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IT 360T > IT: Chapter 8: Achieving Operational Excellence and Customer Intimacy: Enterprise Applications > Flashcards

IT: Chapter 8: Achieving Operational Excellence and Customer Intimacy: Enterprise Applications Flashcards

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1
Q

Enterprise systems aka

A

enterprise resource planning (ERP) systems

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2
Q

Enterprise resource planning (ERP) systems

A

Suite of integrated software modules and a common central database and collects data from many divisions of firm for use in nearly all of firm’s internal business activities

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3
Q

Enterprise Software

A

Built around thousands of predefined business processes that reflect best practices

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4
Q

Business Processes

A
  • Finance/Accounting
  • Human resource
  • Manufacturing/Production
  • Sales/Marketing
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5
Q

To implement Enterprise software, firms

A
  • select functions of system they wish to sue

- map business processes to software processes

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6
Q

ERP increases

A

operational efficiency

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7
Q

ERP provide

A

firm-wide information to support decision making

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8
Q

ERP enable

A

rapid responses to customer requests for information or products

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9
Q

ERP include

A

analytical tools to evaluate overall organizational performance

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10
Q

ERP improves

A

managing decisions

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11
Q

Enterprise systems allow senior management

A

to easily find out at any moment how a particular organizational unit is performing, determine which products are most or least profitable, and calculate costs for the company as a whole

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12
Q

Supply Chain

A

a network of organizations and business processes for procuring raw materials, transforming these materials into intermediate and finished products, and distributing the finished products to customers.

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13
Q

Upstream Supply Chain

A

Firm’s suppliers, supplier’s suppliers, and the processes for managing relationships with them

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14
Q

Downstream Supply Chain

A

consists of organizations and processes for distributing and delivering products to the final customers

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15
Q

Internal Supply Chain

A

transforming materials, components, and services furnished by their suppliers into finished products or intermediate products (components or parts) for their customers and for managing materials and inventory

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15
Q

Inefficiencies caused by

A

inaccurate or untimely information

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16
Q

Inefficiencies example

A

parts shortages, underutilized plant capacity, excessive finished goods, high transportation costs

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16
Q

Inefficiencies can waste up to

A

25% of company’s operating costs

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17
Q

Just-in-time strategy

A

components would arrive exactly at the moment they were needed and finished goods would be shipped as they left the assembly line.

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18
Q

Safety stock

A

acts as a buffer for lack of flexibility in supply chain

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19
Q

Safety stock deals with uncertainties and unforeseen events by

A

keeping more material or products in inventory than what they think they may actually need

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20
Q

Bullwhip effect

A

Information about product demand gets distorted as it passes from one entity to next across supply chain.

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21
Q

Bullwhip effect can be tamed by

A

reducing uncertainties about demand and supply when all members of the supply chain have accurate and up-to-date information

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22
Q

Supply chain software classified as

A
  • Supply Chain planning systems

- Supply Chain execution systems

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23
Supply chain planning systems
enable the firm to model its existing supply chain, generate demand forecasts for products, and develop optimal sourcing and manufacturing plans
24
Demand planning
determines how much product business needs to make to satisfy all of its customers’ demands.
25
Supply Chain execution systems
manage the flow of products through distribution centers and warehouses to ensure that products are delivered to the right location in the most efficient manner
26
Supply Chain planning systems deals with
- How much of a product to manufacture in a given time - Establishing inventory levels for raw materials, intermediate products, and finished goods - Where to store finished goods - Identify transportation modes
27
Supply Chain Execution systems deals with
- Track the physical status of goods | - Management of materials, warehouse and transportation operations and financial information involving all parties
28
Global supply chain issues ABBREV
GTP
29
Global supply chain issues
- Greater Geographic distances - Greater time differences - Participants from different countries have different performance standards and different legal requirement
30
Demand-Driven Supply Chains ABBREV
PPSC
31
Demand-Driven Supply Chains
- Push-based model - Pull-based model - Sequential supply chains - Concurrent supply chains
32
Push-based model aka
build-to-stock
33
Push-based model
production master schedules based on best guesses of demand for products, and products are “pushed” to customers
34
Pull-based model aka
demand-driven or build-to-order model
35
Push-based model
actual customer orders or purchases trigger events in supply chain
36
Sequential supply chains
information and materials flow sequentially from company to company
37
Concurrent supply chains
information flows in many directions simultaneously among members of a supply chain network
38
Customer relationship (CRM) Systems
capture and integrate customer data from all over the organization, consolidate the data, analyze the data, and then distribute the results to various systems and customer touch points across the enterprise
39
Touch point (contact point)
a method of interaction with the customer,
40
Well-designed CRM systems provide
a single enterprise view of customers, useful for improving both sales and customer service
41
CRM Soft wares
- Partner relationship management (PRM) | - Employee relationship management (ERM)
42
Partner relationship management (PRM)
provides a company and its selling partners with the ability to trade information and distribute leads and data about customers, integrating lead generation, pricing, promotions, order configurations, and availability.
43
Partner relationship management (PRM) provides tools to
assess partners' performances
44
Partner relationship management (PRM) enhance
collaboration between a company and its selling partners
45
Employee relationship management (ERM)
setting objectives, employee performance management, performance-based compensation, employee training
46
CRM packages include tools for ABBREV
SCM
47
CRM packages include tools for
- Sales force Automation (SFA) - Customer Service - Marketing
48
Sales force automation (SFA)
helps sales staff increase their productivity by focusing sales efforts on the most profitable customers
49
How CRM provides for SFA
provides sales prospect and contact information, product information, product configuration capabilities, and sales quote generation capabilities
50
How CRM provides for Customer Service
provides information and tools to increase the efficiency of call centers, help desks, and customer support staff
51
CRM Supports marketing by ABBREV
PPQSC
52
CRM Supports marketing by
- providing capabilities for capturing prospect and customer data - providing product and service information - qualifying leads for targeted marketing, - scheduling and tracking direct-marketing mailings or email - Cross-selling – the marketing of complementary products to customers
53
Cross-selling
the marketing of complementary products to customers
54
Operational CRM
includes customer-facing applications, such as tools for sales force automation, call center and customer service support, and marketing automation
55
Analytical CRM
includes applications that analyze customer data generated by operational CRM applications to provide information for improving business performance
56
Analytical CRM based on
data warehouses that consolidate the data from operational CRM systems and customer touch points for use with online analytical processing (OLAP), data mining, and other data analysis techniques
57
Customer lifetime value (CLTIV)
based on the relationship between the revenue produced by a specific customer, the expenses incurred in acquiring and servicing that customer, and the expected life of the relationship between the customer and the company
58
Business Value of Customer Relationship Management ABBREV
IRMLI
59
Business Value of Customer Relationship Management
- Increased customer satisfaction - Reduced direct-marketing costs - More effective marketing - Lower costs for customer acquisition/retention - Increased sales revenue
60
Churn rate
measures the number of customers who stop using or purchasing products or services from a company
61
Churn rate is an indicator of
growth or decline of firm's customer base
62
Enterprise solutions, enterprise suites, or e-business
make their customer relationship management, supply chain management, and enterprise systems work closely with each other, and link to systems of customers and suppliers
63
Service platform
integrates multiple applications to deliver a seamless experience for all parties
64
Open-source applications
not as mature, nor do they include as much support, no licensing fees, and fees are based on usage
65
Social CRM
tools enable a business to connect customer conversations and relationships from social networking sites to CRM processes
66
Business intelligence
to help managers obtain more meaningful information from the massive amounts of data generated by these systems

IT 360T (10 decks)

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