ITM 102 Lecture Notes - Lecture 1: Product Differentiation, Competitive Advantage, Chief Privacy Officer

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ITM102 - Business Driven Information Systems - Lecture 1: Information and Business
Competing in the Information Age
Businesses survive through innovation (i.e. Amazon, Netflix and most banks are
examples of continuing or existing innovation that draws customers).
These organizations operate through functional silos, or areas each of which have their
own specialization. Important to note that functional areas are interdependent.
Some of these areas include: sales and marketing, operations and logistics,
accounting and finance, human resources.
Although each department is unique, they all require each other to provide a
synergistic operating environment.
Information systems - computer-based tool that people used to support information
processing needs in an organization.
Management information systems - the function that oversees information systems
hardware and implements the goals of an organization.
Data - raw facts use to describe an event.
Information - data converted into meaningful text.
Knowledge - information that can be enacted upon (i.e. actionable
information).
Information system cultures
Information-functional - employees use information as a means of exercising influence.
Information-sharing - employees across departments trust and exchange information.
Information-inquiring - employees across departments search for information to better
understand and align themselves to the organization.
Information-discovery - employees across departments seek to open new informational
insights.
Chief information officer - oversees the use of IT.
Chief knowledge officer - responsible for collecting and maintaining organization
knowledge.
Chief privacy officer - ensures the legal and ethical use of information.
Chief security officer - ensures information system safety and protection.
Chief technology officer - ensures speed and accuracy of information.
Competitive advantage - product or service that customers prefer over others.
First-mover advantage - occurs when an organization is the first to create or enter a
market.
Environmental scanning - analyzing trends in an environment outside an organization.
Five forces
Buyer power - when buyers affect product price.
Switching costs - manipulating costs to make customers loyal.
Loyalty program - rewarding customers based on continuous service.
Supplier power - high when buyers have few choices; low when there are many.
Supply chain - consists of all parties involved in the creation of a product.
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