Management Information Systems Updates

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Questions and Answers

What is a major result of the drastic reduction of costs of operating and transacting on a global scale?

Improved decision making

Reduced importance of information technology

Increased competition for jobs and resources (correct)

Decreased interdependence of global economies

What is a characteristic of a fully digital firm?

Significant business relationships are physically enabled and mediated

Key corporate assets are manually managed

Time and space are fixed in organization and management

Core business processes are accomplished through digital networks (correct)

What is the relationship between information technology and corporate strategies?

They are interdependent (correct)

Corporate strategies are a byproduct of information technology

Information technology is a byproduct of corporate strategies

They are mutually exclusive

What is a strategic business objective of information systems?

Improved decision making Signup and view all the answers

What is a benefit of operational excellence?

Improved efficiency resulting in higher profits Signup and view all the answers

What is an advantage of digital firms?

Greater flexibility in organization and management Signup and view all the answers

What is a key aspect of the new business models in management information systems?

Use of online streaming and downloadable video Signup and view all the answers

What is a consequence of globalization?

Increased competition for jobs, markets, resources, ideas Signup and view all the answers

What is a trend in e-commerce expansion?

Growth in social commerce spurred by growth of mobile platform Signup and view all the answers

What is a driving factor in the development of information systems?

The growing interdependence of global economies Signup and view all the answers

What is a characteristic of firms and organizations in management information systems?

More collaborative, less emphasis on hierarchy and structure Signup and view all the answers

What is a key aspect of management changes in management information systems?

Managers using social networks and collaboration tools Signup and view all the answers

What is a consequence of the growth of mobile platform?

Growth in social commerce Signup and view all the answers

What is an emerging trend in management information systems?

Emergence of cloud computing, big data, and Internet of Things Signup and view all the answers

What is a key aspect of the new normal in working arrangements?

Higher-speed and more accurate decision making based on data and analysis Signup and view all the answers

What is a characteristic of the new business environment?

Greater emphasis on competencies and skills Signup and view all the answers

Study Notes

IT Innovations

Cloud computing, big data, Internet of Things, mobile digital platforms, AI, and machine learning are key IT innovations.
Social networks are used to achieve business objectives.

New Business Models

Online streaming and downloadable video are new business models.
Examples of online streaming services include Netflix, Apple TV Channels, and Amazon.

E-commerce Expansion

E-commerce expanded to nearly $3.6 trillion in 2019.
Social commerce growth is driven by the growth of mobile platforms.
Mobile retail e-commerce is growing at over 20% per year, reaching almost $300 billion in 2020.

Management Changes

Managers are becoming more mobile.
Managers use social networks, collaboration tools, and business intelligence applications.
Business intelligence applications accelerate decision making.

Firms and Organizations Change

Firms are becoming more collaborative, with less emphasis on hierarchy and structure.
There is a greater emphasis on competencies and skills.
Decision making is faster and more accurate, based on data and analysis.
Firms are more willing to interact with consumers through social media.
There is a better understanding of the importance of IT.

Interactive Session: Management

The COVID-19 pandemic has raised management, organization, and technology issues.
Information technologies are used to provide solutions to these problems.
Working from home may become the dominant way of working in the future.

Globalization Challenges and Opportunities

The internet and global communications have greatly changed how and where business is done.
Globalization has led to a drastic reduction in operating costs, increased competition, and interdependence of global economies.
It requires new understandings of skills, markets, and opportunities.

The Emerging Digital Firm

In a fully digital firm, significant business relationships are digitally enabled and mediated.
Core business processes are accomplished through digital networks.
Key corporate assets are managed digitally.
Digital firms offer greater flexibility in organization and management.

Strategic Business Objectives of Information Systems

There is a growing interdependence between the ability to use information technology and the ability to implement corporate strategies and achieve corporate goals.
Firms invest heavily in information systems to achieve six strategic business objectives: operational excellence, new products, services, and business models, customer and supplier intimacy, improved decision making, competitive advantage, and survival.

Operational Excellence

Improved efficiency results in higher profits.
Information systems and technologies help improve operational efficiency.

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Description

Get updated on the latest IT innovations, new business models, and e-commerce expansions in Management Information Systems. Explore cloud computing, AI, social networks, online streaming, and more.