Business Driven MIS

information age

the present time during which infinite quantities of facts are widely avvailable to anyone who can use a computer

internet of things

internet connected device that enhances performance without human intervention

Machine-to-Machine

two or more connected devices interacting to share data and analytics without human intervention

What is the order of information?

data

information

business intelligence

knowledge

data

raw facts

big data

a lot of data with more of the four Vs

What are the four Vs

Variety

Veracity = uncertainty

volume

velocity = analysis of streaming data

structured data

defined length type and format

unstructured data

does not follow a specific format (think free-form text such as emails or images)

information

data —> meaningful and useful context

variable

data characteristic that stands for a value that changes or varies over time

report

document containing organized data

dynamic report

changes automatically

static report

static

business intelligence

info from multiple sources that analyze patterns, trends, and relationships for decision making

business analytics

converting data to information for data-driven business decisions

descriptive analytics

past performance and history

diagnostic analytics

why

predictive analytics

what will happen

prescriptive analytics

creates models for decision making (what should happen)

knowledge

skill, experience, and expertise + information and intelligence that creates a persons intellectual resources

knowledge assets

the resource

knowledge worker

valued individual

data silo

when one department cant communicate with other departments = difficult or impossible for organizations to work cross-functionally

democratization

data democratization

production

input (raw materials) —> process —> output (good or service)

system thinking

monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gather feedback on each part

MIS

A business function that moves information about people, products, and processes across the company to facilitate decision-making and problem-solving

competitive advantage

a product or service customers place greater value on in one organization compared to its competitors

first mover advantage

occurs when an org can impact the market by being the first with a competitive advantage

SWOT analysis

(identify significant influences that work for or against strategies)

strengths

weaknesses

opportunities

threats

porters five forces model

(evaluating industry attractiveness

threat of substitute products or services

buyer power

threat of new entrants

supplies power

all feed into… rivalry among existing competitors

switching costs

manipulating costs to make a customer reluctant to switch to another product

supplier power

suppliers ability to influence the prices they charge for supplies

supply chain

all parties involved in the procurement of a product or raw material

suppliers —> company —> customers

entry barrier

a feature customers have come to expect and entering competitors must offer the same for survival

product differentiation

occurs when a company develops unique differences in its products or services with the intent to influence demand

cost leadership

broad market and low cost

differentiation

broad market and high cost

focused strategy

low cost and narrow market

focused strategy

high cost and narrow market