ISM3004 Exam 1 Review

What is disruption?

"To cause something to be unable to continue in its normal routine" this can be either a treasure or a tumult

Technology is a disruptor - what does that mean?

Tech creates both treasure and tumult. These disruptions will accelerate, impact organizations, careers, and job functions throughout your lifetime.
Technology has caused normal routines to change completely

Advertising

print ads are practically out, Google alone has more ad revenue than all of print

Causing the trust of ads to decrease

Education

Online classes/Universities are taking away from the "traditional" schooling

Financial Services

Majority of banking can be done via apps

Credit Card Machine - "Square"

Journalism

Professional writers aren't being hired by news companies, because they hire external bloggers

Wikileaks

Retail

Traditional stores taking a hit by online shopping companies

Share Economy

Alternative ways to hotels, music, rental cars, taxis

For video rentals, music industry, and higher education be able to explain...

What was the normal way of doing business?

Go to a brick and mortar store like Blockbuster, which included uncertainty, long lines, and late fees

For video rentals, music industry, and higher education be able to explain...

What was the tech change?

Netflix came with "same but different" change. It implemented highly efficient distribution centers which shipped and received videos. Their entire catalogue and recommendations were all on their website.

The way the content was delivered changed. Netflix recognized that CD's weren't the future, so changed to streaming media across the internet

What was the treasure outcome for some and what was the tumult outcome for others?

Video Rentals

Treasure Outcome: Netflix

Tumult Outcome: Blockbuster

Netflix is one of the highest grossing streaming platforms and Blockbuster only has one store left globally

What was the treasure outcome for some and what was the tumult outcome for others?

Music Industry

Treasure Outcome: Digital music platforms (iTunes, Spotify)

Tumult Outcome: Physical music

But in terms of whole album sales, physical music is the treasure and digital music is the tumult because most people don't digitally buy an entire album, they usually only buy a single song

What was the treasure outcome for some and what was the tumult outcome for others?

Higher Education

This is both a treasure and tumult for the universities that are willing to adapt to changes in technology because it allows them to have more students no matter where the students are; however, it also means that there may be a time where physical universities are only available to people who are well off or won't exist at all.

Be able to define the term "share economy" and give an example.

Share Economy

Refers to a phenomenon whereby asset owners can use digital clearinghouses to rent the unused capacity of assets they own and consumers rent from their peers rather than buying or renting from a company

How does IT bring asset owners and consumers together in the share economy?

By using Digital Clearinghouses to rent from their peers instead of companies.

How is the share economy disruptive?

It disrupts the new normal between consumers and rental businesses.

Briefly explain four key factors causing these disruptions:

Moore's Law

...and who is the tech pioneer who proposed Moore's Law?

The observation that computing power roughly doubles every two years at the same price

Gordan Moore (Intel co-founder)

Briefly explain four key factors causing these disruptions:

Moore's Law

Be able to explain what Moore's Law says.

Every 2 years, the abilities of our electronic devices will double while staying at approximately the same price as time goes on
This also means that a device that has a constant amount of abilities or power will be twice as cheap every 2 years

Briefly explain four key factors causing these disruptions:

Moore's Law

Some products only need a small amount of computing power. How does Moore's Law make these products more affordable over time?

Cost for CPU has become cheaper and cheaper over the years.

Briefly explain four key factors causing these disruptions:

Social Media

Be able to use one of the statistics about business of social media from the lecture to explain why over 140 million businesses regularly use Facebook to communicate with their customers.

The population of people using facebook is 2.4 billion - Facebook in size is just behind China and India

Users share their purchases, domino effect (55%)

Relationships/Divorces

Generates about twice the leads as shows, telemarketing, mail

Briefly explain four key factors causing these disruptions:

Mobile

What is the tipping point and why is this important?

Billions of people use phones for social media

$3.2 trillion in mobile transactions

Online retailers make more money from mobile sales than from traditional devices like laptops and desktops

70% use smartphones

50% of Google searches are done on a mobile device

Mobile commerce became a better alternative than PCs and laptops
- Mobile commerce is at its tipping point

Briefly explain four key factors causing these disruptions:

Globalization

What is reverse innovation?

Global companies are turning to reverse innovation - create first for emerging markets, then roll out to developed markets.

When companies initially develop products for niche or underdeveloped markets,and then expand them into their original or home markets. Part of globalization

Briefly explain four key factors causing these disruptions:

Globalization

What is the impact of mobile phone use in developing countries?

