BIS Chapter 1
business intelligence
(BI) information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, and relationships for strategic decision making
chief information officer
(CIO) responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives
chief knowledge officer
(CKO) responsible for collecting, maintaining, and distributing company knowledge
chief privacy officer
(CPO) responsible for ensuring the ethical and legal use of information within a company
chief security officer
(CSO) responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses
chief technology officer
(CTO) responsible for ensuring the speed, accuracy, availability, and reliability of the MIS
potential internal weaknesses
(Harmful) identify all key areas that require improvement
potential external threats
(Harmful) identify all threats or risks detrimental to your organization
potential external opportunities
(Helpful) identify all significant trends along with how the organization can benefit from each
potential internal strengths
(Helpful) special expertise and/or experience, proven market leader, improved marketing campaigns, and so on
machine to machine
(M2M) refers to devices that connect directly to other devices
management information systems
(MIS, IT, IS) 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; enables business success and innovation
system
a collection of parts that link to achieve a common purpose
variable
a data characteristic that stands for a value that changes or varies over time
competitive advantage
a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors; typically temporary
business strategy
a leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products or services
stakeholder
a person or group that has an interest or concern in an organization
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; provides an end-to-end view of how operations work together to create a product or service
The Internet of Things (IoT)
a world where interconnected, internet-enabled devices or "things" can collect and share data without human intervention
the three generic strategies
chooses business focus
process
computer program that processes the data
information
data converted into a meaningful and useful context; its value is only as good as the people who use it
input
data that is entered in a computer
core drivers of the information age:
data, information, business intelligence, and knowledge
finance
deals with strategic financial issues, including money, banking, credit, investments, and assets
SWOT analysis
evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies; *evaluates project position*
the five forces model
evaluates industry attractiveness
value chain analysis
executes business strategy
predictive analytics
extracts information from data and uses it to predict future trends and identify behavioral patterns
knowledge
includes skills, experience, and expertise, coupled with information and intelligence, that create a person's intellectual resources
knowledge workers
individuals valued for their ability to interpret and analyze information
information age
infinite quantities of facts are widely available to anyone who can use a computer; Core Drivers --> data, information, business intelligence, and knowledge
feedback
information that returns to its original transmitter and modifies the transmitter's actions
human resources
maintains policies, plans, and procedures for the effective management of employees
operations management
manages the process of converting or transforming resources into goods or services
goods
material items or products that customers will buy to satisfy a want or a need
first-mover advantage
occurs when a company can significantly increases its market share by being first with a new competitive advantage
sales
performs the function of selling goods or services
data
raw facts that describe the characteristics of an event or object (ex. order date, amount sold, and customer number)
accounting
records, measures, and reports monetary transaction
marketing
supports sales by planning, pricing, and promoting goods and services
services
tasks people perform that customers will buy to satisfy a want or need
fact
the confirmation or validation of an event or object
production
the process by which a business processes raw materials or converts them into finished product for its goods or services
competitive intelligence
the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed
productivity
the rate at which goods and services are produced based on total output given total inputs
output
the resulting information from the computer program
