IT Hardware Software Networks Data IS People Processes 5 Identify the 7 Major

It hardware software networks data is people

This preview shows page 2 - 4 out of 25 pages.

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
Image of page 2
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
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 25 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture