critical success factors

Data element

The smallest or basic unit of information

Data mining tools

Use a variety of techniques to find patterns and relationships in large volumes of information that predict future behavior and guide decision making

Ebusiness components include

•Elogistics •Eprocurement

MEASURING CRM SUCCESS

•Sales Metrics •Customer Service Metrics •Marketing Metrics

Website Metrics

- Abandoned registrations - Abandoned shopping cards - Click-through - Conversion rate - Cost-per-thousand - Page exposures - Total hits - Unique visitors

Supply Chain Management (SCM) Metrics

- Back order - Customer order promised cycle time - Customer order actual cycle time - Inventory replenishment cycle time - Inventory turns (inventory turnover)

Types of Hackers

- Black-hat hacker - Cracker - Cyberterrorist - Hactivist - Script kiddies or script bunnies - White-hat hacker

How a Company can add value by using Porter's Value Chain Analysis

- Business Process - Value Chain Analysis - Primary Value Activities - Support Value Activities - Porter's Value Chain

Organizations can undertake high-profile strategic initiatives including:

- Business process reengineering (BPR) - Supply chain management (SCM) - Customer relationship management (CRM) - Enterprise resource planning (ERP)

Evolution of CRM

- CRM reporting technology - CRM analysis technology - CRM predicting technologies

Models help managers to...

- Calculate risks - Understand uncertainty - Change variables - Manipulate time to make decisions

Critical success factor examples

- Create high-quality products - Retain competitive advantages - Reduce product costs - Increase customer satisfaction Hire and retain the best professionals

The core drivers of the information age

- Data - Information - Business intelligence - Knowledge

Aspects of Information Governance

- Data Governance - Master Data Management (MDM) - Data Validation

Security threats to ebusiness include

- Elevation of privilege - Hoaxes - Malicious code - Packet tampering - Sniffer - Spoofing - Splogs - Spyware

Key performance indicator examples

- Turnover rates of employees - Number of product returns - Number of new customers - Average customer spending

Big data

A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools and includes the following four common characteristics

Record

A collection of related data elements

Neural Network

Attempts to emulate the way the human brain works

Rivalry among existing competitors

High when competition is fierce in a market and low when competitors are more complacent

Firm Infrastructure

Includes the company format or departmental structures, environment, and systems

____________________ is one of the primary problems with redundant information

Inconsistency

THE PROBLEM: DATA RICH, INFORMATION POOR

Many organizations find themselves in the position of being data rich and information poor. Even in today's electronic world, managers struggle with the challenge of turning their business data into business intelligence

Machine-to-Machine (M2M)

Refers to devices that connect directly to other devices

Middleware

Several different types of software that sit between and provide connectivity for two or more software applications

Ethics

The principles and standards that guide our behavior toward other people

Privacy

The right to be left alone when you want to be, to have control over your own personal possessions, and not to be observed without your consent

___________________ is an aspect of information that depends on the situation

Timeliness

SUPPORTING DECISIONS WITH BUSINESS INTELLIGENCE

•Data warehouses extend the transformation of data into information •In the 1990's executives became less concerned with the day-to-day business operations and more concerned with overall business functions •The data warehouse provided the ability to support decision making without disrupting the day-to-day operations

Data visualization

•Describes technologies that allow users to "see" or visualize data to transform information into a business perspective

Data-driven website advantages

•Easy to manage content •Easy to store large amounts of data •Easy to eliminate human errors

Analytical information

•Encompasses all organizational information, and its primary purpose is to support the performing of managerial analysis tasks

THE BUSINESS BENEFITS OF HIGH-QUALITY INFORMATION

•Information is everywhere in an organization •Employees must be able to obtain and analyze the many different levels, formats, and granularities of organizational information to make decisions •Successfully collecting, compiling, sorting, and analyzing information can provide tremendous insight into how an organization is performing

Balanced scorecard views the organization from four perspectives

•Learning and growth •Internal business process •Customer •Financial

BI enables business users to receive data for analysis that is:

•Reliable •Consistent •Understandable •Easily manipulated

ERP systems contain multiple complex components that are not only expensive to purchase, but also expensive to implement and costs include...

