KEYWORDS & EXAMPLES CHAPTER REFERENCE- CHP. 1 MIS 205 LECTURE 1 KEYWORDS & EXAMPLES CHAPTER REFERENCE- CHP. 1

Information Technology IT IT refers to all the hardware and software that a firm needs to use in order to achieve its business objectives. This includes the computers, printers, handhelds, mobile phones, software, and peripheral support systems.

IT Infrastructure IT infrastructure is the foundation or platform on which the firm can build its specific information systems i.e. the IT infrastructure of the company determines whether the company has the proper set of information services that it needs to accomplish its goals.

Data and Information Data – Streams of raw facts that are more comprehensible by computer systems. Information – Data that has been organized and arranged in a form that is easy for people to understand.

Information Systems An Information System is a set of interrelated components (determined through the IT infrastructure) that collect, retrieve, process, store and distribute information to support decision making and control in an organization. Additionally, an Information system is a tool that supports decision making, coordination and control within an organization by helping its employees analyze problems, visualize solutions, and develop new products.

Digital Firm An organization in which a MAJORITY of significant business relationships are digitally enabled and mediated through information systems.

Lean Production The production process through which a corporation can minimize waste while optimizing value. In terms of IT, Lean Production is achieved through a network of information systems that collect and process data that is used for production based on actual customer orders and not approximations, just in time delivery, quality of goods and service, and continuous improvement.

Discussion Can ALL organizations be considered digital firms?

Example of a Digital Firm Example of a complete digital firm – Dell Corp. Why Dell is considered a digital firm? What makes Dell stand above competition? What are the weaknesses of becoming a digital firm i.e. depending entirely on information systems? What are the strengths?

IT Infrastructure in Bangladesh What is the IT infrastructure in Bangladesh? Level of technology Level of access IT environment

Digital Firm in Bangladesh An example of a digital firm in Bangladesh Does it really exist? Can it be considered a digital firm? Reasons

THE DIGITAL FIRM CHAPTER REFERENCE- CHP. 1 MIS 205 LECTURE 2 THE DIGITAL FIRM CHAPTER REFERENCE- CHP. 1

BUSINESS PROCESSES Are the set of logically related tasks and behaviors that an organization develops over time to produce specific business results and the process through which these activities are organized. Every organization works according to a pre-determined set of business processes.

BUSINESS PROCESS OF A DIGITAL FIRM In a digital firm, the business process is organized in a way that any piece of information required for key business decisions is available at any time and anywhere in the firm.

TIME AND SPACE SHIFTING Business is conducted 24 hours a day from anywhere within the global workshop or national boundary. Is this an advantage or disadvantage? What are the factors involved in time/space shifting?

DIMENSIONS OF INFORMATION SYSTEMS Any organization that uses information systems can be divided along three major dimensions. IS THIS ENVIRONMENT UNIQUE TO DIGITAL FIRMS?

SENIOR MANAGEMENT manages long-term strategic decisions about products and services and ensures the overall financial performance of the organization. WHAT ARE LONG TERM STRATEGIC DECISIONS?

MIDDLE MANAGEMENT carries out the programs and plans of senior management. WHAT ARE KNOWLEDGE WORKERS?

OPERATIONAL MANAGEMENT responsible for monitoring the daily activities of the business e.g. Data workers, production or service workers.

BUSINESS FUNCTIONS specific set of tasks performed by business organizations. Basic business functions: Sales and Marketing Manufacturing Production Finance and Accounting HR

MANAGEMENT FUNCTIONS to make decisions, formulate action plans that solve organizational problems, set the organizational strategy and FINALLY allocate the human, financial, and technological resources to coordinate the work and achieve success.

MANAGEMENT FUNCTIONS IN A DIGITAL FIRM A key management responsibility in a digital firm is creative work towards the development of new products and services, and re-creation of certain areas of the organization from time to time. Information Technology and Information Systems are integral towards the development of new products and services for any digital firm.

DISCUSSION What is the difference between the business processes of a regular firm as opposed to a Digital Firm? What is the MAIN reason why all organizations cannot be considered digital firms? What are the business functions of a Digital Firm? How is the function of a business manager different in a Digital Firm?