Management Information Systems: Managing the Digital Firm

These flashcards cover key concepts related to Management Information Systems and their role in today's business environment.

How are information systems transforming business today?

They are essential for running and managing a business, enabling better decision-making, operational excellence, and innovation.

What are the components of an information system?

Management, organization, and technology.

What role do complementary assets play in information systems?

They are essential for ensuring that information systems provide genuine value for organizations.

What academic disciplines contribute to the study of information systems?

Computer science, management science, operations research, and behavioral sciences.

What are some IT innovations mentioned in the notes?

Cloud computing, big data, Internet of Things, mobile digital platforms, AI and machine learning.

What are the strategic business objectives of information systems?

Operational excellence, new products and services, customer intimacy, improved decision making, competitive advantage, and survival.

How does information technology contribute to operational excellence?

By improving efficiency and productivity in business operations.

How has e-commerce changed from 2019?

Globally expanded to nearly $3.6 trillion and includes significant growth in mobile retail e-commerce.

What is the role of feedback in an information system?

Output is returned to appropriate members of the organization to evaluate or correct input stages.

What is a business model?

It describes how a company produces, delivers, and sells its products and services.

How do firms invest in complementary assets?

By supporting technology investments with investments in organizational and managerial assets.

What defines a digital firm?

Significant relationships are digitally enabled, core processes are accomplished through digital networks, and assets are managed digitally.