5.9 Management & Information Systems (MIS)

MIS

Management & Information Systems, the “brains” of many modern-day organisation

Database

Organised collection of info, stored in an electronic system

Data analytics

Analysing data to establish patterns, trends and behaviours in order to draw conclusions

Data mining

Searching for and finding patterns and trends within data

Examples of uses of data in marketing

• Patterns/trends in human behaviour can be used to develop strategies that increase sales and profits

• Improves sales forecasting

Data centres

Building/sub-sections of buildings that contain servers, support computer networks and run the systems needed to provide digital services

Cloud computing

The delivery of computing services over the internet to store, manage and organise data in safe and efficient ways

Artificial Neural Networks

Connections of computing systems and nodes that are like the neurons of a human brain

Algorithm

Set of instructions to solve a problem or complete a task

Explain how a chatbot is an ANN

By providing 24-hour customer service for most common customer requests

Practical uses of ANN in stock control

Track patterns in sales and stocks, to better manage inventory

Practical uses of ANN in HRM

Monitor staff performance

Practical uses of ANN in Marketing

• Predict + influence consumer behaviours

• Automate marketing services

• Create + target content (e.g. music, film and TV streaming suggestions)

• Forecast sales trends

• Personalise marketing

Cybercrime

Criminal activity carried out using computers, networks and digital tech

Dark web

WWW networks which are encrypted and keep users largely anonymous

Cybersecurity

Use of tech and systems to block access of criminals- protection against them

Hacking

Exploiting weaknesses in computer systems to gain access to data

Ransomware

Software planted on computer systems block access to those systems until a sum of money is paid

DDoS attacks

Distributed denial of service

Attack on a computer system to slow down website traffic by overwhelming it with activity

Pros & Cons of Critical Data Infrastructure

Use of CDI	Limitations of CDI
Profits	Cost
Sustainability- Helps businesses avoid waste in production	Sustainability- Data centres consume large amounts of energy
Security	Ethical & legal concerns

Metaverse

Digital worlds in which people can work, play and gather together

Virtual Reality

Use of computer technologies to create a simulated 3D experience

Uses of VR in Marketing

• Letting customers try on clothes, make-up and other products for example, before buying them

• Engages their target markets

• Extends the product life cycle

Uses of VR in OM

• Enables new product and process innovations

• Modelling of prototypes using simulations

  • Minimises errors at the earliest stages of product development

  • Helps development teams to adapt designs + test products in a virtual world

Uses of VR in HRM

• More effective training

  • By immersing trainees in a virtual world, a more realistic training experience can be provided

  • Mistakes can also happen WITHOUT harming others/the business

Limitations of VR

• Expensive!!!

  • Hardware, etc

• Clunkiness of VR headsets

• Lack of accuracy and reality in some applications

• Ethical issues, security-related issues and legal issues

  • Loss of ability to interact with physical world if overdone

  • Data privacy/concerns when mining

IoT

Internet of Things; Network of connected devices that collect, exchange, and act on data

Artificial Intelligence

Area of computer science that develops smart machines to perform tasks rather than natural or human intelligence

Machine Learning

Use of computer systems and algorithms to enable electronic devices to adapt

Benefits of AI in primary sector

• Increases the efficiency of food production through:

  • Precise monitoring

  • Application of nutrients

  • Reducing water

  • Improving sustainability

Benefits of AI in secondary sector

• Minimises waste

• Identifies defects

• Improving lean production

• Reducing costs of human labour

Benefits of AI in tertiary sector

• Monitors consumer behaviour

• Improves sales forecasting

• Customer segmentation

• Sensors & cameras

• Chatbots → 24-hour customer service

Big data

Large amounts of data collected by advanced tech

Risks associated with IoT

• Cybersecurity

• Poor internet infrastructure (in places)

Risks associated with AI

• Capital costs

• Ethical concerns- Discrimination + bad decisions

• Legal concerns- Laws still lack clarity on liability when AI malfunctions

Risks associated with Big data

• Security

• Costs

• Ethical concerns

Customer loyalty programme

Marketing strategies designed to retain customers by using a rewards programme that gives loyal customers direct benefits

How can new technology enchance CLPs

• Data analyses

• Below-the-line promotion

Limitations/risks of CLPs

• Many businesses cannot afford sophisticated loyalty programmes

• Ethical concerns with data privacy and collection/mining

• Promotions could increase impulse-buying

Digital Taylorism

Management approach that relies on MIS to improve productivity by managing employees and tasks

Explain how Digital Taylorism allows management to use sensors to track performance

By:

• Tracking locations

• Timing

• Driving

• Delivery success

• Delivery rates

• Many other metrics

Extrinsic motivation

Motivation that is driven by external and tangible rewards

Pros/Cons of Digital Taylorism

PROS

• Increased efficiency

• Improved decision-making

CONS

• Lower motivation

• Reduced creativity