Exam 1 Note Sheet

Exam 1 Note Sheet - 51% of all invested capital in U.S. is...

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51% of all invested capital in U.S. is in Information Systems……Digital Firm – one in which nearly all of the organization’s significant business relationships with customers, suppliers, and employees are digitally enabled and mediated Information – data that have been shaped into a form that is meaningful and useful to human beings Data – streams of raw facts representing events occurring in organizations or the physical environment before they have been organized and arranged into a form that people can understand and use Information Technology – consists of all the hardware and software that a firm needs to use in order to achieve its business objectives Operational Management (lower) – use TPS (Transaction Processing Systems) – a computerized system that performs and records the daily routine transactions necessary to conduct business, such as sales order entry, hotel reservations, payroll, employee record keeping, and shipping Middle Management use DSS (Decision-Support Systems) – focus on problems that are unique and rapidly changing; sometimes bring in external information…and MIS – provide reports on the organization’s current performance; information is used to monitor and control the business and predict future performance Senior Management use ESS (Executive Support Systems) – address non-routine decisions requiring judgment, evaluation, and insight because there is no agreed upon procedure for arriving at a solution Enterprise Systems – aka Enterprise Resource Planning (ERP) Systems; collect data from various key business processes in manufacturing and production, finance and accounting, sales and marketing, and human resources, and storing the data in a single central data repository SCM – help suppliers, purchasing firms, distributors, and logistics companies share information about orders, production, inventory levels, and delivery of products and services so that they can make better decisions about how to organize and schedule sourcing, production, and distribution; relationship with suppliers CRM – provide information to coordinate all of the business processes that deal with customers in sales, marketing, and service to optimize revenue, customer satisfaction, and customer retention; relationship with customers KMS (Knowledge Management Systems) – collect all relevant knowledge and experience in the firm and make it available wherever and whenever it’s needed to improve business processes and management decisions; better manage processes for capturing and applying knowledge and expertise Intranet – centers on a portal that provides a single point of access to information from several different systems and to documents using a Web interface Advantages – relatively inexpensive, scalable, accessible, easy to use Disadvantages – slow IS affect firms and entire economies; can replace other forms of capital, such as buildings; reduce the need for labor, especially clerical workers and lower level managers; can reduce the
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Exam 1 Note Sheet - 51% of all invested capital in U.S. is...

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