IDSC 3001 - Topics 3 & 4 (Fall 23 - Professor Kuhn)

Computing Hardware

Physical components of information technology, including

the computer itself, storage devices, input devices (mouse and keyboard), output devices (monitors and printers), networking equipment, etc.

Software

a computer program or collection of programs. it is a precise set of instructions that tells hardware what to do.

gets your computer to behave like a web browser, word processor, enables ATMS, etc

Operating System

The software that controls the computer hardware and establishes standards for developing and executing applications

-controls the hardware

-provides a common set of controls for managing computer hardware

Ex: Windows, Mac OS, iOS

Applications

Includes desktop applications, enterprise software, utilities, and other programs that perform specific tasks for users and organizations.

User Interface (UI)

The mechanism through which users interact with a computing device.

Firmware

Software stored on nonvolatile memory chips.

Embedded Systems

Special-purpose computer systems designed to perform one or few dedicated functions and are frequently built into conventional products like thermostats, door locks, and elevators

Platform

Products and services that allow for the development and integration of software products and other complementary goods.

Desktop Software

Applications installed on a personal computer, typically supports tasks performed by a single user

Enterprise Software

Applications that address the needs of multiple users throughout an organization or workgroup

Software Package

A software product offered commercially by a third party.

Enterprise Resource Planning (ERP)

A software package that integrates the many functions of a business (accounting, inventory, human resources)

Automates many back office functions in a single database and software application

Supply Chain Management (SCM)

Systems that can help a firm manage aspects of its value chain, from the flow of raw materials into the firm, through the delivery of finished products and services at the end point-of-consumption.

Business Intelligence Systems

Systems that use data created by other systems to provide reporting and analysis for organizational decision-making.

Database Management System (DBMS)

Sometimes referred to as database software, software for creating, maintaining, and manipulating data

Cloud Computing

Where software and other computing functions are delivered as a service through an internet connection rather than being installed on a user or firms computer hardware

Programming Language

Provides the standards, syntax, statements, and instructions for writing computer software

Integrated development environment (IDE)

An application that includes an editor, debugger, and compiler, among other tools

Scripting Languages

A programming tool that executes within an application

ex: java, python, PHP

Customer Relationship Management (CRM)

A method for managing a companies interaction with current and potential customers, and storing and analyzing data about past interactions.

On-Premises

the CRM software is installed on a server under the customers control

On-Demand

runs on the vendor's cloud infrastructure and follows a more metered or pay-as-you-go approach

Marketing Automation

All about low-cost effective communication with potential customers, prospects, mostly in the form of email and social media contacts. Basically gathering leads and handing them off to the sales team

Cryptocurrencies

A digital asset where a secure form of mathematics is used to handle transactions, control the creation of additional units, and verify the transfer of assets

Bitcoin

An open source, decentralized payment system that operates in a peer-to-peer environment, without bank or central authority

Blockchain

A distributed and decentralized ledger that records and verifies transactions and ownership

Supply Chain

A business process that due to its nature of connection of multiple companies, blockchains concepts and technology are a strong candidate for implementation

Customer Lifetime Value

Someone who returns to the firm repeatedly as a result of a good first experience

Customer Acquisition Costs

The amount of money a firm spends to convince a customer to buy a product or service

Minimum Viable Product (MVP)

A bare-bones offering that allows the organization to collect customer feedback and to validate concepts and assumptions that underlie the business idea.

Pivot

altering their product offering, business model, or target market in hopes of crafting a more viable business

Human Resource Management Systems (HRMS)

Software that assists in managing the workforce of an organization and supports the human resource (HR) department with their everyday duties

Used to extract maximum value from their employees

Human Capital

The intangible economic value of employees based on their education, talent, skills. Commonly used with human resource

Employee Engagement

The emotional attachment employees feel towards their organization. Often used as a key metric for measuring the effectiveness of an organization's human resource capability.

