ISQS 2340 TTU Exam 1 - Benjamin
Mitchell
What are the three key areas in which IT departments need to be aligned with business
needs?
1. Ensuring security and compliance - Companies can't function without secure and
dependable access to data.
2. Increasing efficiency and productivity - Makes business more efficient by optimizing
systems. Streamlining workflows, and making jobs easier.
3. Gaining competitive advantage - IT must collaborate with business to leverage emerging
technology.
Business value includes what specific things?
1. Increase revenue - The IT organization can be instrumental in helping a company achieve
more revenue through innovation.
2. Decrease cost - IT is the only department that can help every other department of a
company reduce cost or improve productivity.
3. Improve productivity - IT is often the facilitator to improve productivity by eliminating paper
and implementing video conferencing to improve meeting and training time.
4. Differentiate the company - Technology can often differentiate a company from its
competition. Companies can then become more competitive and create an advantage in
selling its products and services.
5. Improve client satisfaction - It is much more profitable to keep a client than it is to replace
a client you lose. Major source of revenue comes from existing clients.
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What does the bottom line mean?
It's all about the business, not about the technology (manage technology Vs. managing the
business of IT).
, What should IT managers think about when recommending IT projects?
Does the recommendation provide business value? - When IT managers make
recommendations that deliver business value, senior management sees the IT team as a
business partner rather than technical managers.
Why have IT projects generally failed over the years?
When IT projects fail, it is usually not because the technology didn't work, but because the
changes required at an organizational and employee level weren't managed effectively.
Investments in "digital" can be thought of essentially as investments in what?
Investments in digital are essentially investments in change. It's important to think in this way
because these investment changes in an organization help generate insight.
What is one tool the article suggests will help improve the likelihood of IT project success?
The Benefits Dependency Network(BDN). This tool seeks to get managers to identify the
digital technology changes that they will be required to make, if expected benefits and
outcomes are going to be delivered.
What is The Exchange Transaction?
The Base Unit for doing Business (The underlying structure of the socioeconomic world).
Creating Entity -> The Work ->Others->
What are the three business units in The Exchange Transaction?
1. Firms
2. Industries
3. Economies
What are three uncertainties the creation process specifically involves?
1. Informational uncertainty(IU) - No perfect information...e.g., ERP, CRM (a concept termed
bounded rationality).
2. Relational uncertainty(RelU) - Opportunistic behaviors amongst actors...e.g., buyer/seller
ratings, online reviews (a concept termed opportunism).
3. Resource uncertainty(ResU) - No unlimited resources...e.g., multi‐use IT (server
virtualization), 3D printing (a concept terms asset specificity).
What are the five (laws) forces pushing the evolution of IT & new digital devices?
1. Bell's Law - New industries. What an industry does and how it does will change. (Also,
what you do and how you do it will also change).
2. Moore's Law - Computers are getting exponentially faster. The cost of data processing is
approaching zero.
Mitchell
What are the three key areas in which IT departments need to be aligned with business
needs?
1. Ensuring security and compliance - Companies can't function without secure and
dependable access to data.
2. Increasing efficiency and productivity - Makes business more efficient by optimizing
systems. Streamlining workflows, and making jobs easier.
3. Gaining competitive advantage - IT must collaborate with business to leverage emerging
technology.
Business value includes what specific things?
1. Increase revenue - The IT organization can be instrumental in helping a company achieve
more revenue through innovation.
2. Decrease cost - IT is the only department that can help every other department of a
company reduce cost or improve productivity.
3. Improve productivity - IT is often the facilitator to improve productivity by eliminating paper
and implementing video conferencing to improve meeting and training time.
4. Differentiate the company - Technology can often differentiate a company from its
competition. Companies can then become more competitive and create an advantage in
selling its products and services.
5. Improve client satisfaction - It is much more profitable to keep a client than it is to replace
a client you lose. Major source of revenue comes from existing clients.
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:02
/
0:15
Full screen
Brainpower
Read More
What does the bottom line mean?
It's all about the business, not about the technology (manage technology Vs. managing the
business of IT).
, What should IT managers think about when recommending IT projects?
Does the recommendation provide business value? - When IT managers make
recommendations that deliver business value, senior management sees the IT team as a
business partner rather than technical managers.
Why have IT projects generally failed over the years?
When IT projects fail, it is usually not because the technology didn't work, but because the
changes required at an organizational and employee level weren't managed effectively.
Investments in "digital" can be thought of essentially as investments in what?
Investments in digital are essentially investments in change. It's important to think in this way
because these investment changes in an organization help generate insight.
What is one tool the article suggests will help improve the likelihood of IT project success?
The Benefits Dependency Network(BDN). This tool seeks to get managers to identify the
digital technology changes that they will be required to make, if expected benefits and
outcomes are going to be delivered.
What is The Exchange Transaction?
The Base Unit for doing Business (The underlying structure of the socioeconomic world).
Creating Entity -> The Work ->Others->
What are the three business units in The Exchange Transaction?
1. Firms
2. Industries
3. Economies
What are three uncertainties the creation process specifically involves?
1. Informational uncertainty(IU) - No perfect information...e.g., ERP, CRM (a concept termed
bounded rationality).
2. Relational uncertainty(RelU) - Opportunistic behaviors amongst actors...e.g., buyer/seller
ratings, online reviews (a concept termed opportunism).
3. Resource uncertainty(ResU) - No unlimited resources...e.g., multi‐use IT (server
virtualization), 3D printing (a concept terms asset specificity).
What are the five (laws) forces pushing the evolution of IT & new digital devices?
1. Bell's Law - New industries. What an industry does and how it does will change. (Also,
what you do and how you do it will also change).
2. Moore's Law - Computers are getting exponentially faster. The cost of data processing is
approaching zero.
