Information Systems in Business Vocabulary

Flashcards for reviewing key vocabulary related to information systems in business.

Information System (IS)

A coordinated set of components and resources designed to collect, process, store, and distribute information to support decision-making and control in an organization.

Information Literacy

Understanding the role of information in generating and using business intelligence, providing historical, current, and predictive views of business operations and environments to give organizations a competitive advantage.

Computer Literacy

A skill in using productivity software such as word processors, spreadsheets, and database management systems.

Data

Raw input that an information system collects from internal or external sources.

Aggregated Data

Grouped data used for summary reports.

Disaggregated Data

Detailed data showing individual entries.

Database

A collection of organized and integrated files for efficient data storage and retrieval.

Database Management Systems (DBMS)

Software used to create, manage, and manipulate databases.

Process

Operations and procedures that transform data into meaningful information.

Information

Processed data that is meaningful, relevant, and useful for decision-making.

Strategic Information Systems

Focuses on big-picture, long-term goals and objectives and assists in implementing strategies; goal-oriented, involves top management, multidisciplinary, future-oriented, and dynamic.

Personnel Information System (PIS) / Human Resource Information System (HRIS)

Provides support to the human resources functional area of an organization.

Logistics Information System (LIS)

Reduces the cost of transporting materials and maintains safe and reliable delivery.

Manufacturing Information System (MFIS)

Manages manufacturing resources, reduces manufacturing costs, increases product quality and improves inventory decisions.

Financial Information System (FIS)

Provides timely information to those members in an organization who have to make financial decisions.

Marketing Information System (MKIS)

Improves marketing decisions and provides timely, accurate, and integrated information about the marketing mix (4Ps: Price, Promotion, Place, and Product).

Overall Cost Leadership Strategy

Bottom-line strategy to improve efficiency by reducing costs.

Differentiation Strategy

Make products and services different from competitors.

Focus Strategy

Concentrate on a specific market segment.

Porter's Five Forces Model

Includes buyer power, supplier power, threat of substitute products or services, threat of new entrants, and rivalry among existing competitors.