what is the confirmation or validation of an event or object? This is a topic that many people are looking for. amritsang.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, amritsang.org would like to introduce to you Competing in the Information Age. Following along are instructions in the video below:
Any thank you for joining me today today we want to talk about how business. Business. Really is driving technology and driving forward in the information age in a big.
The greatest thing is that the information age provides so much of a wealth of data and information for us. Like you know whats on the screen right now that avatar took over four years to make and cost 450 million. Nowadays before curious we could just google the information and be on wikipedia somewhere lady gagas real name is joanna angelina germanotta you know i didnt know that it i was hoping that lady gaga wasnt her real name.
But it is interesting to know that shes got a very looks like italian name you know and it took 26. Million dollars to buy a 30 second slot during the last super bowl thats incredible. Its this information that we can literally get it at our fingertips.
We can google. It im still a little bit surprised at the devices that have come about in my lifetime. Simply.
The fact that you know my wife and i will be having a talk while were driving in the car and ill ask a question. She says okay just a minute and she pulls out her phone and she googles it right there. While were driving 60 miles.
An hour down the freeway. Its that kind of data at our fingertips. That is driving businesses to get more and more efficient and how theyre using that information.
So lets examine that just a little bit first a fact is a confirmation or validation of an event or object okay. We have a lot of facts in our world. Today.
The information age is the present time that were living in which has really infinite amounts of information that are widely available to anyone so examples of the power of managing business and technology is for example amazon is not a technology company. Well you wouldnt know it with aws being so big and with their bookstore and turning and morphing into a complete marketplace is taking over the retail business. Theyve managed to to harness the power of technology in an incredible way and netflix.
Although theyre not a technology company their primary businesses. You know was renting videos for a while and now theyre the biggest streaming company that is at least in the united states today had a tremendous first mover advantage in the respect that they got out in front of everybody. And now theyre getting some competitors such as disney.
Plus and other companies that are starting to to stream directly during in the same type of medium and streaming technology. That netflix space has been for a long time zappos is a shoe company and when they when they got to harness the power of amazon and their technology. They were able to focus on selling shoes in a way that no other company has been able to match so the core drivers of the information age literally literally are data data turning that to information and then turning information into business intelligence and then using that business intelligence.
Until it becomes a sure knowledge of the patterns that the data is able to tell you and and help you to acquire so data is basically raw facts that describe the characteristics of an event or object. We talked about that earlier structured. Data is stored in traditional systems.
Like relational. Databases. Or spreadsheets.
Theres a lot of machine generated. Data. Now.
Iot devices as well as satellites as well as information that you get from cnc machines. If youre in a machine shop or or various types of machines that tell you about their health and their ability to continue working and going forward. And then theres facebook and all the social media sites that human generated data comes from and as as businesses start putting all that data together.
They can answer questions that theyve never been able to answer before now unstructured data you find structured data. And this table looks like it came from a database. Thats true.
But this data is really not information yet. Its just raw data so on january 4th.
There was an order for in walmart for this sales. Representative j. Helguth.
Pj. Helguth and they ordered doritos in 40 and a quantity of 41. And they had prices and so forth that is just a record and that particular record simply tells you that something happened on that day a transaction occurred.
Whereas if you if you really want to get information out of it you take that big data. And that collection of lots of transactions or complex. Data.
Sets and a lot of unstructured data and analyze it through traditional database. Methods and tools. Sometimes you want to take a snapshot of the data.
What happened on a given day what happened during certain hours. What happened just during the night time all month long any any kind of snapshots of the of the data that that you want to create so once you do that that data is converted to into meaningful and useful context. Which means you can answer questions like who is tonys best customer by total sales and that happens to be walmart at five hundred and sixty thousand dollars.
So you can answer specific questions and thats information that is actionable information that tony can work on whats twenties. Least valuable customer by profit and king soopers. Whoever that is at only twenty three thousand dollars being a less profitable client they might not want to spend money to try to attract that client into the store any more often because frankly it doesnt look like they spend all that much so the information can literally tell you whether the customers are profitable or not and answer a lot of questions for the business.
So in that context you can turn it into business intelligence in other words you can collect information for multiple sources. Suppliers customers competitors partners and all of those different places to create pictures of your customer base your supplier base your products. Which products are more are more profitable.
Which products or not you can take that information turn it into than intelligence. Then of course you turn the corner after youve collected a good bit of data and you can start seeing patterns in the data and that becomes analytics and can turn into predictive analytics or behavioral analytics behavioral analytics learning about peoples behaviors so how does your how do your customers react to certain ad campaigns. How do your customers react to you know a buy one get one free deal versus a 10 off deal.