•Software •Consulting fees •Process rework •Customization •Integration •Testing/Training

CRM COMMUNICATION CHANNELS

•Text message •Instant message •Voice mail •Voice call •Email letter •Web order •Phone order •Meeting •Customer service call •Twitter •Facebook

Database

•maintains information about various types of objects (inventory), events (transactions), people (employees), and places (warehouses) - Information is everywhere in an organization - Information is stored in databases

Integration Tools

- Enterprise System - Enterprise Application Integration (EAI) - Middleware - Enterprise Application Integration Middleware

Support value activities

- Firm Infrastructure - Human Resource Management - Technology Development - Procurement

Individuals form the only ethical component of MIS

- Individuals copy, use , and distribute software - Search organizational databases for sensitive and personal information - Individuals create and spread viruses - Individuals hack into computer systems to steal information - Employees destroy and steal information

Business issues related to information ethics

- Intellectual property - Copyright - Pirated software - Counterfeit software - Digital rights management

Customer relationship management (CRM)

- Involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability - Many organizations, such as Charles Schwab and Kaiser Permanente, have obtained great success through the implementation of CRM systems CRM is not just technology, but a strategy, process, and business goal that an organization must embrace on an enterprise wide level

Databases offer several security features:

- Password - Access Level - Access Control

Supply chain management (SCM)

- The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and profitability - Organizations must embrace technologies that can effectively manage supply chains

Efficiency MIS metrics focus on technology and include:

- Throughput - Transaction speed - System availability - Information accuracy - Web traffic - Response time

Effectiveness MIS metrics focus on an organization's goals, strategies, and objectives and include:

- Usability - Customer satisfaction - Conversion rates - Financial

Metrics for measuring and managing strategic initiatives include:

- Website Metrics - Supply Chain Management (SCM) Metrics - Customer Relationship Management (CRM) Metrics - Business Process Reengineering (ERP) Metrics - Enterprise Resource Planning (ERP) Metrics

Organizational Data Qualities

- difficult to access - contains structured data in database - contains unstructured data such as voice mail, phone calls, text messages, and video clips

Primary value activities

- inbound logistics - operations - outbound logistics - marketing and sales - service

____________ is an organizational asset and must be ______________

- information - protected

Enterprise resource planning (ERP)

- integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprise-wide information on all business operations - ERP systems collect data from across an organization and correlates the data generating an enterprisewide view

The _____ in a table contain entities, the _______ in each table contain the attributes

- rows - columns

A database must _______ to meet increased demand, while maintaining acceptable ______________ levels

- scale - performance

Supply chain management disruptive technologies

-3D printing (supports procurement) -Radio frequency identification (supports logistics) -Drones (supports logistics) -Robotics (supports materials management)

Three customer service operational CRM technologies

1. Contact center (call center) 2. Web-based self-service system 3. Call scripting system

The four primary sources of low quality information include

1. Customers intentionally enter inaccurate information to protect their privacy 2. Different entry standards and formats 3. Operators enter abbreviated or erroneous information by accident or to save time 4. Third party and external information contains inconsistencies, inaccuracies, and errors

3 Business Focus Areas of Big Data

1. Data mining 2. Data Analysis 3. Data Visualization

The three elements of data mining include:

1. Data: Foundation for data-directed decision making 2. Discovery: Process of identifying new patterns, trends, and insights 3. Deployment: Process of implementing discoveries to drive success

The two primary computing models that have shaped the collection of big data include:

1. Distributed Computing 2. Virtualization

Five most common categories of AI

1. Expert System 2. Neural Network 3. Genetic Algorithm 4. Intelligent Agent 5. Virtual Reality

4 Primary Traits of the Value of Information

1. Information Type 2. Information Timeliness 3. Information Quality 4. Information Governance

Three marketing operational CRM technologies

1. List generator 2. Campaign management system 3. Cross-selling and up-selling

Managerial Decision Making Challenges

1. Managers need to analyze large amounts of information 2. Managers must make decisions quickly 3. Managers must apply sophisticated analysis techniques, such as Porter's strategies or forecasting, to make strategic decisions

