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Information Technology (IT)
a field concerned with the use of technology in managing and processing information
Management Information Systems (MIS)
a general name for the business function and academic discipline covering the application of people, technologies, and procedures
3 important things to understand when learning about IT
Data information and Business intelligence
refers to applications and technologies that are used to gather, provide acccess to, and analyze data to support decision-making efforts.
4 Organizational Information Cultures
chief information officer responsibilities
oversee all uses of information technology
ensure strategic alignment of IT with business goals
chief security officer responsibilities
ensure safety of IT systems and develop strategies to safeguard against attacks
chief knowledge officer
responsible for collecting, maintaining and distributing the organizations knowledge
what is one of the greatest challenges today between business personnel and IT personnel?
process of continuously measuring system results, comparing them and innovating new ways to improve
the acquisition and analysis of events and trends in the environment external to an organization
3 common tools used to analyze and develop competitive advantage
five forces model
three generic strategies
value chain analysis
Five forces model
threat of substitution
threat of new entrants
rivalry with competitors
reward customers based on the amount of business they do with a particular organization
business to business marketplace
an internet based service that brings together many buyers and sellers
a type of B2B market place where a single buyer posts its needs and then opens the bidding to any supplier
an auction format where bids get lower and lower and the lowest bidding supplier wins
threat of substitute products or services
is high when there are many alternatives and low when there are few
threat of new entrants
high when it is easy for new competitors to enter a market and low when there are entry barriers
rivalry among existing competitors
high when competition is fierce and low when competition is more complacent
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