Lec3_DigitalBiz2

Lec3_DigitalBiz2 - Digital Economy(II Putting the “D”...

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Digital Economy (II): Putting the “D” into “E” ISOM 101, Spring 2011 Lecture 3
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HKUST Business School Recap: “IS” is… Information Systems = “Information” + “Systems” The use of technology (“systems”) to: Acquire… Organize… Process… Analyze… Create… Distribute… Store… information Raymond G. Sin © 2
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HKUST Business School The World is Changing… FAST Current rate of technological advancements has exceeded Moore’s Law by HUGE margins Technology progresses at a faster pace than any of us at any point in time can image For the last 20 years, the power of PC increased by more than 10 thousand times. 3
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HKUST Business School Still, nobody’s happy – WHY? Raymond G. Sin © 4
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HKUST Business School Overview How will IT transform the business world in the near future? What are the defining characteristics of the “digital world”? Raymond G. Sin © 5
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HKUST Business School The Future of Business (1) How will more sophisticated systems/technologies affect the future of “business”? By industry: Accounting Balancing assets with liabilities Finance Making everybody wealthy Marketing Promoting products and services, creating new markets Management Optimizing subordinates’ performance, enhance productivity and profitability of the company Raymond G. Sin © 6
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HKUST Business School The Future of Business (2) Accounting Suppose a ( very efficient) certified accountant (CPA) can handle approx. 20 clients on a 10-hour work day with simple tax-filing Monthly salary: $17,000-$22,000 Hold that thought… Raymond G. Sin © 7
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HKUST Business School Raymond G. Sin © 8
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HKUST Business School The Future of Business (3) Finance The only difference between me and my financial advisor? he has the software that I don’t Waste of my time to meet with him (2hr per month?) Everything could have been done automatically Monthly earning, monthly expenses, risk management, expected return/loss from investment… any and all changes can be accounted for and my financial portfolio can be adjusted accurately and immediately (even by-the-minute!) Some customers still appreciate that “someone” is “working for them” (What about you?) Who/what is actually doing the “work”? What if you could save yourself $500 of commission a month? Raymond G. Sin © 9
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HKUST Business School Raymond G. Sin © 10
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HKUST Business School The Future of Business (4) Marketing What does it rely on?
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