The core drivers of the information age
Raw facts that describe the characteristics of an event or object
Data is useful for understanding individual sales; however they do not provide us much insight into how a business is _____ as a whole.
Data converted into a meaningful and useful context
Only as good as the people who use it
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
To remain profitable
Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources
Management Information Systems (MIS)
A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
A collection of parts that link to achieve a common purpose
Integrating the operations of all departments
The impact of IT on the global business environment is equivalent to the printing press’s impact on _____ and electricity’s impact on ____.
A leadership plan that achieves a specific set of goals or objectives
Porter’s 5 Forces
analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
Threat of Substitute Product or Services
Threat of New Entrants
Rivalry Amongst Existing Competitors
Porter’s Generic Strategies (for entering a new market)
Broad Cost Leadership
The process of gathering information about the competitive environment to improve the company’s ability to succeed
A product or service that an organization’s customers place a greater value on than similar offerings from a competitor
This first-mover advantage occurs when a company can significantly increase its market share by being first with a new _____ advantage.
Broad strategies reach a _____ market segment, while focused strategies target a niche or unique market with either _____ leadership or differentiation.
includes all parties involved, directly or indirectly, in obtaining raw materials or a product
Supply Chain Management
The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and profitability
Value chain analysis
Views a firm as a series of business processes that each add value to the product or service
Acquires raw materials and resources, and distributes
Transforms raw materials or inputs into goods and services
Distributes goods and services to customers
Purchases inputs such as raw materials, resources, equipment, and supplies
_____ value activities acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services.
_____ value activities include firm infrastructure, human resource management, technology development, and procurement.
Customer Relationship Management
involves managing all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization’s profitabliity
CRM _____ technologies help organizations predict customer behavior, such as which customers are at risk of leaving.
Business process reengineering (BPR)
the analysis and redesign of workflow within and between enterprises
What is the primary purpose of Business process reengineering (BPR)?
To make all business processes best-in class
Which of the following is the key element SCM manages?
What are the three components of the RFM formula?
Enterprise Resource Planning
integrates all departments and functions throughout an organization into a single IT System (or integrated set of IT systems) so that employees can make decisions be viewing enterprisewide information on all business operations
A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
_____ data encompasses all raw facts contained within a single process and it’s purpose is to support daily operational tasks.
refers to the over-all management of the availability, usability, integrity, and security of company data
The 4 primary traits of the value of information
Which of the following implies that aggregate or summary information is in agreement with detailed information?
The ________characteristic of high-quality information ensures that all the values are correct.
is an aspect of information that depends on the situation
four primary information technology areas where businesses are focusing in the 21st century
includes the variables that marketing managers can control in order to best satisfy customers in the target market
The four primary financial statements:
Statement of owner’s equity
Statement of cash flows
reports operating results (revenue minus expenses) for a given time period ending at a specific date.
A balance sheet
gives an accounting picture of property owned by a company and of claims against the property on a specific date
Statement of cash flows
summarizes sources and uses of cash
indicates whether enough cash is available to carry on routine operations
Encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational tasks
Encompasses all organizational information, and its primary purpose is to support the performing of managerial analysis tasks
What are the different types of information?
Levels, formats, granularities
Organizations can undertake high-profile strategic initiatives including:
Business process reengineering (BPR)
Supply chain management (SCM)
Customer relationship management (CRM)
Enterprise resource planning (ERP)
Reengineering the Corporation
book written by Michael Hammer and James Champy that recommends seven principles for BPR
Five basic supply chain activities
Plan – Prepare to manage all resources required to meet demand
Source – Build relationships with suppliers to procure raw materials
Make – Manufacture products and create production schedules
Deliver – Plan for transportation of goods to customers
Return – Support customers and product returns
includes the tasks, activities, and responsibilities requires to execute each step in a business process
Effective and efficient SCM can enable an organization to:
Decrease the power of its buyers
Increase its own supplier power
Increase switching costs to reduce the threat of substitute products or services
Create entry barriers thereby reducing the threat of new entrants
Increase efficiencies while seeking a competitive advantage through cost leadership
Three phases of CRM:
Within the supply chain, RFID
can enable greater efficiencies in business processes such as inventory, logistics, distribution, and asset management.
Reflecting these changes, core business relationships and models are dramatically changing, including shifts from:
Product-centricity to customer-centricity
Mass production to mass customization
The value in material things to the value of knowledge and intelligence
The corporation (also called organization, enterprise, or business)
is an artificially created legal entity that exists separate and apart from the individuals who created it and carry on its operations.
analyzes the the transactional information of the business so the owners and investors can make sound economic decisions
involves preparing financial reports that provide information about the business’s performance to external investors such as investors, creditors, creditors, and tax authorities
deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities
Financial statements must be
The statement of owner’s equity (also called the statement of retained earnings or equity statements)
tracks and communicates changes in the shareholder’s earning
The product life cycle
includes the four phases a product progresses through during its life cycle including introduction, growth, maturity, and decline
Operations management (also called production managment)
is the management of systems or processes that convert or transform resources into goods and services
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