Sales and operational CRM technologies

1. Sales management CRM system 2. Contact management CRM system 3. Opportunity management CRM system

•Four quantitative models used by DSSs include

1. What-if analysis 2. Sensitivity analysis 3. Goal-seeking analysis 4. Optimization analysis

The six-step decision-making process

1. problem identification 2. data collection 3. solution generation 4. solution test 5. solution selection 6. solution implementation

Management Information Systems (MIS)

A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving

Competitive monitoring

A company keeps tabs of its competitor's activities on the web using software that automatically tracks all competitor website activities such as discounts and new products

Virtual Reality

A computer-simulated environment that can be a simulation of the real world or an imaginary world

Recommendation engine

A data mining algorithm that analyzes a customer's purchases and actions on a website and then uses the data to recommend complementary products

Report

A document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information

Entry barrier

A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival

Business strategy

A leadership plan that achieves a specific set of goals or objectives such as - Developing new products or services - Entering new markets - Increasing customer loyalty - Attracting new customers Increasing sales

Data warehouse

A logical collection of information - gathered from many different operational databases - that supports business analysis activities and decision-making tasks

Entity

A person, place, thing, transaction, or event about which information is stored - The rows in a table contain entities

Foreign Key

A primary key of one table that appears an attribute in another table and acts to provide a logical relationship among the two tables

Deep Learning

A process that employs specialized algorithms to model and study complex datasets; the method is also used to establish relationships among data and datasets

Extraction, transformation, and loading (ETL)

A process that extracts information from internal and external databases, transforms the information using a common set of enterprise definitions, and loads the information into a data warehouse

Competitive advantage

A product or service that an organization's customers place a greater value on than similar offerings from a competitor

Model

A simplified representation or abstraction of reality

Executive information system (EIS)

A specialized DSS that supports senior level executives within the organization •Granularity •Visualization •Digital dashboard

Business process

A standardized set of activities that accomplish a specific task, such as a specific process

Prediction

A statement about what will happen or might happen in the future; for example, predicting future sales or employee turnover.

Data Lake

A storage repository that holds a vast amount of raw data in its original format until the business needs it

Data map

A technique for establishing a match, or balance, between the source data and the target data warehouse

Machine learning

A type of artificial intelligence that enables computers to both understand concepts in the environment, and also to learn •Weak AI •Strong AI

Snapshot

A view of data at a particular point in time

Systems Thinking

A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

Integration

Allows separate systems to communicate directly with each other, eliminating the need for manual entry into multiple systems

Database management systems (DBMS)

Allows users to create, read, update, and delete data in a relational database

Examples of the power of business and technology

Amazon - Not a technology company; primary business focus is selling books Netflix - Not a technology company; primary business focus is renting videos Zappos - Not a technology company; primary business focus is selling shoes

Data-driven decision management

An approach to business governance that values decisions that can be backed up with verifiable data

Genetic Algorithm

An artificial intelligent system that mimics the evolutionary, survival-of-the-fittest process to generate increasingly better solutions to a problem

Data Point

An individual item on a graph or a chart

Data-Driven Websites

An interactive website kept constantly updated and relevant to the needs of its customers using a database •Content creator •Content editor •Static information •Dynamic information •Dynamic catalog

_____________________ relies heavily on data warehousing technologies and business intelligence to glean insights into customer behavior

Analytical CRM - These systems quickly aggregate, analyze, and disseminate customer information throughout an organization

Technology development

Applies MIS to processes to add value

Transaction processing system (TPS)

Basic business system that serves the operational level and assists in making structured decisions

Information Quality

Business decisions are only as good as the quality of the information used to make the decisions - You never want to find yourself using technology to help you make a bad decision faster -> Information inconsistency -> Information integrity issues

Managing Business Processes

Businesses gain a competitive edge when they minimize costs and streamline business processes

