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LN1_Information_Systems_Concepts

LN1_Information_Systems_Concepts - MGCR 331 Information...

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MGCR 331 – Information Systems (“IT Impacts on Organizations”) Information Systems: Concepts– Study Note LEARNING OBJECTIVES 1. Today’s Economic Environment - Information Age 2. Key Organizational Resources– Information, People and Information Technology 3. Information Systems - Describe the components and types of information systems by breadth of support 4. How IT affects businesses and organizations Summary Over the past 40 years Information systems (IS) have had a dramatic impact on business strategy and organizational performance. While well-designed information systems could be a competitive weapon in the hands of the organizations implementing it, poorly designed information systems could become a liability and have a negative impact on organizational performance. In this lecture note, we will briefly describe today’s economic environment, role of IT in globalization, present 3 key organizational resources, define the key IS concepts and look at some of the most important types of information systems, followed by a discussion on the impact of IT on the business, society and economy. Today’s Economic Environment Today, we are living in an information age which is characterized by the ability of individuals to transfer information freely, and to have instant access to knowledge that would have been difficult or impossible to find previously. More than ever, businesses are using information technology to gain and sustain a competitive advantage. To be successful in business today, you have to understand and operate effectively within a dynamic, fast-paced, and changing economic environment. Globalization of the world’s industrial economies greatly enhances the value of information to the firm and offers new opportunities to businesses. Today, information systems provide the communication and analytic power that firms need for conducting trade and managing businesses on a global scale. Controlling the far-flung global corporation – communicating with distributors and suppliers, operating 24 hours a day in different national environments, servicing local and international reporting needs – is a major business challenge that requires powerful information system responses. Globalization and information technology also bring new threats to domestic business firms: because of global communication and management systems, customers now can shop in a worldwide marketplace, obtaining price and quality information reliably, 24-hours a day. This phenomenon heightens competition and forces firms to play in open, unprotected worldwide markets. To be a successful business in today’s economic environment, managers must know 1
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their competition, know their customers, work closely with their business partners, and know their organization inside and out.
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