Bs-commerce 8th Sem: Management Information Systems

Investment in IT industry: IT industry includes business process reengineering (BPR), consulting, and integrating business processes with technology.
New in MIS: Rapid growth of information technology innovations. These innovations transform traditional businesses, empowering entrepreneurs and enabling the development of new business models like Netflix and ecommerce platforms like Facebook, YouTube. Changes such as smartphones and tablets increasingly influence daily business practices.
Cloud Computing: Delivery of computing services (servers, storage, databases, networking, software, analytics, and intelligence) over the internet. Examples include Gmail's cloud storage.
Types of Clouds: There are three types of cloud infrastructure: private, public, and hybrid.
Big Data: Large, diverse sets of structured, unstructured, and semi-structured data growing at a rapid rate. Characterized by volume, velocity, and variety (3Vs), often raw data that needs to be processed for meaningful information.
Mobile Digital Platforms: Software infrastructures/ecosystems that enable digital services development, distribution, and usability through mobile devices. Companies decrease operational costs through this technology.
Analytics: Processing of data collection, organizing, and analyzing data.

Information Technology's Importance: Research shows that top companies allocate 7% of their income to IT development to enhance employee efficiency.
Business Models Evolution: Emphasis is on transformation from traditional businesses to online business operations and new ways of delivering goods.
Management Changes: Businesses move to online/digital processes, such as using mobile devices for reporting and communications, eliminating the need to physically go into an office.
Globalization and Business: Globalization increases international competition, making it vital to accommodate various time zones and adapt skills to the service needs of the global market.
Emerging Digital Firms: Businesses that leverage digital technologies to conduct nearly all of their business activities and interactions digitally.
Characteristics of Digital Firms: Time-shifting (operations occurring continuously), and space-shifting (no geographical limitations) are key characteristics.

Improved Decision-Making: Businesses that utilize accurate, real-time information effectively make far better decisions compared to relying on guesswork, predictions, or limited data. This leads to efficiency in production, optimized resource allocation, and improved response times to customer needs.
Competitive Advantages: Companies that have superior service delivery (via real-time data collection and insights) and low costs enjoy a greater competitive advantage in the market. Superior products, lower prices, and fast customer responses can create a substantial advantage.
Survival: Information technology is essential for business survival; businesses that adapt to new technological developments and market changes and governmental regulations will thrive.

Information Systems definition: Information systems are a set of interrelated components that collect, store, process, and distribute information to support business processes.
Information vs. Data: Data is raw, unorganized facts or figures. Information is structured, organized data that has been interpreted and made useful and meaningful.
Activities in IS:
Input: Capturing and gathering raw data from within and outside the organization.
Processing: Converting raw data into a useful form, like data arrangement or calculations
Output: Delivering processed data to users in a meaningful way such as reports or summaries
Feedback: The returned data that informs and gives insight into the effectiveness of the initial input
Computer/Computer program vs. Information System: Information systems are computer systems and software like the tools used in constructing a house.

Management Roles: Senior management (SM), middle management (MM), operational management (OM), and knowledge workers all have specific operational responsibilities.
Technology in Management: IT is crucial for managing change; it includes hardware, software, data management, networking, and telecommunication technologies.
Business Perspective: Investments in Information Systems can offer substantial returns if implemented properly and match business objectives and needs.

Technical Approach: Based on mathematical models to study Information Systems and their physical operations.
Behavioral Approach: Focuses on the behavioral aspects of information systems, such as integration and implementation.
Sociotechnical Systems: Combines technological aspects of IT and organizational behavior.

Business Information Value Chain: Processes that add value to raw data and transform it into useful business information for better decisions.
Business Perspective: Recognizes the organizational and managerial aspects of information systems.