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Information Systems in Business
Information Technology | A field concerned with the use of technology in managing and processing information. |
Management Information Systems | A general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems |
Data | Raw facts that describe the characteristics of an event |
Information | Data converted into a meaningful and useful context |
Business Intelligence | Applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts |
Chief Information Officer | Responsible for overseeing all uses of information technology and ensuring the strategic alignment of IT with business goals and objectives |
Chief Technology Officer | Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's information technology |
Chief Security Officer | Responsible for ensuring the security of IT systems and developing strategies and IT safeguards against attacks from hackers and viruses |
Chief Privacy Officer | Responsible for ensuring the ethical and legal use of information within an organization |
Chief Knowledge Officer | Responsible for collecting, maintaining, and distributing the organization's knowledge |
Key Performance Indicators | The measures that are tied to business drivers |
Efficiency IT Metrics | Measure the performance |
Effectiveness IT Metrics | Measure the impact IT has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases |
Benchmarks | Baseline values the system seeks to attain |
Benchmarking | A process of continuously measuring system results, comparing those results to optimal system performance, and identifying steps and procedures to improve system performance |
Competitive Advantage | A product or service that an organization's customers place a greater value on than similar offerings from a competitor |
First-Mover Advantage | Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage |
Environmental Scanning | The acquisition and analysis of events and trends in the environment external to an organization |
Elements of the Five Forces Model | Buyer Power, Supplier Power, Threat of substitute products or services, Threat of new entrants, Rivalry among existing competitors |
Buyer Power | When buyers have many choices of whom to buy from and low when choices are few. |
Loyalty Programs | Reward customers based on the amount of business they do with a particular organization |
Supplier Power | High when buyers have few choices of whom to buy from and low when their choices are many |
Supply Chain | Consists of all parties involved, directly or indirectly, in the procurement of a product or raw material |
Business-to-Business (B2B) Marketplace | Internet-based service that brings together many buyers and sellers |
Private Exchange | when a single buyer posts its needs and then opens the bidding to any supplier who would care to bid |
Reverse Auction | An auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price |
Threat of Substitute Products or Services | High when there are many alternatives to a product or service and low when there are few alternatives from which to choose |
Switching Costs | The costs that can make customers reluctant to switch to another product or service |
Threat of New Entrants | High when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market |
Rivalry Among Existing Competitors | High when competition is fierce in a market and low when competition is more complacent |
Business Process | A standardized set of activities that accomplish a specific task, such as processing a customer's order |
Value Chain | Views an organization as a series of processes, each of which adds value to the product or service for each customer |
Who is responsible for ensuring the throughput speed accuracy?
What are the broad functions of a CIO? Responsible for ensuring the throughput, speed, accuracy, availability and reliability of an organization's information technology.
Who is responsible for ensuring the speed accuracy availability and reliability of the management information systems quizlet?
Who is responsible for ensuring the speed, accuracy, availability, and reliability of the management information systems? Chief Technology Officer (CTO). You just studied 50 terms!
Who is responsible for ensuring the ethical and legal use of information?
Chief Privacy officer- Responsible for ensuring the ethical and legal use of information within an organization. Usually lawyers by training, so can understand the legal issues.
Who is responsible for determining the types of information an enterprise will capture retain analyze and share?
chief data officer-responsible for determining the types of information the enterprise will capture, retain, analyze, and share. CIO is responsible for the information systems through which data is stored and processed, while the CDO is responsible for the data, regardless of the information system.