omis exam 3

What is ERP?

A system that integrates all business processes using a central database and shared software modules.

What is the main function of ERP systems?

To collect, store, and share data across all departments in real time.

What is the business value of ERP?

Improves efficiency, decision-making, and communication across the organization.

How does AI improve ERP systems?

Uses predictive analytics, automation, and pattern recognition to improve decisions.

What is SCM?

Management of the flow of goods, information, and finances from suppliers to customers.

What is upstream supply chain?

Suppliers providing raw materials.

What is internal supply chain?

Processes within the company (manufacturing/production).

What is downstream supply chain?

Distribution of finished goods to customers.

What is the business value of SCM?

Reduces costs, improves efficiency, and matches supply with demand.

What are global supply chain issues?

Distance, time zones, legal differences, cultural differences, and logistics complexity.

How does AI help SCM?

Forecasts demand, optimizes routes, manages inventory, and detects risks.

What is Just-in-Time (JIT)?

Inventory arrives exactly when needed to reduce storage costs.

What is safety stock?

Extra inventory kept as a backup for uncertainty.

What is the bullwhip effect?

Demand distortion as information moves through the supply chain.

What is CRM?

A system that manages and analyzes customer interactions and data.

What are the 3 components of CRM?

Marketing, Sales, Customer Service.

What is the business value of CRM?

Increases customer satisfaction, retention, and sales.

How does AI improve CRM?

Personalization, chatbots, and predicting customer behavior.

What is churn rate?

The percentage of customers who stop doing business with a company.

What is e-commerce?

Buying and selling goods/services over the internet.

What is ubiquity?

Access anytime, anywhere.

What is global reach?

Ability to sell to a worldwide market.

What are universal standards?

Same technology standards used worldwide.

What is richness?

Ability to deliver video, audio, and text.

What is interactivity?

Two-way communication between user and business.

What is information density?

Large amount of accurate information available.

What is personalization/customization?

Tailoring products or messages to individuals.

What is social technology?

User-generated content and social sharing.

What is a marketplace?

A physical store.

What is a marketspace?

An online environment where transactions occur.

What are digital goods?

Products delivered online (music, software, ebooks).

What is dynamic pricing?

Prices change based on demand or customer.

What is disintermediation?

Removing middlemen from the supply chain.

What is information asymmetry?

When one party has more information than another (reduced online).

What is B2C?

Business sells to consumers.

What is B2B?

Business sells to other businesses.

What is C2C?

Consumers sell to other consumers.

 What is advertising revenue model?

Earning money through ads.

What is sales revenue model?

Selling products/services.

What is subscription model?

Charging recurring fees.

What is freemium model?

Basic free, premium features paid.

What is transaction fee model?

Charging a fee per transaction.

What is affiliate model?

Earning commission from referrals.

What are best practices?

Proven methods that are most effective and efficient.