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IDIS 344 Exam 2 Final
Terms in this set (100)
maintaining business relationships and selling information, services & commodities by means of telecommunications networks
trading of goods & services over the internet
reasons for not providing ecommerce
-sales reps will be upset
-too hard to get the data to get started
-customers don't need it
-distribution is relationships, ecommerce goes against that
-we've already got ecommerce
-too expensive and time consuming
-lack the expertise to implement
3 things when looking at the right ecommerce platform
support for B2B best practices
ecommerce priorities for distributors
-increase new customers/orders
-promote company brand
-improve customer experience
-increase efficiency and operational cost savings
-increase frequency of use and transactions
6 steps for starting ecommerce business
1. plan for online business
2. ask customers what they want/need from an ecommerce site
3. build ecommerce infrastructure
4. deliver big with well-planned supply chain
5. attract customers
6. grow reputation and business
expense components for ecommerce
total cost of ownership (integration, implementation, marketing, acquisition, operations)
top challenges for upgrading ecommerce
-getting consistent data from suppliers
-uploading accurate product data
-lack of employee time to maintain
-lack of in-house technical knowledge
-can't integrate with existing technology
advantages of ecommerce for distributors
-keep up with competitors
-meet needs/requirements of customers
-attract new customers
-new/improved sales process
-new way to interact with customers
bottom line question is... _____, not _____
can you afford to not have ecommerce
can you afford ecommerce
ecommerce isn't a _____ event, it's an _____.
ERP system components involved in ecommerce
an ecommerce site is an _____ branch for customers
CRM focuses on what part of the sales cycle
lead & opportunity
ERP focuses on what part of the sales cycle
quote & order
what is social media
collective of online communication channels dedicated to community-based input, interaction, content-sharing and collaboration
blogging, forums, wikis, social networking
why social media
-broader reach for message
-less overt than traditional marketing
-good source of business intelligence
-social connections lead to business relationships
-cheap way to get message out
-checks the "pulse" of employees and customers
-sends "right message" to Millennials
ERP is the _____ & _____ for distributor operations
CRM helps provide the _____ for a distributor and is the _____ to the customer.
social media gives the distributor a _____ to communicate with customers and employees
integrated ERP, CRM & Social Media is the _____ of distribution
formula for competitive advantage
ERP (hard skills) +CRM (soft skills) = competitive advantage
leverage technology to...
-reduce cost and increase efficiency
-breakdown "stovepipes" within organization
-get message to customers and employees
-increase customer service performance
-integrate and automate supply chain planning
practice of iterative, methodical exploration of an organization's data with emphasis on statistical analysis
_____ decision making
sources of business analytics
all components of an ERP system
data-driven companies treat their data as a _____ and leverage it for _____
business analytics is used to...
gain insights that inform business decisions and can be used to automate and optimize business processes
successful business analytics depends on...
commitment to data-driven decision making
3 types of analytics (in order from low complexity and value to high)
7 steps to elevate analytics
1. choose a leader
2. it's about statistics
3. should be predictive not just diagnostic
4. combine internal and external data
5. build 3 year analytics plan
6. win small analytic battles
7. commit to analytics
secure executive support...
why you would/wouldn't make decisions based on analytics
take advantage of an opportunity
top reasons for using analytics
-gain competitive edge
-allow for better informed decisions
-build a better strategy
-knowledge/experience alone are not sufficient
-competition is using them
top challenges to making analytics work
-not focused on what's really important (customers & products=profit)
-data is not present in a relevant manner
-ERP system aren't set up to make information accessible and applicable
factors consider when looking at analytics
change in business practices
descriptive analytics define what...
descriptive analytics uses _____ & _____ to provide insight
critical information in a visual format for easy comprehension and use
-autopilot for companies
-a substitute for knowledge/experience
predictive analytics define what...
predictive analytics use _____ & _____
predictive analytics process cycle
1. define objectives
2. data preparation
5. model monitoring
3 things involved in predictive analytics
predictive analytics uses data for...
-opening new branches
-effect of changes in business practices
-helps deal with the unknown
-provides a framework to build predictions on
-should be based on facts and data
-should be current
-should be monitored for changes
the big assumption in predictive analytics
the future will continue to be like the past
prescriptive analytics define what...
always start with...
prescriptive analytics translates...
a forecast into a feasible plan for a business and helps identify best steps to implement
2 primary approaches to prescriptive analytics
benefits of prescriptive analytics
address new planning challenges
prescriptive analytics constraints
provide guidelines to help develop and implement realistic and achievable action plan; help provide realism or "sanity check"
keys to success in battle and business (what makes the plan successful?)
-good leadership (top to bottom)
-clear vision of success and way ahead
-measure and monitor progress and success
a good commander knows...
the "ground game"
parallels for today's business leaders to battle
-clear objectives and understanding of them
-even with a great plan, competition gets a "vote"
-don't overestimate capabilities and underestimate competition
-be clear in orders and guidance
-know your environment/market
-maximize advantages and minimize competition's
it's not the _____ that ensures success, it's the _____
what are the top 2 priorities for distributors going forward regarding their ecommerce capabilities?
-improve customer experience
-increase frequency of use and amount of transactions
is ecommerce increasing or decreasing in importance for distributors?
what are the 2 new ways to purchase/order an item on Amazon?
what are the 3 categories of business analytics?
what tool is used to graphically or visually present business analytics?
exploring data to find either new patterns and relationships or information that you need is called...
business analytics aren't...
substitute for knowledge and experience
a decision maker
what does descriptive analytics tell a distributor?
-what has happened in the past
-where we are and how did we get here
what are they keys to a distributor's succession plan?
-who will run your business next
-understand how your business will be valued - and how you can affect that value
what did the manufacturing economy do in March?
the first step in predictive analytics process is...
determining where you want to go
what is used to deal with the unknown or provide a framework to build your predictions on?
what does predictive analytics tell a distributor?
where he wants to go
what could happen
what distribution sector topped the list in terms of most M&A deals?
what is a core competency that most distributors will not list as a key strength?
_____ drives business analytics
in prescriptive analytics, what do you need to start with?
_____ provides a distributor with guidelines to help develop realistic and achievable action plans
the most challenging part regarding business analytics is...
implementation or determining what needs to be done and doing it
the focus of one MDM article was to ______ your existing customers
_____ is the key to success in both battle and business
in both battle and business, _____ are the most critical assets to ensure victory or success
_____ commanded the army of the Potomac in the battle of Gettysburg
"living off the land" is called
_____ created land grant colleges in each state to help ensure a pool of trained military officers in times of need for the nation
morrill land grant act
_____ focuses on the front end of the sales cycle
_____ combined with ERP provides a distributor a true competitive advantage
_____ were first used in the civil war to move troops from one location to another
source of communication problems between field personnel and corporate office "ivory tower"
different sense of urgency
UX stands for
# of years of actual time is # of years of technology
what you see on a website shows up on another
2 new innovations with warehouses
automated guide vehicles
prevailing message regarding new innovation
embrace it or adopt it
the web is...
not intended to be safe
coding machine used in WW2
cybersecurity threat actors
nation state (CRIKITs)
SCADA stands for
supervisory control and data acquisitions
speed of tech development
awareness of threats
smug v. confident
cybersecurity protective measures
shred all documents
shut down webcams
don't open unless you are sure
beware of all emails...
asking for log on, SSAN, or other personal information
cybersecurity critical infrastructure
2 forms of viruses
cybersecurity, who is responsible for...?