Chapter 3: Information systems and data analytics Flashcards by ellice dolding

What is strategic planning

Top of the organisation
Future courses of action
Long-term forecasts
Uses several varieties of models
Summarised data/ external sources

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What is management control

Mid tier
effective use of resources to achieve targets set at strategic planning

Budgets/ productivity/ labour stats/ capacity utilisation

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What is operational control

bottom tier
day-to-day implementation of plans of organisation
Short term transactional data
detailed data/ internal/ frequent

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What are the 3 levels of management

1) Strategic
2) Management
3) Operational

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What is competent

Sufficiency in expertise to make a decision

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What is an executive information system (EIS)

Gives senior execs access to internal & external info
Summarised info to drill down
Strategic planning/ trends
Easy to model - make summarised reports

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What are management information systems

Converts data to useful info in an appropriate form for managers at all levels
Management control- planning/ directing/ controlling activities
enable timely/ effective decisions

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What are transaction processing systems (TPS)

Historic info- low level
routine business transactions (ST)
done in large volumes
Operational control
Specific inputs & outputs
MUST BE CORRECT- informs all decisions
Basic decisions

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What are transaction processing systems (TPS)

routine business transactions
done in large volumes
Operational control

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What is strategic information

used by directors / senior execs
Alternative courses of action
plan overall objectives
E.g profitability & prospects for presents and future markets
Uses MIS & EIS

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What is tactical information

Used by managers at all levels
Normally middle management
Pricing/ purchasing/ distribution
Sales analysis/ stock levels/ productivity measures
Exception reporting
uses MIS

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What is operational information

Foremen/ section heads
Routine tasks

Listings of debtors/ creditors
Payroll details
Raw materials/ usage

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When are TPS used?

Sales/ Marketing systems- record transactions
Manufacturing production systems- details of purchases, production & shipping of goods
Finance & accounting systems- maintaining financial data, purchase & sales ledger & payroll

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When are TPS used?

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What do MIS show?

1) Collate info from individual transactions - helps control the business

2) Customer purchases are summarised into reports to identify the products& customers w/ most revenue

3) Level of repeat business- indicates customer satisfaction

4) Management accounts -shows margins for products and customers- sets rewards

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What are features of management Information systems (MIS)

1) support structured decision making at all levels
2) Online access to TPS- summary info
3) Internal focus
4) detailed info if needed
5) simple summary reports & comparisons

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What are 4 types of MIS?

1) database system- process & store info which is the org’s memory
2) Direct control systems - monitor & report on activities
3) Enquiry systems - based on databases, specific info e.g performance of department or employee
4) Support systems - provide computer based methods 7 procedures for conducting analyses, forecasts & simulations

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What are Enterprise Resource Planning systems (ERPS)?

integrates data from all operations within the organisation into one system
everyone works off the same system for decision making
e.g SAP & Oracle

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What do ERPS offer?

Real time info
Standardisation of data
Common data files reducing duplication

Provide packages for functions
Installed on Database Management Systems

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What can ERPs be used for?

Supply chain management
Activity based costing
Balanced scorecard performance reporting

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What are customer relationship management systems (CRMS)?

Build/ sustain LT business with customers
The processes a company uses to track/ organise its contacts with current & prospective customers (supports these processes)
Enter and store customer info

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What are the 5 stages of customer relationship management development processes

1) Selection
2) Acquisition
3) Retention
4) Extension
5) After- sales service

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What is phase 1 -selection

Segmentation, Targeting & Positioning process
Market research to target correct customers

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What is phase 2- Acquisition

Minimise costs of this
But this has the lasting customer impression

What is phase 3 - retention

Additional sales from customers w/ a relationship to business KEY- Costs more to get new customers than retain Indepth understanding of customer needs - products / services tailored to them Loyalty schemes used (lock-in strategy) --> informed by data information systems

What happens if you can't retain a customer?

It's an opportunity cost lost Haven't brought in new custom

What is phase 4- extension

Additional sales can come from reselling the same product, cross-selling or up-selling re-selling= e.g renewal of motor insurance cross-selling= sold them motor now sell travel up-selling= upgrading their policy

What are the 2 phases of the customer life cycle

Retention & extension

What is phase 5- after sales service?

Using tech to provide answers to FAQ, handle complaints Newletters, offers, targeted emails

What is big data?

Large volumes of data beyond normal processing, storage, analysis & capacity of typical databases e.g Petabytes & exabytes Can be structured or unstructured

What is structured data?

Contained within a field in a data record/ file (databases/ spreadsheets/ data warehouses)

What is a data warehouse

Store of consolidated data from multiple sources, archived & ordered Products inside containers on shelves in rows like in a normal warehouse

What is unstructured data?

not easily contained within data fields e.g pictures/ videos/ webpages/ emails Stored in data lakes

What is a data lake?

data in its rawest form

What are the challenges of big data

identifying patterns in unstructured data ( a lot of which is text format)

Benefits of big data

Greater competitive advantage Improved productivity increasing innovation- decreasing time to answer questions & make decisions

What are the 5 Vs

Velocity Volume Variety Veracity Value

What's velocity

Timely- understands changing needs Constant rate of data that servers can't cope with the flow

What is volume

comes from many sources and data generation increases volumes to a potentially unmanageable level

What is variety

Traditionally- consistent format e.g spreadsheets/ standard databases Now- wide range of formats e.g text/ audio/ images Approx 80% is unstructured Big data can sort them into relationships

What is veracity

Trends in data work with different types of data e.g colloquial language/ hashtags etc Increases accuracy

What is value

added value for companies Generating business value from their investments

What is big data used for

traffic flow monitoring/ streamed audio/ web page content/ Gov docs/ GPS tracking

What are the 3 risks of big data?

1) Availability of skills- combine analysis skills with industry 2) security of data- if not manage greater risk of loss 3) data protection- orgs collect a greater range of data (personal)

What is big data management?

Storage, admin & control of vast quantities of structured & unstructured data

What is the aim of big data management?

stored data is high quality and accessible

What is effective big data management

Process & analyse large sets of data from a variety of relatively new sources e.g social media

What is big data analytics

scrutinises big data to identify patterns & insights Impacts the future profitability

What are big data sources

May need more advanced software than data warehouses e.g Hadoop Hadoop= open source programming framework to process large data from data to info using multiple servers

What is the big data pyramid

Relationship between data, info, knowledge & wisdom Sequence of efforts Model representing structural & functional relationships

What is data

Know nothing Raw & unmeaningful Needs context to give info Information management

What is information

Know what Needs meaning to give knowledge Information management

What is knowledge

Know how Needs insight to give wisdom Knowledge management What the business can learn from

What is wisdom

Know why Knowledge management Insight to make relevant business decisions

What is information management?

Collect, process, disseminate, store, display & protect

What is knowledge management

Create, organise, apply, transfer

What is data mining

Identifying trends & patterns in large sets of data Turns raw data to useful info Stats, machine learning & databases

What is predictive analytics

valuable insights based on past data to assume forward behaviour uses stat models from past raw data

What is scepticism

There are limitations of analytics Predictions only based on reasonable probabilities & assumptions