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79 Cards in this Set

  • Front
  • Back

Explain the Internet of Things (IoT) and cite examples

IoT is a System of Systems - When devices come together to interact and form a network that all communicates simultaneously.




Ex: Traffic Lights, Google Maps, Engine Monitors

Explain why it is important for business leaders to understand thatdata collection rates from IoT devices is increasing exponentially?

Business Leaders will have even more datato analyze consumer trends, and must have capabilities to monitor and analyzethe data at an even faster rate

1.What are thesecurity issues associated with IoT devices?

Hackers, Data Breaches, Phishing, andother viruses and bugs.

Do you agree withthe following statement: “The Internet of Things is just a passing fad and willbe gone within a decade.” Why or whynot?

Will be around for a while as theinternet is getting busier and busier everyday.

Business strategy

A leadership plan that achieves a specific set of goals

What linkage is there to Business Strategy?

Marketing and Sales Strategy, IT Strategy, and Supply Chain Strategy


**Also linked to Customer Satisfaction

Competitive Intelligence

The process of gathering information about the competitive environment to improve the company's ability to succeed




Tools:


Porter's Five Forces Model


Porter's Three Generic Strategies


Porter's Value Chain Analysis

Porter's Five Forces Model

Evaluates Industry Attractiveness




Rivalry Among Existing Competitors


Buyer Power


Customer Power


Threat of New Entrants


Threat of Substitute Products or Services

Porter's Three Generic Strategies

Broad Market and Low Cost


Broad Market and High Cost


Narrow Market and Low Cost


Narrow Market and High Cost

What are the Drivers of Firm Profitability?

Industry Structure


Sustainable Competitive Advantage

Business Process

a standardized set ofactivities that accomplish a specific task, such as processing a customer’sorder

Value Chain Analysis

Views an organization as aseries of processes, each of which adds value to the product or service foreach customer

Support Value Activities

Firm Infrastructure


HR Management


R&D


Procurement

Primary Value Activities

Receive and Store Raw Materials


Make the Product or Service


Deliver the Product or Service


Market and Sell the Product or Service


Service after the Sale

Customer Facing Process

Results in a product or service that is received by an organization's external customer




Ex: Order Processing, Customer Service, Sales Process, Customer Billing, Order Shipping

Business Facing Process

Invisible to the external customer but essential to the effective management of the business




Ex: Strategic Planning, Tactical Planning, Budget Forecasting, Training, Purchasing Raw Materials

Business Process

A standardized set of activities that accomplish a specific task, such as processing a customer's order

HBR - Why do orders "fall through the cracks"?

Orders fall through the cracks because thereare a lot of business steps that have potential to lose focus.

HBR - What is meant by a "functional silo"?

Very narrow look at completing your taskand your task only.

HBR - What four problems emerge in the OMC?

1. Most companies don't view the OMC as a whole


2. Each step requires cross-functional responsibility


3. To top management the details of the OMC are invisible


4. Customers not viewed as the priority.

Order Management Cycle

•Organizations areorganized vertically whereas the orders flow horizontally!



–Horizontal Gaps


–Incompletevisibility of top management of the Order Management Cycle

HBR - What improvements were recommended?

1.Flowchart the OMC, Become Horizontal (Inter functional Programs and Investments), Role of IT,Staple Yourself to an Order

Systems Thinking

A way of monitoringthe entire system by viewing multiple inputs being processed or transformed toproduce outputs while continuously gathering feedback on each part

Business Process Modeling (or Mapping)

the activity ofcreating a detailed flow chart or process map of a work process showing itsinputs, tasks, and activities, in a structured sequence

Business process model

a graphicdescription of a process, showing the sequence of process tasks, which isdeveloped for a specific


–As-Is process model


–To-Be process model

Continuous process improvement model

attempts tounderstand and measure the current process, and make performance improvementsaccordingly




Process: Document as-is, Establish Measures, Follow Process, Measure Performance, Identify and Implement Improvements

Process Improvement

Used to eliminate unnecessary work and improve productivity

Business Process Reengineering

Fundamental rethinking and radical redesign of business processesto achieve dramatic improvements in cost, quality, speed, and service.

Steps in Business Process Reengineering

1. Set Project Scope


2. Study Competition


3. Create New Processes


4. Implement Solution

Business Process Management

Focuses on evaluating and improving processes that include both person-to-person workflow and system-to-system communications

Drivers for Business Process Management

1. Modeling and Understanding Documentation


2. Modeling for Redesign


3. Modeling for Execution and Compliance



Challenges to Managerial Decision-Making

1. Analyze Large amounts of information


2. Apply sophisticated analysis techniques


3. Make decisions quickly

Six Step Decision Making Process

1. Problem Identification


2. Data Collection


3. Solution Generation


4. Solution Test


5. Solution Selection


6. Solution Implementation



Three Decision Making Levels

1. Strategic


2. Managerial


3. Operational

Operational Decision Making

Operational decision making - Employees develop, control, and maintain core business activitiesrequired to run the day-to-day operations




Structured decisions - Situations where established processes offer potential

Managerial Decision Making

•Employees evaluatecompany operations to identify, adapt to, and leverage change




•Semi structured decisions – Occur in situations in which a few established processes help toevaluate potential solutions, but not enough to lead to a definite recommendeddecision

Strategic Decision Making

•Managers developoverall strategies, goals, and objectives




•Unstructured decisions – Occurs in situations in which no procedures or rules exist to guidedecision makers toward the correct choice

Model

Simplified Representation or Abstraction of Reality




Help: Calculate Risks, Understand uncertainty, change variables, Manipulate time to make decisions

Four Quantitative Models used by DSS's

1. What-if analysis


2. Sensitivity Analysis


3. Goal-Seeking Analysis


4. Optimization Analysis

Executive Information System (EIS)

A specialized DSS that supports senior level executives withinthe organization




–Granularity


–Visualization


–Digital dashboard

Four Capabilities Most EISs offer?

