test 1 notes.docx - Information system An information system can be defined technically as a set of interrelated components that collect(or retrieve

test 1 notes.docx - Information system An information...

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Information system An information system can be defined technically as a set of interrelated components that collect (or retrieve), process, store, and distribute information to support decision making and control in an organization . In addition to supporting decision making, coordination, and control, information systems may also help managers and workers analyze problems, visualize complex subjects, and create new products. Information systems contain information about significant people, places, and things within the organization or in the environment surrounding it. By information we mean data that have been shaped into a form that is meaningful and useful to human beings. Information Technology - The hardware and software that a firm needs to achieve business objectives. Role of information systems - Operational excellence o Improvement of efficiency to attain higher profitability. (Walmart Retail link system, Link supplier to store for replenish system) - New products, services, business models. o How a company produces, delivers and sells product or services to create wealth. (Amazon…Old business model: selling books. New business model: online order and delivery.) - Customer supplier intimacy o Serving customers well leads to them returning (Toyota…provides suppliers access to production schedule) - Improved decision making o Cuts back on costs and easy use of information (Verizon Web based dashboard, real time data on customer complaints etc) - Competitive advantage o Delivering better performance, charging less for superior products, responding to customers in real time. (Industry leaders…Apple, Walmart, UPS) - Survival o Information technologies as necessity of business (Banks introduction of ATMS) - Information Technology o Computer hardware is the physical equipment used for input, processing, and output activities in an information system.
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o Computer software consists of the detailed, preprogrammed instructions that control and coordinate the computer hardware components in an information system. o Data management technology consists of the software governing the organization of data on physical storage media o Networking and telecommunications technology , consisting of both physical devices and software, links the various pieces of hardware and transfers data from one physical location to another. - Information technology improves business processes o Increases efficiency of existing processes. o Automating steps that were manual. - Types of business processes o Manufacturing/production o Sales and Marketing o Finance and accounting o Human Resources - Decision support systems o Improved decision making - ERP (Enterprise resource planning) o Collect data from different firm functions and store data in single central data source.
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