Management Information Systems Flashcards

Flashcards for reviewing key concepts from the Management Information Systems lecture notes.

Information Systems

Transforming business through mobile digital platforms, improving customer experience, and expanding e-commerce.

Global IT Spending (2015)

Approximately €3.4 trillion on hardware, software, and telecommunications equipment.

Business Consulting and Services Spending (2015)

Approximately €544 billion, aimed at redesigning business operations to leverage new technologies.

Digital Transformation

Most of the business value of IT investment comes from organizational, management, and cultural changes within firms, not just the technology itself.

Mobile Digital Platform

Systems used to improve customer experience, respond to customer demand, reduce inventories and more.

Online Newspaper Readership

Growing, indicating a shift in how people consume news.

E-commerce and Internet Advertising

Expanding, showing the increasing importance of online business activities.

Cloud Computing

Flexible collection of computers on the internet to perform tasks traditionally performed on corporate computers.

Big Data

Huge volumes of data from web traffic, emails, social media content and machines that require new data management tools to capture, store and analyze.

Mobile Digital Platform

Emerges to compete with the PC as a business system.

Online Collaboration and Social Networking Software

Used to improve coordination, collaboration, and knowledge sharing among managers.

Business Intelligence Applications

Accelerate to provide real-time performance information to managers for enhanced decision making.

Virtual Meetings

Proliferate to reduce travel time and costs while improving collaboration and decision making.

Social Business

Businesses use social networking platforms to deepen interactions with employees, customers, and suppliers.

Telework

Gains momentum in the workplace, enabled by the Internet, wireless laptops, smartphones, and tablet computers.

Co-creation of Business Value

Sources of business value shift from products to solutions and experiences, involving networks of suppliers and collaboration with customers.

E-commerce

Changing how firms design, produce, and deliver their products and services.

Digital Firm

Business relationships are digitally enabled, core processes are accomplished through digital networks, and key assets are managed digitally.

Strategic Business Objectives

Firms invest in information systems to achieve operational excellence, new products/services/business models, customer/supplier intimacy, improved decision making, competitive advantage, and survival.

Operational Excellence

Improvement of efficiency to attain higher profitability through information systems and technology.

Business Model

Describes how a company produces, delivers, and sells a product or service to create wealth.

Competitive Advantage

Delivering better performance, charging less for superior products, and responding to customers and suppliers in real-time.

Information Technology (IT)

All the hardware and software that a firm needs to use in order to achieve its business objectives.

Information System

A set of interrelated components that collect, process, store, and distribute information to support decision making and control in an organization.

Data

Streams of raw facts representing events occurring in organizations or the physical environment before they have been organized.

Information

Data that have been shaped into a form that is meaningful and useful to human beings.

Input

Captures raw data from the organization or external environment.

Processing

Converts raw data into a meaningful form.

Output

Transfers processed information to people or activities that use it.

IT Infrastructure

Provides a platform that the system is built on including computer hardware, software, data management, networking and telecommunications technology.

Business Information Value Chain

Raw data acquired and transformed through stages that add value. The value of information is determined by its impact on decisions, efficiency, and profits.

Sociotechnical View

Optimal organizational performance achieved by jointly optimizing both social and technical systems used in production.