More likely to have mobile access than safe drinking water/electricity

Developing countries - "10 additional mobile phones per 100 people grows GDP by 0.8%"

Drives strong economic growth

How does the Hype Cycle help organizations make good decisions about technology?

They can look to see where technology is on the curve and decide the best time to adopt it

Be able to briefly describe the elements of the Hype Cycle:

Axes: Expectations and Time

The expectations axes represent how much technology will change. The time axes is not a fixed scale, it is phases

Be able to briefly describe the elements of the Hype Cycle:

The Curve itself

Innovation Trigger: early media attention and hype

Peak of Inflated
Expectations: more adoption, expectations begin to exceed reality, expectations drive stock higher than realistic value

Trough of Disillusionment: reality happens, impatience, consolidation (companies bought out or merged)

Slope of Enlightenment: early adopters have learned, more realistic views/expectations

Plateau of Productivity: proven benefits, everyone's using it, broader adoption, maturity

Be able to briefly describe the elements of the Hype Cycle:

Innovation Trigger

early media attention and hype

Be able to briefly describe the elements of the Hype Cycle:

Peak of Inflated Expectations

more adoption, expectations begin to exceed reality, expectations drive stock higher than realistic value

Be able to briefly describe the elements of the Hype Cycle:

Trough of Disillusionment

reality happens, impatience, consolidation (companies bought out or merged)

Be able to briefly describe the elements of the Hype Cycle:

Slope of Enlightenment

early adopters have learned, more realistic views/expectations

Be able to briefly describe the elements of the Hype Cycle:

Plateau of Productivity

proven benefits, everyone's using it, broader adoption, maturity

Mainstream adoption

products being made commercially

Time to mainstream adoption

10 years

Range of Impact - Transformational, High, Moderate and Low.

Transformational Impact

Includes new ways of doing business. Includes major shifts in the industry

Range of Impact - Transformational, High, Moderate and Low.

High Impact

Operational impact includes new ways of performing processes. Revenue is very high or costs are very low.

Range of Impact - Transformational, High, Moderate and Low.

Moderate Impact

Operational impact includes existing processes improved incrementally. Revenue is high and costs are low.

Range of Impact - Transformational, High, Moderate and Low.

Low Impact

Operational impact includes slight process improvements. The financial impact is minimal at best.

Where are the 3 danger zones? What mistakes can companies make at those points on the curve?

Timing is everything...

1. Adopt too early in the peak of inflated expectations

2. Giving up too soon in the trough of disillusionment

3. Adopting too late

Be able to apply the Hype Cycle.

Be able to explain the 2 actions an organization should take early in the Hype Cycle so that they can "crush the competition" later in the Hype Cycle.

Companies must investigate and evaluate early in the Hype Cycle, pilot learn and evaluate as a way to understand and learn, and finally crush the competition.

Be able to apply the Hype Cycle.

Be able to use the Hype Cycle to set an organization's priorities based on the organization's attitude toward risk, the potential impact of the technology, and the likely time to mainstream adoption.

The company needs to know its organization's priorities based on its culture to decide which technologies are worth investing

Be able to define and explain the term "Digital Workplace."

Digital Workplace

A business strategy to boost employee engagement and agility through a more consumerized work environment

Be able to define and explain the term "Digital Workplace."

What is its goal?

Plan a business strategy through more consumerized work environment

Be able to define and explain the term "Digital Workplace."

*How does it accomplish that goal?

...

What is meant by a consumerized work environment? What is the alternative?

Consumerized Work Environment:

Environment includes technology where employees reach consumers faster and more productive.

Its alternative is a centric work environment (old way)

Be able to define and explain the term "Engagement."

Be able to explain the 3 levels of engagement

1. Engaged

2. Not engaged

3. Actively disengaged

Be able to define and explain the term "Engagement."

Engagement is not the same as \____ or \____. Why?

Engagement is not the same as Satisfied or Happy

Be able to define and explain the term "Engagement."

Why is engagement important to organizations? To employees?

Units with employees in the top ¼ are 17% more productive and 21% more profitable. Engaged employees provide better service, productivity and quality → happier customers, increased sales, higher profits and shareholder benefits

Be able to define and explain the term "Engagement."

How common is engagement among US workers? Worldwide?

U.S. Workers are only 33% engaged.
Globally, 15% of workers are only engaged.

