It hardware software networks data is people

IT Hardware, Software, Networks, Data
IS People, Processes
5. Identify the 7 Major Reasons Firms Invest in Information Systems
Reason
1) Achieve operational excellence
2) Develop new products and series
3) Attain customer intimacy and service
4) Improve decision making
5) Promote competitive advantage
6) Ensure long term survival
7)
6. What is data, information, and knowledge?
Levels of Data Quality Description Example
Data prices
Management Info System- category of info sys that provides
performance reports based on results from TPS such as product cost
data, sales data, and expense data. Makes automatic decisions
Lower to Middle Managers who make tactical and/or
operational decisions
Transaction Processing System - collect, store, update and retrieve
transaction data within org (payroll, customer sales, supplier
payments)
Non managerial employees who make operational
decisions
Having good equipment aids in keeping up with
updated techniques and communications with others
Help to have a competive advantage and make the
proper decisions for the business
characteristics input that can be stored and used to generate
information

Information Data that has been organized to provide value to organization price increases over time on a graph
Knowledge the practical application of information knowing how to set the prices based on increases
7. What are examples of how the following functional areas utilize Information Systems?
Department Example/Types of Systems they use
Human Resources Recruiting and training (fieldglass), benefits and regulations (livetotalhealth), employee records(workday)
Production and Operations Product life cycle, manufacturing, inventory management, quality control, r&d (SAP)
Accounting & Finance Accounts Payable, accounts receivable, budgeting, payroll, GLs, cash flows (Quickbooks, SAP)
Sales and Marketing Sales analysis, set pricing, marketing mix, product promotions, customer profiling
Forces Description How would one combat this force?
Threat of New Entrants Having a patent for their product
Threat of Substitutes
Power of Customers
Power of Suppliers
Competitive Rivalry Have products that are proprietory to their business
9. Network-based Strategies
Strategy Description
Network Economics The cost of adding another busines participant to business venture is small, and the potential to gain is great
Virtual Company Model Networks of people and resources join together to provide a service or create a product without traditional storefront
Business Ecosystems
10. Describe the systems and how they benefit businesses.
8. Porter’s 5 Forces
Another company can make the same product, existance of barriers
to entry (patents, rights, etc)
There are substitute products that use different technology to fill the
same need. Someone makes the same product for cheaper or more
efficiently
Get ahead of trends and make their product more
efficient and cheper where possible
Customers put the firm under pressure based on price, which also
affects the customers sensitivity to price change