BIS exam #3
e-commerce
- shopping on the web -electronic business or exchange conducted over the internet
what does it mean when you codify knowledge?
-"Explicit" or codified knowledge refers to knowledge that is transmittable in formal, systematic language
what is the definition of a process?
-A process is a coordinated (parallel and/or serial) set of process activity(s) that are connected in order to achieve a common goal. Such activities may consist of manual activity(s) and/or workflow activity(s). -a process is a set of activities that occur in a coordinated manner, either in parallel or one after another, and that pursue one common goal. These activities can be performed manually or when supported by an IT system. -A business process is a kind of process in the domain of business organizational structure and policy for the purpose of achieving business objectives
What are some of the major trends in e-commerce/e-business
-AI (Artificial intelligence), robotics, machine learning -Cloud -Social media -Mobile, IoT, blockchain -Virtual reality / Augmented reality -Big data/ analytics -Security
what at are deliverables in a project?
-Any measurable, tangible, verifiable outcome, result, or item that is produced to complete a project or part of a project
why do businesses decide to invest in new information systems
-As organizations' reliance on software grows, so do the business-related consequences of software successes and failures including 1. Increase or decrease revenue 2. Repair or damage to brand reputation 3. Prevent or incur liabilities 4. Increase or decrease productivity OR -their old systems do not work as well as needed, they are missing some important systems like CRM
what is an executive information system?
-Bring to senior managers and professionals information that needs their attention -summarized -appealing interface -easy to use system -drill down feature
what are business requirements and why are they so important to successful software or system development
-Business Requirements for software development life cycle deals with high-level requirements or wants of an organization, which allows the business to achieve its end objectives, vision, and goals. -They usually describe what a system or a solution should do. They give the extent of a business need or a problem that should be addressed by a particular project or task.
e-business
-Businesses trading with other businesses -Internal company processes -Broader term: electronic business (e-business) -All business activities using Internet technologies like the Internet and World Wide Web (Web) and Wireless transmissions and personal digital assistants -carrying out the goals of the business through the utilization of the internet -can significantly reduce costs and improve operational efficiencies -Increased awareness through online search and social media -Social recommendations -Analytics -Online presence bring a wider range of customers
tactic knowledge
-Difficult to communicate -Rooted in life experiences -"Knowing how"
Trends in Supply Chain Management
-Disruptions in the supply chain from the pandemic -Changes in international treaties -over-dependence on one or a few suppliers
EDI
-Electronic data interchange -enables business partners to exchange information -a way of transforming data into a compatible format so you can quickly and easily exchange information between trading partners -benefits include, 1. reduces errors 2. exchange of business information is digitized 3. avoids printing and mailing costs 4. eliminates the need to reenter data 5. competitave advantage -is an exchange of electronic business documents from computer to computer between and within businesses. -EDI contains critical transactional information and is structured in a standardized format to allow for easy and automated retrieval -the core purpose of EDI is to transfer data automatically and securely — a purpose that offers many benefits to businesses of all types
ERP
-Enterprise Resource Planning -collects data from across an organization and correlates the data generating an enterprise-wide view -benefits include 1. Automate Business Processes 2. increased availability and timeliness of information 3. Increased data accuracy and improved response time 4. Improved customer satisfaction 5. Improved employee satisfaction 6. Improved planning and scheduling 7. Improved supplier relationship 8. Improved reliability of the information 9. Reduced inventory costs 10. Reduced labor costs 11. Reduced order-to-fulfillment time
explicit knowledge
-Expressed easily -Easily shared -"Knowing that"
Extended ERP
-Extra components that meet the organizational needs not covered by the core components and primarily focus on external operations -Components include 1. Scheduling 2. Forecasting 3. Capacity Planning 4. E Commerce 5. Warehousing 6. Logistics
knowledge management
-Generating, capturing, codifying and transferring knowledge across the organization to generate value -The process of capturing, distributing, and effectively using knowledge -the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization -benefits include 1. Better problem solving 2. Improved customer service 3. increased innovation 4. More efficient and more effective processes 5. Increased intellectual capital 6. Better leveraging of intellectual assets -is the only real source for sustainable competitive advantage
what is the difference between data, information, and knowledge
Data: is comprised of the basic, unrefined, and generally unfiltered information -Data must be organized to become information Information: Information is much more refined data that has evolved to the point of being useful for some form of analysis -Information must be put into context to become knowledge Knowledge: resides in the user and happens only when human experience and insight is applied to data and information
what is process modeling and how does this help an organization?
