ITM 102 Lecture Notes - Lecture 1: Root Mean Square, Retail, Big Data

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 102
• Professor: Shi Kui Wu

Document Summary

Improvement of ef ciency to attain higher pro tability. Information systems/technology an important tool in achieving greater ef ciency and productivity. Example: walmart"s retail link systems links suppliers to stores for superior replenishment systems. Business model describes how company produces, delivers, and sells product or service to create wealth. Information systems and technology as a major enabling tool for new products, services, business models (eg. Apple"s i-pad, microsoft"s software delivery mechanism, amazon, etc) Serving customers well leads to customers returning, which raises revenues and pro ts (eg. High end hotels that use computers to track customer preferences and used to monitor and customize the environment) Intimacy with suppliers allows them to provide vital inputs, which lowers costs (eg. Nygard"s information system which links sales records to contract manufacturers) Without accurate information managers must use best guesses which result in overproduction/underproduction and poor response times. Poor outcomes raise costs and lose customers. Responding to customers and suppliers in real time.