Be able to define and explain the term "Digital Dexterity."

The ability and desire of the workforce to use existing and emerging technology for better business outcomes.

Be able to explain the Legos metaphor.

We are all using the same Legos, but what matters is who is better at building amazing things.

Not who has the better Legos, but who is better at building with those Legos.

Why is digital dexterity important for an individual employee? ...for an organization?

Digital Dexterity is important for an individual employee because the greatest source of competitive advantage for many organizations will come from the workforce's ability to creatively exploit digital technologies.

The workplace is changing! Be able to briefly explain each change below. What is it, and what is its impact?

According to the Gartner Research, by 2020, digital dexterity will be the greatest source of competitive advantage for 30% of organizations.

Consumerization

A major cause for rapid technological change. Personally developed apps for the consumer market.

Gig Economy

New way to organize the work we do, using both internal employees and external freelancers.

Gig Economy

Why might employees like the Gig Economy?

Benefits employees by allowing them to work on projects they only care about.

Gig Economy

How can the Gig Economy benefit employers?

By allowing managers to quickly assemble project teams.

RPA

Robotic Process Automation

RPA

What kind of tasks can an RPA system perform?

Machine learning, natural language interface, process routine tasks, work within existing application

RPA

How do organizations benefit? How is it claimed that employees benefit?

Do routine jobs, work in customer service, while employees focus on creativity and focus on interesting complicated things that need profound analysis.

Greater instrumentation

indicating, measuring, and recording employee activity

"Robo-Boss"

Automated supervisor job which does routine repetitive work; however, it is not neutral, algorithms are representations of our opinions.

"Robo-Boss"

Why can the supervisor job be automated?

Because they're routine

"Robo-Boss"

Are they unbiased? Why or why not?

They are NOT unbiased - algorithms are our opinions imbedded in code

How does Digital Dexterity enable an employee to participate in organizational transformation?

Recognize opportunity, design the solution, deliver the solution and execute. It lets you participate.

You get an increased role, can build a prototype, create solutions

IT is also changing dramatically. Be able to briefly explain each of the types of IT changes below:

Bimodal IT. What is it?

Bimodal IT: The practice of managing two separate, coherent modes of IT delivery, one focused on stability and the other on agility.

IT is also changing dramatically. Be able to briefly explain each of the types of IT changes below:


Bimodal IT.

What are the two modes?

Mode 1: traditional IT, reliable

Mode 2: exploratory IT

IT is also changing dramatically. Be able to briefly explain each of the types of IT changes below:

Cloud First Strategy

A set of business practices that aims to utilize cloud services as much as possible. Businesses prefer to run on cloud solutions than relying on their own server.

Pick the "New Role for the Dextrous" that is most interesting to you. Be able to describe that job role and explain what characteristics or skills one needs to be good at it.

New Roles on Digital Dexterity

New Media Mogul
Process Hacker
App Savant
Data Maven
Citizen Data Scientist
Citizen Developer

New Media Mogul: Somebody who is able to use different kinds of media to persuade and educate other people.

Everybody needs tech skills! Gartner analyzed 38 million job postings over the last 4 years and found that there was a \____ growth in the tech skills required for non-IT jobs. Also, \____ of the CEOs that Gartner surveyed think that digital dexterity should be a key requirement when hiring new employees.

60%, 80%

Gartner analyzed 38 million job postings over the last 4 years and found that there was a 60% growth in the tech skills required for non-IT jobs.

Also, 80% of the CEOs that Gartner surveyed think that digital dexterity should be a key requirement when hiring new employees.

What does it mean that tech skills have a "half-life"? What's the solution to this problem?

Many of the things we learn are superseded, can't be fixed by a single technology.

Digital dexterity is crucial for thriving.

You can learn to learn, be agile, be curious, be creative.

Define communications.

"A process by which information is exchanged between individuals through a common system of symbols, signs, or behavior."

What is necessary for a symbol to communicate meaning?

A symbol is something that stands for something else. It is necessary to have a common understanding

Understand how behavior has different meanings in different contexts.

Different cultures assess different meanings to the same behavior.

Ex: sticking out your tongue - Tibetan culture sticking out your tongue is a sign of respect or agreement, in the U.S. it is playful or bratty

Roughly \____% of meaning is transmitted via nonverbal communications.

Roughly 70-80% of meaning is transmitted via nonverbal communications

What are the characteristics of this communications method? Strengths and weaknesses?

