Dealing with the Issues at the Market - Essay Example

Summary Lecture Reducing the cost, introducing new products to the market, good suppliers and attracting the customers always create new opportunities. To gain advantage, we always need to find the solution of a problem. A problem is what we want to do and what is actually happening against our will. To find a solution, we need to look at the background of the issue, its probable cause and the possibilities available to us for solving the issue. In IS the problems could be solved by wither developing a whole new system or just by changing our methods of dealing with the issue. It could be on managerial or strategic levels. Egoistic and empathetic thinkers are two main factors in collaborative problem solving. Thus the eight principles of IS have been helping organizations to get advantage over other organizations. Lecture 2 Hardware and software are the two main components of computing technology. Hardware is the main mechanical structural part of a computing device. It mainly consists of CPU. The CPU reads and processes the information and present it on the monitor screen. There are two forms of data storage in a computer: volatile and non volatile. Volatile form of storage is provided by the compact disks and memory cards whereas the non volatile storage form is provided magnetic disk which also stores data for long term. The computer processes data in the form of bits. Server and client computers work in coordination with each other where the server is providing specific services to the client computer. The operating systems and the software to be used in the computer are usually purchased and they are different for different hardware companies. Software also come to protect a computer from attacks of viruses and malware. Lecture 3 Database is usually used to keep the record of things which contain complex material and involving more than one field. A database application usually revolves around the user, the application, database management system and the metadata. The main the most important of these components is the database management system. It is the system which is the central unit of the application and stores and administers the database. The first and the main function of the database management system is to create the required structure including tables for the database. Processing of the submitted information and providing tools to the user or its management are the third and fourth functions of DBMS respectively. Special terminologies e.g. entity for table and identifier for key are being used in the database model system. Poorly structured Database models are converted to tables and structured by database design. Lecture 4 Computers communicate with each other through a vast computer network system. LAN, Internet and wireless LAN are the three main networks through which computers communicate with each other. Internet is a vast system of networks through which different people communicate via emails. LAN is a Local Area Network. However, there are certain protocols that are meant to be followed and that look over the communications taking place through these networks, they are called as communication protocols. To start a communication, two systems must agree on these protocols. TCP/IP-OSP is the most commonly used communication protocol. It is composed of five layers. These layers start from the physical connection of the two systems to the transport of data between them and the usage of online applications. Nowadays wireless connections are becoming more and more famous in laptop and notebook users. Lecture 5 As the modern day business is growing and getting more and more complex, there is a need to process and organize all this complexity. The job of business process management is the same: to organize and process the complex modern day organizations. Calculation systems introduced first to relieve the workers from hectic repeated calculations were the calculation system but producing very less information was a major drawback with these systems. Later the functional systems but, their being isolated to only one department limited their use too. The introduction of cross functional systems like CRM has made BPM a lot easier. Cross functional systems have made it a lot easier for several departments to work along with each other in coordination. They have significantly reduced the problems of isolation and less information faced with the usage of other functions. But they major problem faced in operating these systems is that they are very expensive and difficult to operate. Lecture 6 Online selling and buying of different products either by private or commercial networks is called as E-commerce. B2C and B2G are some e- commerce companies. Porter’s model explains the gaining of competitive advantage over other companies. The main role e-commerce has played is the removal of the intermediate layer between the seller and the buyer thus increasing the efficiency of the market. E-commerce has also helped both the buyer and the seller by providing the price comparisons and the price to demand ratio respectively. Online auctions have helped companies to know the maximum price the consumer can pay for their product and adjust accordingly. The abolishment of intermediate retailers and production of direct contact between the consumer and companies has been helpful too. SRM manages the supply chain and improves the quality of the organizations. Increased number of chains reduces the profit (Bull Whip Effect). Web 2.0 has provided all the organizations of the world with new opportunities to spread and develop their business. Lecture 7 “A Business intelligence system is an information system that employs business intelligence tools to produce and deliver information”. The first business computer was invented in 1951 with the number increasing to millions in the year 2011. No one knows how many petabytes of the data has been processed by these business computers. The major role of business intelligence has been in collecting information from the entire available source and making them available whenever the need arises and make them helpful in decision making. Reporting, Data mining and knowledge are the main tools of business management. The tool is a program whereas the application is the using of that tool. Static, dynamic and query are some of the reports taken in the reporting tool. Statistical processing is used to process data in data mining tools. Sales pattern of a market can be analyzed by using the market basket analysis through data mining tool too. Read More