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IS 301 UNR Reed Exam 1 All Answers Correct

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IS 301 UNR Reed Exam 1 All Answers Correct The Core Drivers of The Information Age ️️data, information, business intelligence, knowledge Data ️️Lowest level of detail you can collect about anything *Can't do much with it until you make information Information ️️Answers we got FR...

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  • October 30, 2024
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  • IS 301 UNR Reed Exm 1
  • IS 301 UNR Reed Exm 1
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IS 301 UNR Reed Exam 1 All Answers Correct

The Core Drivers of The Information Age ✔️✔️data, information, business intelligence, knowledge



Data ✔️✔️Lowest level of detail you can collect about anything



*Can't do much with it until you make information



Information ✔️✔️Answers we got FROM the data



Business Intelligence (BI) ✔️✔️Information collected from multiple sources such as:



—suppliers

—customers

—competitors

—partners

—industries



*Analyzes patterns, trends, and relationships for strategic decision making



Knowledge ✔️✔️Information & Intelligence



+



Skills, Experience, & Expertise



The Challenge: Departmental Companies ✔️✔️common departments working independently

,The Solution ✔️✔️Management Information Systems



—To facilitate decision-making and problem solving



—Common departments working INTERdependently



Information Technology (IT) ✔️✔️Hardware + Software



Information System ✔️✔️Hardware & Software

+ Data + Processing + People



How is IS transforming business? ✔️✔️—Growth in cloud computing

—Growing use of "big data"



Globalization Opportunities ✔️✔️—Internet has drastically reduced costs of operating on global scale

—Increases in foreign trade, outsourcing

—Presents both challenges and opportunities



Cloud Computing ✔️✔️an environment of servers that house and provide access to resources that
users access through the internet



Benefits of Cloud Computing ✔️✔️—Financial Benefit

—Convenience

—Safety of Data

—Collaboration

—Up-to-Date Software

***SECURITY

, Drawbacks of Cloud Computing ✔️✔️—Unnecessary for some

—Reliance = control

—Access to internet

***SECURITY, don't know who has access



Six Strategic Business Objectives ✔️✔️1. Operational excellence

2. New products, services, and business models

3. Customer and supplier intimacy

4. Improved decision making

5. Competitive advantage

6. Survival



Operational Excellence ✔️✔️Improvement of efficiency to attain higher profitability



Ex: Walmart & Amazon



Business Model ✔️✔️describes how a company produces, delivers, and sells a product or service to
create wealth



Customer & Supplier Intimacy ✔️✔️Ex: Trump International Hotel



Improved Decision Making ✔️✔️WITHOUT ACCURATE INFO:

Managers must use forecasts, best guesses, luck



Results in:

—Overproduction, underproduction

—Misallocation of resources

—Poor response times

—Poor outcomes raise costs, lose customers

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