1033 Info tech in commercial environment

MIS

Management Information Systems

-study of how businesses use people, processes, data, and tech to manage info and make better decisions

Importance of MIS

-businesses rely on info systems to be more efficient and solve issues

-helps people explain business needs to those who build and manage tech

What is a fact

confirmation of an an event or object.

Data

raw facts without much context

Information

Data organized into a meaningful/useful form

Knowledge

understanding what the info means

Actions

using the understanding to make a decision

Ex of data, info, knowledge, and action

store records 100 sales (DATA), calculates sales increase by 20%(INFO), notices that the promo attracted more customers (KNOWLEDGE), decides to repeat promo (ACTION)

core drivers of MIS

-data

-info

-business intelligence (BI)

-knowledge

-decisions

Connects facts to decisions a business makes

How do businesses and Tech work together

Business use tech to improve operations

-amazon uses tech to process orders and recommend products

Four stages from data to action

-Data

-Info

-Knowledge

-Action

Four V's of big Data

-Volume: amount

-Variety: types

-Veracity: reliability

-Velocity: speed

Internet of Things (IoT)

Physical devices connected to the internet to collect/share data

Machine-Machine communication

Devices exchanging data directly

Structured Data

Organized data

-spreadsheets, finance records

Unstructured Data

Data without fixed format

-photos, videos, social media posts

main challenges of managing data

-storage

-security/privacy

-environmental impact

-proper use of data

What is BI

using business data to understand performance and make decisions

Business analytics

Analyzing data to fund patterns and solve problems

Diff between data analyst and data scientist

Analysts study data and create reports

scientists use advanced ways to build models and make predictions

Four types of analytics

Descriptive - what happened

Diagnostic - Why'd it happen

Predictive - what might happen

prescriptive - what should we do

variable

Something that can change

Diff between static and dynamic report

Static- shows info from specific time

Dynamic- can update as data changes

Knowledge worker

Uses info and expertise to solve problems

data silo

data kept separate so diff departments cant share it

data democratization

Makes data accessible to people who need it

whats system thinking

looks at how diff parts of a system work together

Parts in basic system

-Input

-Process

-Output

-Feedback to make improvements

Business Strategy

A plan for business to reach its goal and compete

Stakeholder

Anyone affected by/interested in a business

-customer, employees

Competitive advantage

helps business perform better than competitors

first mover advantage

benefits a business ay gain by being one of the first to enter a market/introduce something

SWOT

tool to find

stength

weakness

opportunity

threats

Porter 5 forces

1 buyer power

2 supplier power

3 threat of new subs

4 threat of new entrants

5 rivalry between competitors

Porter 3 generic strategies

Cost leadership - compete using low costs

differentiation - offer something unique

focus - target specific market

Value chain analysis

examines business activities to find a way to improve value/reduce cost

6 decision making steps

1 identify the problem

2 collect data

3 make solutions

4 test solutions

5 select a solution

6 implement solution

structured decisions

routine decisions W/ clear steps

semistructured decisions

decisions that need both rules and judgment

unstructured decisions

complex decisions without a clear and standard solutions

3 decision making levels

operational - daily activity

managerial - department decisions

strategic - overall business direction

critical success factors (CSF)

things a business must do well to succeed

what are KPI's

measurements to track performance

diff between efficiency and effectiveness

efficiency uses resources well, effectiveness achieves the goal

benchmarking

comparing performance against a standard/ other business

model in decisions making

simplified representation to understand problem or compare solutions

what is transaction processing system (TPS)

system that records everyday transactions

-sales, payments

CRUD

create

read

update

delete

-four basic ways to manage data

Data granularity

how detailed data is

what are sensors used for

collecting Dara about conditions

-like temp, movement, and pressure

web scraping

auto collecting info from websites

API

way for software systems to exchange info

OLAP

tech used to analyze data from diff perspectives

decision support system (DSS)

helps people analyze info and make decisions diff

executive information system (EIS)

system that gives senior execs summary of info for strategic decisions

diff between TPS, DSS, & EIS

TPS records transactions, DSS helps analyze decisions, EIS support senior execs

Consolidation

Summarize data

Drill-down

see more detail

Slice and dice

examine selected data

pivoting

rearrange data to see it differently

business process

set of activities that work together to achieve a business goal

diff between front and back office

front office deals directly wit customers, back office supports business operations

workflow

steps needed to complete a task/process

bottleneck

steps the slow the whole process

BPMN

standard way to draw business process diagrams

as is and to be models

as is shows how a process works now, to be shows how it'll work after improvements

process digitization

turning manual/paper work digital processes

streamlining

make process simpler/efficient

Business process reengineering (BPR)

redesigning a process to make major improvements

diff between streamlining and BPR

streamline improves existing process, BPR redesigns it

Artificial intelligence (AI)

tech that performs task associated with human intelligence

diff between narrow AI and general AI

narrow AI performs specific tasks, general AI perform wide range of tasks

algorithm

set of steps used to solve problem

genetic algorithms

method that improves possible solutions by selecting and modifying the better ones

Machine learning

tech that learns patterns from data

overfitting

model that learns its training data too closely and struggles with new data

Underfitting

model is too simple to learn important patterns

4 types of bias

affinity - four people similar to yourself

conformity - follow group

consummation - favour info that supports your beliefs

name bias - judging someone based on name

neural network

machine learning model inspired by how brain processes info

deep learning

machine learning that uses neural networks

fuzzy logic

reasoning using some truth instead of only true or false

reinforcement learning

learning though feedback/ rewards for actions

digital darwinism

business must adapt to tech changes or risk falling behind

disruptive tech

tech that intros new approach and challenges established businesses

sustaining tech

tech that improves existing products/services

paradigm shift

major change in how people think/do things

diff between internet and web

internet connects devices, web has linked pages accessed though the internet

neutrality

principle that Internet traffic should be treated equal rather than unfairly favoured or blocked

diff between e-commerce and e-business

e-commerce means buying/selling online, ebusiness includes ecommerce plus other business activities using tech

web 1.0

static webs where people views info

info richness and reach

richness is how detailed info provides, reach is how many people it can reach

mass production

producing large quantities of same product

mass customization

letting customers choose product features while still producing at scale

personalization

tailoring content or recs to an individual

long tail concept

selling many less popular products add up to significant sales

intermediary

middle man that connects buyer and seller

disintermediation

removing middle man

Reintermediation

introducing new middle man, online market place

Cybermediation

using digital intermediaries to connect buyer and seller

clickstream data

data showing wages people visit and how they move throughout website