BUS 237 Introduction to Business
Technology Management midterm
exam tips (study ahead) Simon Fraser
University
,What you should do= - -What you can technically do + what you can legally do + what you can morally
do
Information system(IS) - -Group of components that interact to produce information
6 fundamentals components of computer based software: - -- Hardware
- Software
- Data
- People
- Procedures
- Communication
Data acts as a ____ between the computer side and human side - -bridge
MIS - -- IS to achieve business gaols
- require info on periodic basis, not daily
- Used by middle management
- Mainly uses internal data
- Answer structured questions
- Works together with DSS
How does IS help businesses? - -Allows time and space shifting. Allows to respond to changes rapidly
and survive.
6 Reasons IS is important for businesses: - -- efficiency
, - stay relevant
- stay competitive
- convenience
- global outreach
business model - -outlines the need the firm will fill, the operations of the business, its components and
functions, as well as the expected revenues and expenses
What is built-in efficiency - -Automatically find most efficient way of doing something
6 common strategic business objectives - -1- Operational excellence
2- New products, services and business
3- Customer and supplier intimacy
4- Improved decision making
5- Competitive advantage
6- Survival
Operational excellence - -Improve efficiency of operations to achieve higher profitability
New products, services, and business models - -major enabling tool for firms to create new products,
services, and business models ie; Apple
Customer and supplier intimacy - -Knowing your customer and serving them well so they come back and
repurchase more> increased revenue and profit
Improved decision making - -use real-time, accurate data from marketplace ot make informed decisions
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