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ADM1370 (108)
Lecture

Applications of Information Technology for Business.docx

6 Pages
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Department
Administration
Course Code
ADM1370
Professor
Craig Kuziemsky

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Applications of Information Technology for Business: Chapter 1 E­Business 101 • Consumers • Producers • Information • Connectivity Changing Face of Business • Blockbuster and Roger’s video are shuttered • Iconic stores like “Sam the Record Man” are extinct • Travel agencies are a dying entity • But…the economy is doing well. Digital Trends • Mobile tools (i.e. smartphones) are changing the way we do business • Subsequently the way market products, design products, find customers, interact with customers etc. is  also different. Capital Management and Business • Information and Communications Technology (ICT) is the largest single component of capital  investment • ICT sector has grown at twice the rate of GDP growth since 1997 • Managers need to know how to invest this capital wisely • The success of your business in the future may well depend on how you make ICT investment decisions • Wikis, Social Networking Applications – i.e. Facebook, Twitter, have changed how we access and use  information  • But…..these tools are the means to doing things and not the ends • As business managers we need to know how to leverage their potential to achieve strategic advantage  Digital Persona of Business  How businesses, customers, suppliers etc. interact in the digital era   Often changes the landscape of how business processes are done  Impacts many things including marketing, branding, communicating and relationship building Digital Persona Changing How We Do Things – Peer to Peer Exchange  P2P (i.e. Napster) changed how we access music. It put the sharing into social media  It reshaped businesses and required new laws to be created because of the technology  It ultimately changed the music business landscape  What is Social Media?  Social Media:  Social Media is a group of Internet­based applications that build on the ideological and  technological foundations of Web 2.0, and that allow the creation and exchange of User  Generated Content.  Types of Social Media:  Social Networks:  Facebook, LinkedIn, Friendster  Blogs:  Blogger, Wordpress, Tumblr  Microblogs:  Twitter, Jaiku, FriendFeed  Discussion Forums:  OffTopic.com, IGN Boards  Multimedia Sharing:  Youtube, Slideshare  Content Aggregators:  Digg, Reddit  Social/Collaborative Bookmarking & Tagging:  StumbleUpon, Diigo Business Uses of Social Media   Can you think of uses of social media for specific business functions?  Marketing & Sales  Public Relations  Research & Development  Human Resources  etc. Old Wine in New Bottles  Social media does not change the business processes we do…  …rather, it changes how we do the processes  It increases the value of information (but does not necessarily change the information itself)  It also increases nc – coefficient of connectivity  ­ this is what connects people, information and  processes Categories of Social Media  We can broadly categorize social media based upon functionality  World Wide Web (1991)  Internet Relay Chat (1983)  Media Sharing (P2P) – (1999)  Social Networking (1997)  Blogs (1996)  Real time location based networking (2008)  Overview of Socialnomics  “Socialnomics: How Social Media Transforms the way we live and do business” by Erik Qualman.  Book is about:  impact of social media on businesses and consumers.  implications for business & suggestions to improve performance in various business functional areas.  Chapter 1 Discussion:  Definition: World of Mouth  an advancement of Word of Mouth:  it disseminates the information quickly and globally;  its digital aspect allows the original integrity of the  message to remain intact; and   it is traceable to an original source  Chapter 1 Discussion:  Spending time on social media makes you more “productive”.  How? Personal & Professional Examples?  Does it make businesses more productive?  Implications of social media on business:  Business models need to shift.  Industry Examples?  Chapter 1 Discussion:  Social media also drives activity in the offline world:  Examples?  Social media is an “and” thing rather than an “or” thing:  Ex
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