Data - answer✔raw facts that describe the characteristics of an event or object
Information - answer✔data converted into a meaningful and useful context
Business Intelligence - answer✔Information collected from multiple sources such as suppliers,
customers, competitors, partners, and industries that analyzes patterns, trends, and
relationship for strategic decision making.
Knowledge - answer✔includes the skills, experience, and expertise, coupled with information
and intelligence that creates a person's intellectual resources.
digital transformation - answer✔While technology is fundamentally transforming business
environments, a reporting Forbes suggests that 72% of firms are failing.
Internet of Things (IoT) - answer✔A vision where low-cost sensors, processors, and
communication are embedded into wide array of products and our environment, allowing a
vast network to collect data, analyze input, and automatically coordinate collective action.
Information Silo - answer✔occurs when one business unit is unable to freely communicate with
other business unites, making it difficult or impossible for organizations to work cross-
functionally.
hardware, software, data, people and procedure - answer✔Information system components
sustainable competitive advantage - answer✔Financial performance that consistently
outperforms industry averages.
Operational effectiveness - answer✔Performing the same tasks better than rivals.
Commodity - answer✔a basic good that can be interchanged with nearly identical offerings by
others.
Strategic positioning - answer✔Performing different activities than rivals, or the same activities
in a different way
Resource-based view (RBV) - answer✔The strategic thinking approach suggesting that if a firm
is to maintain sustainable competitive advantage
Imitation-resistant value chain - answer✔A way of doing business that competitors struggle to
replicate and that involves technology in a key enabling role.
Value Chain - answer✔Set of activities through which a product or service is created and
delivered to customers.
potential danger - answer✔Adopting software that changes a unique process into a generic
one.
Brand - answer✔The symbolic embodiment of all the information connected with a product or
service.
Scale advantage - answer✔Advantage related to size
economies of scale - answer✔costs can be spread across increasing units of production or in
serving multiple customers.
Switching costs - answer✔Costs incurred by consumers when switching from one product to
another.
Network effects - answer✔When the value of a product or service increases as its number of
users expands.
Distribution channels - answer✔The path through which products or services get to customers -
can be critical to a firm's success.
Non-practicing entities - answer✔Commonly known as patent trolls, these firms make money
by acquiring and asserting patents, rather than bringing products and services to market.
price transparency - answer✔Degree to which complete information is available.
information asymmetry - answer✔Decision situation where one party has more or better
information than its counterparty.
Moore's Law - answer✔Chip performance per dollar doubles every eighteen months.
microprocessors - answer✔Part of the computer that executes the instructions of a computer
program.
random-access memory (RAM) - answer✔Fast, chip-based volatile storage in a computing
device
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