Online transaction processing (OLTP)

Capturing of transaction and event information using technology to process, store, and update

Data dictionary

Compiles all of the metadata about the data elements in the data model

Enterprise application integration (EAI)

Connects the plans, methods, and tools aimed at integrating separate enterprise systems

Supply chain

Consists of all parties involved in the procurement of a product or raw material

Customer service and operational CRM technology

Contact center, Web-based self-service, call scripting

Machine-generated data

Created by a machine without human intervention

Static Report

Created once based on data that does not change

Information

Data converted into a meaningful and useful context

Human-generated data

Data that humans, in interaction with computers, generate

Metadata

Details about data

Access Control

Determines types of user access, such as read-only access

Access Level

Determines who has access to the different types of information

Operational decision making

Employees develop, control, and maintain core business activities required to run the day-to-day operations

Managerial decision making

Employees evaluate company operations to identify, adapt to, and leverage change

Transactional information

Encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational tasks

Dirty data

Erroneous or flawed data

Information ethics

Govern the ethical and moral issues arising from the development and use of information technologies, as well as the creation, collection, duplication, distribution, and processing of information itself

Production and materials management ERP component

Handles the various aspects of production planning and execution such as demand forecasting, production scheduling, job cost accounting, and quality control

CRM Analysis Technologies

Help organization segment their customers into categories such as best and worst customers

CRM Reporting Technology

Help organizations identify their customers across other applications

CRM predicting technologies

Help organizations make predictions regarding customer behavior such as which customers are at risk of leaving

Threat of new entrants

High when it is easy for new competitors to enter a market and low when there are significant entry barriers

Threat of substitute products or services

High when there are many alternatives to a product or service and low when there are few alternatives

THE SOLUTION: BUSINESS INTELLIGENCE

Improving the quality of business decisions has a direct impact on costs and revenue

Data validation

Includes the tests and evaluations used to determine compliance with data governance polices to ensure correctness of data

Knowledge worker

Individual valued for their ability to interpret and analyze information

Business Intelligence

Information collected from multiple sources such as suppliers, customers, competitors, partners and industries that analyzes patterns, trends and relationships for strategic decision making

Enterprise resource planning

Integrates all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) so that employees can make enterprisewide decisions by viewing enterprisewide information on all business operations

Business facing process

Invisible to the external customer but essential to the effective management of the business

Customer relationship management (CRM)

Involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability - Many organizations, such as Charles Schwab and Kaiser Permanente, have obtained great success through the implementation of CRM systems

THE BUSINESS BENEFITS OF HIGH-QUALITY INFORMATION

Levels, Formats, and Granularities of Information

Marketing and operational CRM technology

List generator, campaign management, cross-selling and up-selling

Data model

Logical data structures that detail the relationships among data elements using graphics or pictures

Strategic decision making

Managers develop overall strategies, goals, and objectives

Accounting and finance ERP component

Manages accounting data and financial processes within the enterprise with functions such as general ledger, accounts payable, accounts receivable, budgeting, and asset management

Switching cost

Manipulating costs that make customers reluctant to switch to another product

Online analytical processing (OLAP)

Manipulation of information to create business intelligence in support of strategic decision making

Algorithms

Mathematical formulas placed in software that performs an analysis on a data set. Algorithms help uncover:

Performance

Measures how quickly a system performs a certain process or transaction

Decision support system (DSS)

Models information to support managers and business professionals during the decision-making process

Data visualization tools

Move beyond Excel graphs and charts into sophisticated analysis techniques such as pie charts, controls, instruments, maps, time-series graphs, and more

Semistructured decisions

Occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision

Unstructured decisions

Occurs in situations in which no procedures or rules exist to guide decision makers toward the correct choice

Product differentiation

Occurs when a company develops unique differences in its products or services with the intent to influence demand

Website personalization

Occurs when a website has stored enough data about a person's likes and dislikes to fashion offers more likely to appeal to that person - These systems quickly aggregate, analyze, and disseminate customer information throughout an organization

