Information Systems and Business Strategy Vocabulary

Comprehensive vocabulary flashcards covering information systems, digital infrastructure, network concepts, cloud computing models, and business strategy terms from the lecture notes.

Organizational Strategy

The overall plan or approach that a company uses to achieve its long-term objectives and sustain competitive advantage.

bandwidth

The transmission capacity of a computer or communications channel.

peer

Any computer that may both request and provide services.

private cloud

Cloud infrastructure that is internal to an organization.

3D printing

Creating physical three dimensional objects from digital models

API (application programming interface)

Intermediaries that provide ways for different components of software to interact and exchange data or functionality using common web communication protocols

app

Software program designed to perform a particular, well-defined function

artificial intelligence

Using information technologies to simulate human intelligence

Big Data

Extremely large and complex datasets characterized by high volume, variety, and velocity

BYOD

Bring your own device

climate change

Large-scale and log-term regional and global changes in temperatures and weather patterns

computer fluency

The ability to independently learn new technologoes as they emerge

data quality

Data that are complete, accurate, timely, valid, and consistent

Industrial Internet of Things (IIoT)

The use of Internet of Things technologies in manufacturing

peripheral

An auxiliary device, such as mouse or keyboard, that is connected to a computer

competitive advantage

Doing something better, cheaper, or faster than other firms in a firm's industry/market

computer ethics

Moral issues and standards of conduct as they pertain to the use of information systems

computer literacy

Knowledge of how to use a computer

consumerization of IT

Many technological innovations are first introduced in the consumer marketplace before being used by organizations

data

Raw symbols such as characters and numbers that have no meaning in and of themselves until they are processed

data privacy statement

A statement on a website containing information about what data are gathered, what they are used for, who will have access to the data, whether provision of the data is required or voluntary, and how confidentiality will be ensured

demographic changes

Changes in the structure of populations related to factors such as age, birth rates, and migration

digital density

The amount of connected data per unit of activity

digital divide

Those with access to information systems have great advantages over those without access to information systems

e-business

An organization that uses information technologies or systems to support nearly every part of its business

globalization

The integration of economies throughout the world

hardware

Physical computer equipment and components

healthcare IS

Information systems that support various healthcare processes

home automation

Technologies enabling the remote monitoring and controlling of lighting, heating, or home appliances

information

Data that have been processed to generate a representation of reality that can help answer questions about who, what, where, and when.

information privacy

What information an individual should have to reveal to others in the workplace or through transactions

information system (IS)

The combination of people and information technology that create, collect, process, store, and distribute useful data

information technology (IT)

Hardware, software, and telecommunications networks

intellectual property (IP)

Creations of the mind that have commercial value

Internet of Things (IoT)

A network of a broad range of physical objects that can automatically share data over the Internet

internetworking

Connecting host computer and their networks together to form even larger networks

knowledge

The ability to understand information, form opinions, and make decisions or predictions based on the information

knowledge society

The growth in the number of knowledge workers and their importance will result in a society with education as its cornerstone

knowledge worker

Professionals who are relatively well educated and who create, modify, and/or synthesize knowledge as a fundamental part of their job

management information system

A system that produces detailed information to help manage a firm

micro-moment

Immediate consumer need that initiates a mobile interaction to accomplish a particular, well defined goal

network effect

The value of a network increases with the number of users

office automation system

Systems that support a wide range of predefined day-to-day work activities of individuals and small groups

opt in

Signal agreement to collection of data by making an action

opt out

Signal disagreement to collection of data by making an action

outsourcing

The moving of business processes or tasks to another company or another country

quantified self

Logging all aspects of one's daily life

resource scarcity

Limited availability of fossil fuels and other natural resources

robotics

The use of machines to perform manual tasks

sensor

Devices that can detect, record, and report changes in the physical environment

shifts in economic power

Changes in countries' purchasing power and control over natural resources

smart home technologies

Technologies enabling the remote monitoring and controlling of lighting, heating, or home appliances

software

A program that instructs the computer to perform certain tasks

sustainable development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs

systems integration

Connecting separate information systems and data to improve business processes and decision making

telecommunications network

A group of two or more computer systems linked together with communications equipment

transaction processing system (TPS)

A system that processes day-to-day business event data at the operational level of the organization

urbanization

The movement of rural populations to urban areas

wearable technologies

Clothing or accessories that incorporate electronic technologies

Affiliate Marketing

A performance-based marketing strategy where businesses reward affiliates (partners) for driving traffic or sales to their products or services through the affiliate’s own marketing efforts.