Email

Strengths

Cheap ubiquitous - it's everywhere. At least everyone has one email account. We can read email anywhere using almost any device

What are the characteristics of this communications method? Strengths and weaknesses?

Email

Weaknesses

The amount of work related emails we get can be overwhelming. People get and send about 121 emails a day

Volume and interruption. Only a verbal communication you don't get expression with it

Nonverbal: pace, tone. Non-verbal provides 70-80% of the message and it can be misinterpreted

What are the consequences of trying to juggle emails and other work?

It can interrupt the other work you are doing.

Lose 10 IQ points by trying to work and answer emails at the same time

Interruption can reduce productivity

Studies indicate that you can lose as much as 20 minutes when you're interrupted when you're in the middle of doing something

Why are email subject lines so important?

Subject lines are important because you have less than 3 seconds to use the subject line to catch someone's attention

What are the two main reasons people read emails?

1. The sender is important (boss)

2. The subject line is compelling

\___% of emails are deleted in less than \___ seconds.

80% of emails are deleted in less than 3 seconds

Know how to make a good subject line for an email.

Create subjects that are concise and compelling

They need to be short

The majority of email today is read on mobile devices and it provides less room for a subject line to appear

What does TL;DR mean?

Too Long; Didn't Read

Only \___% of people say they only read \___ of an email.

Only 60% of people say they only read ½ of an email

How should that fact change how you write emails?

You should instead take the important ideas and put them at the front of the email so people will actually read it.

What best practices were offered for formatting business emails?

Use greetings and closings

It's polite and helps to establish relationships

Makes it more personal

May make people feel more connected to you and act more favorably

Brevity - quick to the point, important info first.

If you have lists and other info, then provide it as an attachment to keep the email short

What warning did Mr. Olson give about people perceiving the tone of an email?

Beware

People are no good at interpreting the tone of your email \-- we only get it right about half of the time and the problem is that we think we get it right about 90% of the time

Don't assume you are correctly reading the tone of someone else's email

When writing, be cautious that people may misinterpret the tone of your email so be careful when writing an email

Proofread! Always write professionally. You never know where the email can get forwarded so be professional even with emails to work friends. You always want to be seen in the best possible light

Be polite. There aren't nonverbal communications such as a smiley face so stay professional

In what situations should you refrain from using email?

Don't send sensitive information, confidential information, items protected by law

Don't send overly long complicated messages

Don't send controversial sensitive messages

Ex: unpleasant news, you don't have the nonverbal cues to make those situations less difficult

Don't use email to express grievances

Don't use business email for personal emails

What are the characteristics of this communications method? Strengths and weaknesses?

Voice Communications

Strengths

Adding the sound of a human voice can make a big difference because it can help people understand the full message being conveyed by the other person because you can hear their tone, pace, inflection, etc.

Includes nonverbal

What are the characteristics of this communications method? Strengths and weaknesses?

Voice Communications

Weaknesses

More expensive and time consuming

What does POTS stand for?

Plain Old Telephone Service

What is VOIP?

Voice Over IP (Internet Protocol) it is a special purpose computer that is plugged into the internet data network with phone software

What problem did VOIP solve?

It helps solve the multiple devices and things to connect/plug into the wall and it was expensive to do this

Very inconvenient to people who didn't have the outlets to plug in the phone and computer cable

Software app

Know the benefits of VOIP (including savings).

Less machines and technology to buy

You save money because you only have one set of wires for your network

You can use it as your computer and for phone calls

Save even more money by installing a VOIP app instead of buying a phone and headset

It is also traditionally less expensive than landline telephone services

UF would safe a quarter of a million dollars a year by switching to VOIP and it has better features

How does the sound of the human voice convey meaning beyond just the words that are spoken?

Much richer communications because you can get those nonverbal communications elements such as pitch and tone

What are the characteristics of this communications method? Strengths and weaknesses?

Rich communication between 2+ sites (voice and video, share computer screen)

What is video teleconferencing (VTC)?

Rich communication between 2+ sites, voice and video. Lower cost, rich communication, the internet gives great quality

Know some of the benefits of VTC.

Reduce travel costs and environmental impact, increased productivity

What is telepresence?

Build environment

VTC on steroids

HD videos

Large screens

Multiple large screens

What is web conferencing?

Ex: Zoom, voice, video, and chat via the internet

With web conferencing, what is considered the "star of the show"?

Screen sharing \-- data