Chief information officer (CIO)

Oversees all uses of MIS and ensures the strategic alignment of MIS with business goals and objectives

___________________ and ______________ identify the various entities (tables) in the database

Primary Keys Foreign Keys

__________ is a major ethical issue

Privacy

Marketing and sales

Promotes, prices, and sells products to customers

Service

Provides customer support

Human resource management

Provides employee training, hiring, and compensation

Real-Time system

Provides real-time information in response to requests

Procurement

Purchases inputs such as raw materials, resources, equipment, and supplies

Data

Raw facts that describe the characteristics of an event or object

Downtime

Refers to a period of time when a system is unavailable

Scalability

Refers to how well a system can adapt to increased demands

Data governance

Refers to the overall management of the availability, usability, integrity, and security of company data

Chief knowledge officer (CKO)

Responsible for collecting, maintaining, and distributing the organization's knowledge

Chief privacy officer (CPO)

Responsible for ensuring the ethical and legal use of information

Chief security officer (CSO)

Responsible for ensuring the security of MIS systems

Chief technology officer (CTO)

Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of information technology - Chief intellectual property officer - Chief automation officer - Chief user experience officer

Customer facing process

Results in a product or service that is received by an organization's external customer

Loyalty program

Rewards customers based on the amount of business they do with a particular organization

Sales and operational CRM technology

Sales management, contact management, opportunity management

____________ is an issue for any organization offering products or services over the Internet

Security It is inefficient for an organization to implement Internet security, since it slows down processing - However, to be effective it must implement Internet security - Secure Internet connections must offer encryption and Secure Sockets Layers (SSL denoted by the lock symbol in the lower right corner of a browser)

Structured decisions

Situations where established processes offer potential solutions

Knowledge

Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources

Shopping Bot

Software that will search several retailer websites and provide a comparison of each retailer's offerings including price and availability

Enterprise application integration middleware

Takes a new approach to middleware by packaging commonly used applications together, reducing the time needed to integrate applications from multiple vendors

Predictive Analytics

Techniques that extract information from data and uses it to predict future trends and identify behavioral patterns Ex: Using past sales data to predict future sales

Supply chain visibility

The ability to view all areas up and down the supply chain in real time •Supply chain planning system •Supply chain execution system •Bullwhip effect

Fast data

The application of big data analytics to smaller data sets in near-real or real-time in order to solve a problem or create business value

Inbound Logistics

The area of logistics that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers.

outbound logistics

The area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers (people like you and me).

Business Process Reengineering (BPR) Metrics

The balanced scorecard enables organizations to measure and manage strategic initiatives

Supply Chain Management (SCM)

The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and profitability

Master data management (MDM)

The practice of gathering data and ensuring that it is uniform, accurate, consistent, and complete

Information Age

The present time, during which infinite quantities of facts are widely available to anyone who can use a computer

Data mining

The process of analyzing data to extract information not offered by the raw data alone

Data profiling

The process of collecting statistics and information about data in an existing source

Data replication

The process of sharing information to ensure consistency between multiple data sources

Information security

The protection of information from accidental or intentional misuse by persons inside or outside an organization

Analytics

The science of fact-based decision making

Supplier power

The suppliers' ability to influence the prices they charge for supplies

Business intelligence dashboards

Track corporate metrics such as critical success factors and key performance indicators and include advanced capabilities such as interactive controls allowing users to manipulate data for analysis

Human resource ERP component

Tracks employee information including... - payroll - benefits - compensation - performance assessment - assumes compliance with the legal requirements of multiple jurisdictions and tax authorities

Core ERP Component

Traditional components included in most ERP systems and they primarily focus on internal operations

Intelligent system

Various commercial applications of artificial intelligence

Value chain analysis

Views a firm as a series of business processes that each add value to the product or service

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

Business Process

a standardized set of activities that accomplish a specific task, such as processing a customer's order

Sales Force Automation

a system that automatically tracks all of the steps in the sales process - The sales department was the first to begin developing CRM systems with sales force automation