Augmented Reality (AR)

A technology that overlays digital information—such as images, videos, or sounds—onto the real-world environment, enhancing the user's experience.

Automating

The use of technology to perform tasks without human intervention, improving efficiency and reducing errors.

Best-Cost Provider Strategy

A business strategy where a company offers products or services at a lower cost than competitors while maintaining a level of quality that is comparable or superior.

Business/IT Alignment

The process of ensuring that a company's IT strategies are in sync with its business goals, enabling better decision-making and improved performance.

Business Model

The plan or strategy a company uses to generate revenue and make a profit from its operations.

Business Process

A set of tasks or activities that, when completed in sequence, accomplish a specific organizational goal.

Capabilities

The skills, resources, and competencies that enable a company to achieve its business objectives and maintain a competitive advantage.

Collaborative Economy

An economic model where people share or exchange goods, services, or resources, often facilitated by a digital platform.

Cross-Side Network Effects

In platform-based businesses, the phenomenon where an increase in the number of users on one side of the platform (e.g., buyers) increases the value of the platform for users on the other side (e.g., sellers).

Crowdfunding

The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the internet.

Customer Creation

The process of turning potential customers into paying customers through targeted marketing and sales strategies.

Customer Discovery

The process of identifying potential customers, understanding their needs, and validating the market demand for a product or service.

Customer Validation

The stage in product development where a business tests its product or service with real customers to confirm that it meets their needs.

Differentiation Strategy

A strategy where a company seeks to distinguish its products or services from competitors by offering unique features, quality, or branding.

Digital Twin

A virtual model of a physical object, system, or process that is used to simulate, analyze, and optimize performance in real-time.

Disruptive Innovation

An innovation that creates a new market and value network, eventually displacing established market-leading products or services.

Distinctive Competence

A unique capability or advantage that a company has, setting it apart from competitors.

Effectiveness

The degree to which objectives are achieved and the extent to which targeted problems are solved.

Efficiency

The ability to accomplish a task or achieve a goal using the least amount of resources, time, or effort.

Executive Level

The highest level of management within an organization, responsible for making strategic decisions and guiding the overall direction of the company.

First-Mover Advantage

The competitive advantage gained by the initial significant occupant of a market segment, often through early brand recognition and customer loyalty.

Freemium

A business model where basic services are provided for free, while more advanced features or services are offered for a fee.

Functional Area Information System

A system that provides support for specific functional areas within an organization, such as finance, marketing, or human resources.

Gig Economy

An economic model characterized by temporary, flexible jobs where companies hire independent contractors or freelancers instead of full-time employees.

In-App Purchase

The buying of goods and services from within an application, typically on a mobile device, often to enhance or unlock additional content or features.

Innovation

The process of translating ideas into goods, services, or processes that create value or for which customers will pay.

Key Performance Indicator (KPI)

A measurable value that indicates how effectively a company is achieving its key business objectives.

Lean Startup Methodology

A business approach that emphasizes creating a minimum viable product (MVP), gathering customer feedback, and iterating quickly to develop a product or service that meets market demand.

Low-Cost Leadership Strategy

A strategy where a company aims to become the lowest-cost producer in its industry, typically leading to competitive pricing advantages.

Managerial Level

The middle level of management in an organization, responsible for implementing the strategies and policies developed by the executive level.

Minimum Viable Product (MVP)

The most basic version of a product that can be released to early adopters, who can then provide feedback for further development.

Open Innovation

The practice of sourcing ideas, solutions, and innovations from external partners, customers, or the public, rather than relying solely on internal R&D.

Operational Level

The day-to-day activities and processes carried out by employees at the lower levels of an organization, aimed at executing the strategies developed by higher management.

Organizational Learning

The process by which an organization improves its ability to achieve its goals by creating, acquiring, and transferring knowledge, and modifying its behavior accordingly.

Platform

A digital or physical environment that facilitates interactions between two or more interdependent groups, such as buyers and sellers, or users and developers.

Radical Innovation

A type of innovation that fundamentally changes existing markets or creates entirely new ones, often rendering previous products or services obsolete.

Resources

The assets, capabilities, processes, information, and knowledge that an organization controls and uses to achieve its objectives.

Revenue Model

The strategy a business uses to generate income from its products or services, such as subscription fees, sales, or advertising.

Same-Side Network Effects

The phenomenon where an increase in the number of users on one side of a platform increases the value of the platform for users on the same side.

Semistructured Decision

A decision-making process that involves a combination of structured, well-defined elements and unstructured, less predictable elements.