-Mapping processes and sub-processes -Helps understand the various processes that occur at different levels in organizations and how they interrelate -Gives everyone a clear understanding of how the process works -Provides consistency and controls the process -Identifies and eliminates redundancies and inefficiencies -Sets a clear starting and ending to the process
SEO
-Search Engine Optimization -the practice of increasing the quantity and quality of traffic to your website through organic search engine results, which is any traffic you don't have to pay for through ads
what is business intelligence?
-Set of applications, technologies, and processes for gathering, storing, analyzing, and accessing data to help users make better business decisions
How does good software development help a business?
-Software that is built correctly can transform as the organization and its business transforms -Software that effectively meets employee needs will help an organization become more productive and enhance decision making
SCM
-Supply chain management -Process of working with suppliers and other partners in the supply chain to improve procedures for delivering products -functions include 1. procuring materials (buying the raw materials) 2. transforming materials into intermediate and finished products 3. distributing finished products to customers -benefits include 1. Better collaboration with info across the supply chain 2. Improved quality control 3. High-efficiency rate 4. Reduce logistics costs 5. Reduced overhead costs- can save a lot of money in spending correctly for procurement -provides visibility from end to end for monitoring the flow of information, services, and goods from procurement to manufacturing and delivery to the end consumer.
what is project management
-The application of knowledge, skills, tools, and techniques to project activities to meet project requirements
what is the major difference between the waterfall method (system development life cycle- SDLC) and the agile method to develop software
-The main difference between agile and waterfall is that waterfall projects are completed sequentially whereas agile projects are completed iteratively in a cycle.
SDLC (Systems Development Life Cycle)
-The waterfall approach to software development is highly sequential and can be broken down into seven distinct phases. There is a set line of phases, each following the other, that needs to be completed one by one. Phase two cannot be started until step one has been completed. -Provides a disciplined "waterfall" method -Phases flow as inputs into next phase
Core ERP (basic)
-Traditional components included in most ERP systems and they primarily focus on internal operations -Three most common core ERP components are 1. Accounting and finance 2. Production and materials management 3. Human resource
when would a business use waterfall method or the agile method ?
-Waterfall may be best when there is no or limited access to a customer to provide constant feedback. It will best suit projects with a dispersed team, fixed scope, and budget. -Agile is more suitable for larger, more complex projects, where there is easy access to customer feedback. Because of the inherent flexibility of the agile approach, it is preferred for projects with constantly changing requirements.
Brick and mortar / bricks and clicks e-commerce
-a business model in which a company operates both an online store (the clicks) and physical store (the bricks), integrating the two into a single retail strategy.
electronic funds transfer
-a computerized cash payments system that uses electronic impulses to transfer funds -the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff
why is communication considered to be the most important part of any system development project?
-a project plan is a formal, approved document that manages and controls project execution -A well-defined project plan should be easy to understand and read and must be communicated to all key participants to everyone is on the same page -Appropriate to the project's size, complexity, and criticality -Prepared by the team, rather than by the individual project manager -Project success depends on effective communication and this is the importance of communication in any project -Improving communication maximizes success and minimizes risk. In addition, if a project manager can develop effective communication with its stakeholder, this may mean more projects for him and the team
what is a knowledge repository?
-an online database that systematically captures, organizes, and categorizes knowledge-based information -Knowledge repositories are most often private databases that manage enterprise and proprietary information, but public repositories also exist to manage public domain intelligence.
why would a business choose to develop its own enterprise software rather than purchasing an "off the shelf" product?
-because developing ones own enterprise software is much more costly and bound to have flaws -an off the shelf product has already worked through most of its kinks and is less costly to install
what are and each of the major enterprise systems
1. SCM 2.
what are and each of the major enterprise systems
1. SCM 2. CRM 3. ERP
Business-to-business (B2B)
-businesses sell products or services to other businesses -e-procurement -Transactions conducted between Web businesses -Using Internet technologies to support organization selling and purchasing activities -Supply management (procurement) departments -Negotiate purchase transactions with suppliers
buisness-to-consumer (B2C)
-consumer shopping on the Web -businesses selling products or services to consumers
CRM
-customer relationship management -Consists of the processes a company uses to track and organize its contacts with customers -all organized information for customers -benefits include 1. Improves services offered to customers 2. Uses customer contact information for targeted marketing 3. Involves marketing strategies which focus on long-term relationships- like Identifying customer segments
what are transactional systems?