ERP systems collect data from...

across an organization and correlates the data generating an enterprisewide view

The primary purpose of a data warehouse is to...

aggregate information throughout an organization into a single repository for decision-making purposes

Porter's 5 Forces model

analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry

Benchmarks

baseline values the system seeks to attain

Dynamic Report

changes automatically during creation

Decision-making and problem-solving occur at ______ level in an organization

each

SCM, CRM, and ERP are the backbone of___________

ebusiness - Integration of these applications is the key to success for many companies

An _____________________ is the common term for the representation of multidimensional information

information cube

The MIS Solution

input, process, output

The customer is always right and now has more power than ever thanks to the....

internet

Organizational information is intellectual capital, therefor, ...

it must be protected

Effectiveness MIS metric

measures the impact MIS has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases

Efficiency MIS metric

measures the performance of the MIS system itself including throughput, speed, and availability

Information integrity

measures the quality of information

Data scientists

perform big data analytics using: •Behavioral analysis •Correlation analysis •Exploratory data analysis •Pattern recognition analysis •Social media analysis •Speech analysis •Text analysis •Web analysis

Information cleansing or scrubbing

process that weeds out and fixes or discards inconsistent, incorrect, or incomplete information - an organization must maintain high-quality data in the data warehouse

Data Steward

responsible for ensuring the policies and procedures are implemented across the organization and acts as a liaison between the MIS department and the business

Integrity constraint

rules that help ensure the quality of information •Relational integrity constraint •Business-critical integrity constraint

Virus

software written with malicious intent to cause annoyance or damage

Data integration

the integration of data from multiple sources, which provides a unified view of all data

Integration allows....

the unlocking of information to make it available to any user, anywhere, anytime

Operations

transforms raw materials or inputs into goods and services

Types of Viruses

· Backdoor program · Denial-of-service attack (DoS) · Distributed denial-of-service attack (DDoS) · Polymorphic virus · Trojan-horse virus · Worm

Effective and efficient SCM systems can enable an organization to

· Decrease the power of its buyers · Increase its own supplier power · Increase switching costs to reduce the threat of substitute products or services · Create entry barriers thereby reducing the threat of new entrants · Increase efficiencies while seeking a competitive advantage through cost leadership

CRM can enable an organization to:

· Identify types of customers · Design individual customer marketing campaigns · Treat each customer as an individual Understand customer buying behaviors

Tools to prevent information misuse

· Information management · Information governance · Information compliance · Information Secrecy · Information Property

Algorithms help uncover:

• Anomaly detection - The process of identifying rare or unexpected items or events in a data set that do not conform to other items in the data set • Outliers - A data value that is numerically distant from most of the other data points in a set of data • Analysis paralysis - User goes into an emotional state of over-analysis (or over-thinking) a situation so that a decision or action is never taken, in effect paralyzing the outcome

Common features included in contact centers

• Automatic call distribution • Interactive voice response • Predictive dialing

Common Data Mining Techniques

• Classification - Assigns records to one of a predefined set of classes • Estimation - Determines values for an unknown continuous variable behavior or estimated future value • Affinity grouping - Determines which things go together • Clustering - Segments a heterogeneous population of records into a number of more homogeneous subgroups

Current trends of extending CRM include:

• Supplier relationship management (SRM) • Partner relationship management (PRM) • Employee relationship management (ERM)

Primary Key

•A field (or group of fields) that uniquely identifies a given entity in a table

Data mining uncovers patterns and trends such as:

•Building budgets and other financial information •Detecting fraud by identifying deceptive spending patterns •Finding the best customers who spend the most money •Keeping customers from leaving or migrating to competitors •Promoting and hiring employees to ensure success

Prediction modeling techniques include:

•Optimization modeling •Forecasting modeling •Regression modeling

Types of Charts

•Pie chart •Bar chart •Histogram •Sparkline Time-series chart

The three components of supply chain management

•Procurement •Logistics •Materials management

4 Big Data Characteristics

•Variety •Veracity •Volume •Velocity


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