Podcast
Questions and Answers
What is a major result of the drastic reduction of costs of operating and transacting on a global scale?
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?
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?
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?
What is a strategic business objective of information systems?
What is a benefit of operational excellence?
What is a benefit of operational excellence?
What is an advantage of digital firms?
What is an advantage of digital firms?
What is a key aspect of the new business models in management information systems?
What is a key aspect of the new business models in management information systems?
What is a consequence of globalization?
What is a consequence of globalization?
What is a trend in e-commerce expansion?
What is a trend in e-commerce expansion?
What is a driving factor in the development of information systems?
What is a driving factor in the development of information systems?
What is a characteristic of firms and organizations in management information systems?
What is a characteristic of firms and organizations in management information systems?
What is a key aspect of management changes in management information systems?
What is a key aspect of management changes in management information systems?
What is a consequence of the growth of mobile platform?
What is a consequence of the growth of mobile platform?
What is an emerging trend in management information systems?
What is an emerging trend in management information systems?
What is a key aspect of the new normal in working arrangements?
What is a key aspect of the new normal in working arrangements?
What is a characteristic of the new business environment?
What is a characteristic of the new business environment?
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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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