Q and A - IV
Questions are from 'Management Information System
Managing Digital firms - 17 edition By Laudon and Laudon'
How are information systems transforming business and why are they so essential for running and managing a business today?
Answer: Information systems have transformed the way business do their tasks and activities like: marketing, customer support, service delivery, manage work, people, financial transactions and many more. To minimize errors, failure and work effectively and efficiently, to stay in competition Information systems have become essential for business today.
What is information system? How does it work? What are its management, organization, and technology components? Why are complementary assets essential for ensuring that information systems provide genuine value for organization?
Answer: Information system is a computer program that takes data as input , process that data, and produce information as output. Different kinds of input mechanism is used by information system, different algorithms are used to process data, different data visualization techniques are used to present data / information to users. ...
What is Digital firm? What are the strategic business objectives of information systems? What are business processes and how are they related to information systems?
What is Social Business? What are the business benefits of collaboration and social business? Explain tools and technologies of collaboration and social business.
Answer: Social business is the use of different social networking platforms to engage employees, customers, and suppliers. It can enhance collaborative work. Tools for collaboration and social business include email and instant messaging applications, wikis, virtual meeting systems, virtual worlds, cloud based filesharing services
What is the role of information systems function is business?
Which features of organizations do managers need to know about to build and use information systems successfully?
What are the impact of information systems on organizations?
Answer:
- Economic impacts: reduce cost of operation organization, manufacturing products and services.
- Behavioral Impacts: improve employee productivity, decision making, change working patterns
What are the implications for the design and understanding of information systems?
Answer: Following factors affect design and understanding of IS.
- environment in which the organization must function
- The structure of the organization: hierarchy, specialization, routines, and business processes
- The organization's culture and politics
- The type of organizatiion and its style of leadership.
Explain impact of Internet on competitive advantage.
Answer: Bargaining power of customers raised, they can quickly find the lowest-cost
provider on the web. The Internet has nearly destroyed some industries like tour and travel,
music, printed encyclopedia, telecommunications, newspaper, software.
Internet has also created entirely new markets, formed the foundation for thousands
of new products, services and business models. ...
Explain role of information system functions department.
Answer: Maintaining hardware, software, data storage and network of the firm.
How do enterprise systems help businesses achieve operational excellence?
Answer: Enterprise systems has a centralized database which contains current data, all the updates, inserts, edits made by any employee of any functional units will be seen. This helps employees to take decision on their own without consultation with others. Employees will get up-to-date data / information.
How do supply chain management systems coordinate planning, production, and logistics with supplers?
Answer:Supply chain management systems ease the flow, availability of data / information . All the components, partners of supply chain gets up-to-date accurate, reliable data / information. The data transparency can be maintained. Availability of data / information makes decision making easy for everyone.
How do customer relationship management (CRM) systems help firms achieve customers intimacy?
Answer:CRM records several data about the customers, data like customers detail, their past purchases, feedbacks / comments provided by customers. CRM will have data analysis components which can classify customers based on their past purchases, and suggest what customers may want to purchase in future. CRM provides information about customers and their purchases. This helps organization to manage their inventory.
What are the challenges that enterprise applications pose, and how are enterprise applications taking advantages of new technology?
What are the unique features of e-commerce, digital markets, and digital goods?
What are the principal e-commerce business and revenue models?
How has e-commerce affected business-to-business transaction?
What is the role of m-commerce in business and what are the most important m-commerce applications?
What issues must be addressed where building an e-commerce presence?
Answer: Develop an e-commerce presence map, develop a timeline: Milestones
What are social graph, Native advertising, social commerce feature, social shopping, wisdom of crowds?
Answer:
Social graph: It is a network of people. In social media, one person will be connected with many people. Those many people will be connected with other people. That makes a network graph of people.
Native advertising: It is an organic advertising. It involves placing ads in social network, newspapers, television. No additional strategies will be used to make those ads popular.
Social commerce: Business performed using social media. The past events, streams of photos create a personal history of users that can be shared with other users, friends in the social media. Newsfeed, timeline, like, share buttons, network notification, social serach are features of social commerce.
Social shopping: Users can swap their shopping ideas with friends. Users can know other users preferences, purchases. Users can use like button, share button.
Wisdom of crowd: Many brains can create new ideas, strategies. In social media thousand, millions of users can interact. It is said that large number of people can make better decision (but not always true, we have seen wrong people elected by crowds)
What are the two most important management challenges in building a successful e-commerce presence?
Answer:
- Developing a clear understanding of your business objectives
- Knowing how to choose the right technology to achieve those objectives
Explain e-commerce presence.
Answer: Four kinds of e-commerce presence are:
- Websites: Website presence based on platform used: desktop, tablets, smartphone
- Social Media
- offline media
What are the e-commerce presence timeline?
Answer:
- Planing
- Website development
- Web implementation
- Social media plan
- Social Media Implementation
- Mobile plan
What are the dimensions of Knowledge?
Answer: Knowledge is a firm asset, Knowledge has different forms, knowledge has location, knowledge is situational.
What is knowledge management?
Answer: Knowledge management is set of business processes developed in organization to create, store, transfer and apply knowledge. Knowledge management increases the ability of the organization to learn from their enviroment and to use knowledge.
What is communities of practice (CoPs)?
Answer: CoPs are informal social networks of professional, employees of the firm. They can be insiders or outsiders, they have similar work related activities and interests. Activities like self-education, group education, online newsletters, conferences, and day-to-day sharing experiences and techniques to address and solve specific work problems.
What types of systems are used for enterprise-wide knowledge management? How do they provide value for businesses?
Answer:Three kinds of knowledge:
- Knowledge in structured form that exists within the firm
- Knowledge stored in the heads of employees, users,
- Knowledge store in emails, voicemail which are in semi-structured form.