-databases that record a company's daily transactions. -The three major transactional databases include CRM (customer relationship management), HRM (human resources management), and ERP (enterprise resource planning). -user will perform a complete business transaction through short interactions, with immediate response time required for each interaction -examples include ATM transactions and airline reservations
what are some of the recent trends in CRM?
-integrating social media -business intelligence -mobile platforms -CRM analytics -CRM AI -salesforce cloud CRM -CRM for small business in the cloud -Mobile CRM -Social CRM -AR+VR
pure-play e-commerce
-involves businesses that only make sales via their online storefronts
M-business
-mobile business -The ability to purchase goods and services through a wireless Internet-enabled device -refers to new business models enabled by the extensive deployment of key mobile and wireless technologies and devices (for example, Bluetooth, e-purses, smartphones, UMTS, and WAP), and by the inherent mobility of most people's work styles and lifestyles -The value proposition of m-business is that the user can benefit from information or services at any time and in any place.
what is business process reengineering and why can it be helpful to a company
-seeks to break down organizational silos by redesigning business processes -fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical, contemporary measures of performance, such as cost, quality, service, and speed -improvements in efficiency, effectiveness, internal control and compliance
the agile method to develop software
-the agile approach values adaptability and involvement -The agile methodology has two core elements: teamwork and time. Instead of creating a timeline for one large software development project, agile breaks the project into individual deliverable pieces. These 'time-boxed' phases are called 'sprints and last just a few weeks. Once each sprint is completed, the feedback from the previous phase is used to plan the next one.
Interoperability
-the capability of two or more computer systems to share data and resources, even though they are made by different manufacturers -allows systems to be connected to one another, with services being delivered in a consistent and predictable fashion
different kinds of reengineering
1. Fundamental (rethinking) -Why does the firm do things a certain way? ("Sacred cows"; this is how we have always done it! ) 2. Radical (redesign) -reinvention or re-creation as opposed to making superficial changes or minor enhancements 3. Dramatic (improvements) -focuses on achieving significant improvements in performance
how do businesses like Walmart use SCM to improve efficiencies and reduce costs along the supply chain?
1. High efficiency rate: Having real-time data on the availability of raw materials and manufacturing delays allows companies to implement backup plans, such as sourcing materials from a backup supplier, preventing further delays. 2. Reduced overhead costs: With more accurate demand predictions, companies can reduce the overhead costs associated with storing slow-moving inventory by stocking less low-velocity inventory to make room for higher-velocity, revenue-producing inventory
how does CRM improve customer satisfaction for a business?
1. Improving products to meet customers' needs 2. Improving customer retention 3. Identifying a company's profitable and loyal customers 4. Helps organizations make use of data, and knowledge to understand customers 5. Gives organizations complete picture of their customers -does this by using 1. Personalization: Process of satisfying customers' needs, building customer relationships, and increasing profits -Design goods and services that meet customers' preferences better 2. Customization: Allows customers to modify the standard offering -Selecting a different home page to be displayed each time you open your Web browser -Using personalization requires gathering customer information -Preferences and shopping patterns
Nonaka's knowledge spiral
1. Socialization -from Tacit to Tacit -Sharing experiences with others (sympathized knowledge). Example: It is quite resistant to codification." 2. Externalization -from Tacit to Explicit -Articulate "conceptual" tacit knowledge explicitly through the use of such techniques as metaphors and models. 3. Combination -from Explicit to Explicit -manipulating explicit "systemic" knowledge through such techniques as sorting and combining. For this to occur, the knowledge elements must "fit together." 4. Internalization -from Explicit to Tacit -This is "learning by doing" (operational knowledge) and sharing mental models and technical know-how
what are some of the tools used in process modeling?
1. Traditional process modeling languages 2. Object-oriented languages 3. dynamic process modeling languages 4. Process integration language
the 3 primary variables (triple constraint) in any project
1. time 2. resources 3. scope