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Questions and Answers

What defines a fully digital firm?

  • Significant business relationships digitally enabled and mediated (correct)
  • Business relationships that are primarily face-to-face
  • Heavy reliance on traditional marketing methods
  • Core business processes accomplished through physical networks
  • How has globalization affected businesses?

  • Decreased outsourcing opportunities
  • Growing interdependence of global economics (correct)
  • Reduced foreign trade due to increased local markets
  • Increased costs of operating on a global scale
  • Which of the following is a strategic business objective of information systems?

  • Reduction in product diversity
  • Elimination of traditional business models
  • Operational excellence (correct)
  • Increased reliance on manual processes
  • What is the impact of e-commerce expanding on business models?

    <p>The focus has shifted to selling services in addition to goods</p> Signup and view all the answers

    What advantage does operational excellence provide to firms like Walmart?

    <p>Improved efficiency leading to higher profitability</p> Signup and view all the answers

    What is one way information systems can enhance customer and supplier intimacy?

    <p>Improving return rates through better service</p> Signup and view all the answers

    What does the term 'digital networks' refer to in relation to strategic business objectives?

    <p>The internet and communication technologies that enable information systems</p> Signup and view all the answers

    Why do firms invest heavily in information systems?

    <p>To achieve competitive advantage and survival</p> Signup and view all the answers

    What is the primary function of an information system (IS)?

    <p>To support decision-making, coordination, and control</p> Signup and view all the answers

    Which company is cited as an example of employing real-time data for improved decision-making?

    <p>Verizon</p> Signup and view all the answers

    What is one common factor that affects the returns firms receive from IT investments?

    <p>The adoption of the right business model</p> Signup and view all the answers

    What distinguishes information from data?

    <p>Information is processed data that provides meaning, while data are raw facts</p> Signup and view all the answers

    Which of the following is a characteristic of the behavioral approach to information systems?

    <p>Consideration of strategic business integration and implementation</p> Signup and view all the answers

    What role does personalization play in high-end hotels, such as the Mandarin Oriental?

    <p>It allows customization of room settings like temperature and lighting</p> Signup and view all the answers

    What can result from managers lacking the right information at the right time?

    <p>Misallocation of resources and poor response times</p> Signup and view all the answers

    Which of the following is NOT a dimension related to information systems?

    <p>Human Resources</p> Signup and view all the answers

    Why is IT considered a necessity for business survival?

    <p>It enables firms to keep pace with competitors and meet regulations</p> Signup and view all the answers

    What is the focus of the technical approach to information systems?

    <p>Utilizing mathematically based models</p> Signup and view all the answers

    Study Notes

    Technology's Impact on Business and Life

    • Information technology (IT) fundamentally alters various aspects of life, from personal relationships to work.

    Management Information Systems (MIS) Innovations

    • IT Innovations: Artificial intelligence (AI) is a key innovation.
    • New Business Models: Digital-only models (e.g., Netflix) are replacing traditional models.
    • E-commerce Growth: Expanding beyond selling goods to services.
    • Management Changes: Online collaboration, business intelligence, virtual meetings are common.
    • Organizational Changes: Companies are becoming more collaborative, leveraging social media for customer feedback.
    • Globalization: The internet dramatically reduced global business costs, impacting foreign trade and outsourcing. This creates interdependence among global economies.

    Digital Firms

    • Digital Enablement: Digital technologies drive business relationships.
    • Core Processes: Digital networks are central to business operations.
    • Digital Assets: Businesses manage key assets digitally.

    Strategic Business Objectives of IS

    • Operational Excellence: Improving efficiency for higher profitability; IT is crucial for this.
      • Example: Walmart's retail link system enhances supplier-store relationships for better replenishment.
    • New Products & Services/Business Models: IT enables the creation of entirely new offerings.
    • Customer & Supplier Intimacy: Relationship cultivation improves profitability.
      • Example: Personalized services in high-end hotels (e.g., Mandarin Oriental).
    • Improved Decision-Making: Accurate, real-time data improves business decisions.
      • Example: Verizon's digital dashboard delivers real-time data on network and customer performance.
    • Competitive Advantage: Superior performance, pricing, and customer/supplier responsiveness.
      • Examples: Industry leaders (Apple, Walmart, UPS) utilize IT strategically.
    • Survival: IT is essential for businesses facing industry changes and regulations.
      • Examples: Citibank's adoption of ATMs and compliance with regulations.

    Information Systems (IS) Fundamentals

    • IS Components: IS collect, process, store, and distribute information, enabling decision-making and control.
    • Information vs. Data: Information is data transformed into meaningful context. Data are raw, unprocessed facts.
    • IS Functions: Input, processing, output, and feedback are essential parts of any IS.

    IS Dimensions

    • Organizational Dimension: Authority structure, processes, culture, and politics affect IS use.
    • Management Dimension: Managers shape organizational strategies using IS.
    • Technological Dimension: Hardware, software, and infrastructure.

    IT Investments

    • Varied Returns: IT investments don't always guarantee optimal returns.
    • Key Factors: The right business model and complementary assets (e.g., human capital, infrastructure) are crucial for success.

    Contemporary Approaches to IS

    • Sociotechnical Approach: Optimizes both social and technical systems for organizational success rather than focusing on one aspect.

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