1. Consolidation


2. Drill-Down
3. Slice-and-dice


4. Pivot

Artificial Intelligence

Simulates human intelligence such as the ability to reason and learn

Intelligent System

Various commercial applications of artificial intelligence

Five Common Categories of AI

1. Expert System


2. Neural Network


3. Genetic Algorithm


4. Intelligent Agent


5. Virtual Reality

Expert System

Computerized Advisory Systems


If and then computer system that holds vast knowledge




Advantages: Retains Knowledge for when People Retire

Neural Network

Analyzing of Patterns and Trends


Anticipation of Trends to make better decisions

Genetic Algorithm

Mimics the process of natural selection


Very good for optimization and to help in solving search problems

Intelligent Agent

An autonomous entity which observes through sensors and acts upon an environment using actuators and directs its activity towards achieving goals

Virtual Reality

Human Centered simulation for social science

Data Mining

Data-mining systems sift instantly through information to uncover patterns, trends, correlations and relationships




•Data-mining systems include many forms of AI such as neuralnetworks and expert systems




•Predictive Analytics offers insights and improved decision making,especially in “big data” domains

Pinterest - Disruptive or Sutaining?




Web 1.0, 2.0, or 3.0?




What is Pinterest's eBusiness Model?

Sustaining




2.0




Consumer to Consumer

Disruptive Technology

– A new way of doingthings that initially does not meet the needs of existing customers

Sustaining Technology

Produces an improved product customers are eager to buy

Internet

A massive network that connects computers all over the world and allow them to communicate with one another

What are the Reasons for growth of the WWW

- Microcomputer Revolution


- Advancements in Networking


- Easy Browser Software


- Speed, Convenience, and Low Cost of E-Mail\


- Web Pages easy to create and flexible

eBusiness

Use of the Internet and other networks and information technologiesto support electronic commerce, enterprise communications and collaboration,and web-enabled business processes both within an internetworked enterprise,and with its customers and business partners

Name Advantages of eBusiness

- Expanding Global Reach


- Opening New Markets


- Reducing Costs


- Improving Operations


- Improving Effectiveness

Key Characteristics of Cloud Computing

- Reliable


- Fast


- Available


- Device/Location Independent


- Pay for only what you need

Different Types of Cloud Computing

- Private


- Public


- Hybrid


- Community

What does SaaS stand for? GE Question

Software as a Service

E-Business Model

A plan that details how a company creates, delivers, and delivers value on the internet

Name the four types of models?

Business to Business


Business to Consumer


Consumer to Business


Consumer to Consumer

Electronic Marketplace

Interactive business communities providing a central market where multiple buyers and sellers can engage in e-business activities

Common B2C Ebusiness Models

-Brick and Mortar


-Click and Mortar


-Pure Play (Virtual) Business

Name an example of Consumer to Business

Priceline.com




Demand for C2B eBusiness will increase over the next few years due to customer's desire for greater convenience and lower prices.

Types of Online Auctions

•Electronic auction(e-auction) - Sellers and buyers solicitconsecutive bids from each other and prices are determined dynamically




•Forward auction - Sellers use as a sellingchannel to many buyers and the highest bid wins




•Reverse auction - Buyers use to purchase aproduct or service, selecting the seller with the lowest bid

What types of Consumer to Consumer communities are there?

–Communities of interest - People interact witheach other on specific topics, such as golfing and stamp collecting




–Communities of relations - People come togetherto share certain life experiences, such as cancer patients, senior citizens,and car enthusiasts




–Communities of fantasy - People participatein imaginary environments,such as fantasy football teams and playing one-on-one with Michael Jordan

Clickstream Data

Tracks the exact pattern of a consumer's navigation through a website




Reveals: Number of Page views, Pattern of Websites Visited, Length of Stay, Date and Time visited, Number of Customers with Shopping Cars, Abandoned Shopping Carts

What do website metrics include?

- Visitor Metrics


- Exposure Metrics


- Visit Metrics


- Hit Metrics

What is the Internet's Impact on Information?

- Easy to Compile


- Increased Richness


- Increased Reach


- Improved Content

Mass Customization

The ability of an organization to tailor its products or services to the customer's specifications

Personalization

Occurs when a company knows enough about a customer's likes and dislikes that it can fashion offers more likely to appeal to that person

What are the Challenges of EBusiness?

- Identifying Limited Market Segments


- Managing Consumer Trust


- Ensuring consumer Protection


- Adhering to Taxation Rules



Web 1.0

A term to refer to the WWW during its first few years of operation between 1991 and 2003

Ecommerce

Buying and selling of goods and services over the Internet

EBusiness

Includes ecommerce along with all activities related to internal and external business operations

Web 2.0

The next generationof Internet use – a more mature, distinctive communications platformcharacterized by three qualities


–Collaboration


–Sharing


–Free

Advantages of Business 2.0/Web 2.0

- Content Sharing through Open Sourcing


- User-Contributed Content


- Collaboration Inside the Organization


- Collaboration Outside the Organization

Web 3.0

Based on“intelligent” Web applications using natural language processing, machine-basedlearning and reasoning, and intelligence applications