And you can find out which items are more profitable for your business. Predictive analytics can predict future trends looking at your entire customer base or your entire supplier base and input information such as weather and seasons of the year and all of those factors to give answers that business owners never were able to accomplish before so once youve collected information like that for a period of time. And you see that information comes through as business intelligence.
And then you start using your analytics to actually try to understand the data better what happens is you gain knowledge of your business after repetitive uses of the business intelligence and analytics. You are able to then make actionable decisions that allows you to go forward and really make good decisions better than hopefully your competitors can and what happens is the business. That employs a lot of what they call knowledge workers people who go to get to work and and crunch.
The data read the in meishan read the business analyst. The business intelligence. Read the bi or the business analytics.
Reports. And how they help managers to then have the right information to make those right entry in decisions. So they analyze and they interpret the information.
Okay so now we have the next piece of challenge that we have to work through. Yes. We have all this information in fact information in businesses is very much you know present in all places.
The challenge is that theres information in accounting and finance and human resources and operations and sales and marketing. You have this departmental structure and a lot of businesses. That that separate themselves into functional silos that tend to hold on to their data and in them holding on to their data you can only analyze so much in other words.
If marketing is is putting together a huge campaign and theyre gonna run out and theyre gonna start it the beginning of the month of march and the sales department. Doesnt know about it all of a sudden theyre in undated with all kinds of advertising and all kinds of customers responding to that advertising. Without being prepared to actually service.
The customers finance. If they cant get good accounting data and go to get good historical information ca.
Nt do budgets for the next year and properly align the money with where expenses are going to be so. The next issue is to resolve the fact that data tends to be in silos and that by managing the data. We can get to a point.
Where we can actually use data across the entire enterprise rather than simply. The data. That resides within your functional department.
So that silo effect can really cripple a business. If a business isnt able to overcome those functional challenges that many of them have so what youve got to do is youve got to apply a business systems solution to the problem. You have to be able to have the system that the data is put in automatically share that across the entire enterprise.
So decisions can be made holistic rather than one silo at a time and so by doing that multiple inputs can be processed and produce outputs that can be used across the enterprise. So managing management information systems or mis is a business function this business function like accounting and human resources. It moves information around and manages the information.
So that the entire enterprise can do it. Mis is more of a solution that is generated because of the amount of data that exists in the world and in businesses. Today without an mis solution you couldnt go forward.
In a lot of respects so am. I asked i just said was a business function and i hope you caught that because being a business or academic discipline. It covers the application of people technologies and procedures and collectively thats called an information system and it solves business problems.
So youve got the business. People working to solve the business problems now. It isnt much concerned with business with the exception of wanting to benefit business by the work that they do for the business.
And so youve got this venn diagram down. Here that that shows that computer sciences on one side. Thats your it folks and your business.
People are on the other side and thats you know they run the business. They do the accounting they they run the finance and so forth. And so on and then you see the mis overlapping both and you notice by the coloring.
There that shows that the mis department tends to be the business analysts in in the parlance of business up there those business analysts that have to talk. The language of computer science and understand business at the same time so they can manage information systems. That benefit the business and give the information needed to the it brethren out there and sisters those people out there that manage all of the hardware and software that bring about this synergy in the information.
That is made available for the enterprise. Ok. And now ive used the word enterprise.
Got a little bit ahead of myself. But what it takes literally is an enterprise system in order to accomplish this to manage processes that are geographically dispersed dispersed across sometimes globally and across the world you need an enterprise system that has all the end to end processes in it so. That the finance people are getting the accounting data and the sales people are understanding what them the marketing people are doing and that the hr system understands how many people they need for the projects that the finance group wants to do or the manufacturing group wants to do all of those things need to be put together in a single system and in order to do that youve got to be able to have an enterprise wide system to do it now what it does is it increases.
Profitability increases productivity and provides the business with a competitive edge. Many businesses dont make it to 100 years old many businesses dont get that far because theyre not able to change when other younger more nimble competitors come into the market. The challenge is that when youve got an older business.
Its sometimes very difficult to embed systems. Thinking into the business as it goes forward so i hope this gives you a good idea of where were going with this whole idea of business driven technology. Because its real.
Its happening in the world. Today and those companies that dont embrace the idea of grasping. A hold of technology and using it to their benefit.
Theyll fall by the wayside not make it in the competitive world that we work in so. If you like what you hear please subscribe and and ask any questions that you might have in the comments below thank you music music. .
Thank you for watching all the articles on the topic Competing in the Information Age. All shares of amritsang.org are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.
By 
