MIST 1.pptx

CHAPTER ONE MANAGEMENT INFORMATION SYSTEMS BUSINESS DRIVEN MIS Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu COMPETING IN THE INFORMATION AGE  Fact - The confir...

CHAPTER ONE MANAGEMENT INFORMATION SYSTEMS BUSINESS DRIVEN MIS Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu COMPETING IN THE INFORMATION AGE  Fact - The confirmation or validation of an event or object  Information age - The present time, during which infinite quantities of facts are widely available to anyone who can use a computer  Examples of the power of business and technology  Amazon – Not a technology company; primary business focus was selling books  Netflix – Not a technology company; primary business focus is streaming content  Zappos – Not a technology company; primary business focus is selling shoes Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu  COMPETING IN THE INFORMATION AGE  Internet of Things (IoT) - A world where interconnected Internet- enabled devices or “things” have the ability to collect and share data without human intervention  Machine-to-Machine (M2M) - Refers to devices that connect directly to other devices Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu IOT IN RETAILING Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu COMPETING IN THE INFORMATION AGE  The core drivers of the information age  Data  Information  Business intelligence  Knowledge Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu   Data - Raw facts that describe the DATAcharacteristics of an event or object  DATA  Structured data – Stored in a traditional system such as a relational database or spreadsheet  Unstructured data – Not defined and does not follow a specified format (videos, Audio, images, social media post)  Machine-generated data – Created by a machine without human intervention  Human-generated data – Data that humans, in interaction with computers, generate Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu DATA  Big data – A collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools  Snapshot – A view of data at a particular point in time Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu THE POWER OF BIG DATA ANALYTICS  Big data will create 4.4 million global MIS jobs THE POWER OF BIG DATA ANALYTICS UNSTRUCTURED STRUCTURED DATA DATA Sensor data Satellite images Weblog data Photographic data Financial data Video data Click-stream data Social media data Point of sale data Text message Accounting data Voice mail data Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu INFORMATION  Information - Data converted into a meaningful and useful context Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu INFORMATION  Report - A document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information  Static report - Created once based on data that does not change  Dynamic report - Changes automatically during creation Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu BUSINESS INTELLIGENCE  Business intelligence - Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu BUSINESS INTELLIGENCE  Analytics – The science of fact-based decision making  Business Analytics – The scientific process of transforming data into insight for making better decisions  Descriptive analytics – Techniques that describes part performance and history(Using a range of historic data , decision-makers obtain a holistic view of performance and trends on which to base business strategy.)  Predictive analytics – Techniques that extract information from data and uses it to predict future trends and identify behavioral patterns  Prescriptive analytics – Techniques that create models including the best decision to make or course of action to take Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu KNOWLEDGE  Knowledge - Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources  Knowledge worker – Individual valued for their ability to interpret and analyze information Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu THE CHALLENGE: DEPARTMENTAL COMPANIES Common Departments Working  THE MIS SOLUTION Common Departments Working  SYSTEMS THINKING  Systems thinking – A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering SYSTEMS THINKING  Management Information Systems (MIS) – A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem- solving MIS DEPARTMENT ROLES AND RESPONSIBILITIES  Chief information officer (CIO) – Oversees all uses of information and ensures the strategic alignment of MIS with business goals and objectives  Chief data officer (CDO) – Responsible for determining the types of information the enterprise will capture, retain, analyze, and share  Chief technology officer (CTO) – Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of information Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu  MIS DEPARTMENT ROLES AND RESPONSIBILITIES  Chief security officer (CSO) – Responsible for ensuring the security of MIS systems  Chief privacy officer (CPO) – Responsible for ensuring the ethical and legal use of information  Chief knowledge officer (CKO) - Responsible for collecting, maintaining, and distributing the organization’s knowledge Copyright 2020 © McGraw-Hill Education. All rights reserved. No reprodu ction or distribution without the prior written consent of McGraw-Hill Edu