Contingent Workforce

Workers engaged on a temporary or fixed-term basis to provide specific services for a specific timeframe. These workers typically do not have access to benefits

First Party Data

collected by firms with direct customer relationships (typing in ur data for an online order)

Second Party Data

Another organizations first-party data (bank selling insurance through another company)

Third Party Data

Gathered by thousands of specialist firms across the web

Geofencing

Third parties have dozens of data points/attributes about users on desktops and even more on mobile, including the devices precise location (accepting Wifi agreement at MOA)

Enterprise Application

-support organizations operational transactions, decision-making, reporting, and compliance requirements

-large and complex systems that serve multiple mission-critical & core business needs

Social CRM

levering social media for management of brand, marketing, sales, and customer support

cross channel marketing

combination of various marketing channels to create a more cohesive customer journey for your target audience

Recommendation System

constantly suggesting products customers may be interested in.

Data Analysis

customer data is analyzed and used to tailor the experience accordingly

customer data

whatever customers decide to buy or not to buy they are providing the system with data

Talent Management

recruiting and hiring, onboarding, career planning

Talent Retention

learning management, "training"

Workforce Management

labor forecasting, scheduling

Employee Services

HR case management, payroll, retirement, wellbeing

Absence Management

leave requests, PTO, integration with workforce

Benefits Administration

open enrollment, event management of benefit lifecycle

HR Virtual Assistants

Answering employee questions through AI embedded Chatbots powered with an HR Knowledge Base

Gamified Learning

Computer-based employee learning enhanced with gamification (game dynamics, levels, rewards, progress graphs, etc.)

Internal Talent Marketplace

A matchmaking service for internal positions and employees.

Applications

This software performs the work that users and organizations are interested in accomplishing

Operating System

Apple IOS is an example of this type of software

Operating System

software that controls computer hardware and establishes standards for applications

Programming languages

this provides the standards syntax, statements, and instructions for writing computer software.

Blockchain

A distributed and decentralized ledger that records and verifies transactions and ownership

Enterprise Resource Planning (ERP)

A software package integrates the administrative functions of a business such as accounting, finance, procurement, and human resources

Field to Fork

During our lecture, we identified the unique phrasing from general mills to describe their supply chain process which has the initials F-T-F

Enterprise Resource Planning (ERP)

This typically provides the single source of data (such as accounting codes) for supply chain management

Customer Data

Web browsing, loyalty programs, in-store sales, and advertising are all sources for this type of data

Customer Acquisition Costs

The amount of money a firm spends to convince a customer to buy a product or service

Customer Relationship Management (CRM)

A system used to support customer-related sales and marketing activities

Shopper Genome

McKinsey uses this term to describe customer age, race, religion, life moments, digital channel preferences, retirement data, and benefit plans

Growth

Based on the CEO's viewpoint, this strategy was the primary motivation for Shake Shack to begin its digital transformation.

Employee Engagement

the emotional attachment an employee feels towards their organization

Human Resources

This enterprise process must address trends such as global workforces, social issues, and new relationships between workers and robots

Talent management

This HRMS component administers processes such as recruiting, hiring, and onboarding

Contingent Workforce

Workers engaged on a temporary or fixed term basis to provide specific services for a specific timeframe

Shake Shack

This company is beginning a digital transformation by revamping its ERP starting with Workday's financials and HCM

-project concrete

Planning

This is the first step in the supply chain business process

Proctor & Gamble

This walmart supplier knows to ship more product due to real-time data from walmarts point of sale system

Supply Chain Process

planning, sourcing, making, delivering, returning

Human Capital Management (HCM)

Encompasses the full spectrum of employee performance and engagement

Human Resources Information Systems (HRIS)

standalone software designed to aid HR departments in managing people, policies, and procedures.

Volvo Construction Equipment

Integrates cross channel marketing strategy to boost sales using CRM tools

Systems Thinking

required to have successful business capabilities

Procedure to Pay

Full cycle of actions and events that a business engages in when the require goods or services from an outside supplier

Order to Cash

The steps involved in processing customer orders from when they place it to when payment is received

Plan to Produce

A collection of business processes that an organization implements to support the planning and execution of the production process

Hire to Retire

Business process that involves various activities from recruiting and onboarding employees to their separation from a company

Analytics

Transforming enterprise applications from collectors of data into decision making tools

360 Degree View of Consumers

acquire, retain, grow

Outsourcer

A company that procures some of its goods or services from smaller specialized companies