Management Information Systems Updates

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.