Information Systems, Technology and Business

A comprehensive set of flashcards covering key concepts from the lecture on Information Systems, Technology, and Business.

Why are information systems essential in business today?

Information systems are essential as they support decision making, improve efficiency, and help to achieve business objectives.

Define Information Technology (IT).

Information Technology consists of all the hardware and software that a firm needs to achieve its business objectives.

What is an Information System?

An Information System is a set of inter-related components that collect, process, store, and distribute information to support decision making and control in an organization.

What are business processes?

Business processes are logically related tasks and behaviours for accomplishing work within an organization.

How do companies automate business processes?

Companies automate business processes by using information systems to enhance efficiency, such as billing invoices or managing customer orders.

What role does organizational culture play in information systems?

Organizational culture influences how information systems are implemented and used, as seen in UPS’s customer-first approach reflected in its Track and Trace Systems.

What is required for businesses and information systems to be effective?

Skilled people are required to build and maintain information systems to achieve business objectives.

How has the internet changed information system jobs?

The internet has created new opportunities for outsourcing information systems jobs to low-wage countries or domestic service providers.

List some business objectives of information systems.

Operational Excellence, New Products and Services, Customer and Supplier Intimacy, Improved Decision Making, Competitive Advantage, and Survival.

Give an example of operational excellence through information systems.

Wal-Mart’s Retail Link System which links suppliers to stores, ensuring timely replacement of sold items.

How do information systems contribute to customer intimacy?

Information systems help businesses track customer preferences and behaviors, enhancing service delivery and customer satisfaction.

What is the importance of improved decision making with information systems?

Information systems provide real-time data that enables managers to make informed decisions, preventing over or under-production.

What factors contribute to achieving competitive advantage through information systems?

Doing things better than competitors, charging less for superior products, and responding to customers in real time.

Why is survival a business objective for information systems?

Companies invest in information systems and technologies as they are necessary for adapting to industry-level changes.

What are the attributes of big data identified?

Volume, Velocity, Variety, and Veracity.

What types of data does big data include?

Big data includes both structured data (quantitative) and unstructured data (qualitative such as audio and video).

Describe the 4V's of big data.

Volume refers to the massive scale of data, Velocity to the speed of data processing, Variety to the diverse forms of data, and Veracity to the reliability of data.

What is one major use of big data analytics in retail?

Customer segmentation allows retailers to analyze individual customer information for targeted marketing.

What is UPS's special routing software called?

The special routing software used by UPS is called ORION.

What technologies does UPS use to enhance delivery efficiency?

UPS uses smart barcodes, route determination software, and Delivery Information Acquisition Devices (DIAD) for tracking.