Business Information and Knowledge Management

Business Information and Knowledge Management

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Business Information and Knowledge Management

 

Week 6 Lecture 1 – Business Information and Knowledge Management

 

Management of Information Systems

Business Information and Knowledge Management

Business Intelligence

Business intelligence is important for understanding your organization, its customers, and its suppliers. BI software tools are used to process data, through data mining, from data warehouses into useful information. BI tools are useful in analyzing massive amounts of data and providing dashboards containing key performance metrics (KPI) for executives to act on. Organizations use relevant knowledge to maintain strategic advantages over less sophisticated competitors and to save much cost. BI depends on accurate data. Decisions based on flawed data are potentially harmful to an organization.

Figure 8 Business intelligence software used to improve service and increase revenue © Cengage Learning 2015

Customer loyalty programs

Loyalty programs help organizations obtain a significant amount of data about their customers. These programs support customization of offerings, through newsletters, coupons, and other means, to targeted customers. Customer loyalty programs can encourage customer loyalty by providing free things and deals American Airlines was the first airline to implement the frequent flyer program.

Online analytical processing (OLAP) is software that makes use of data warehouses. Dynamic OLAP applications can compose data on the fly in response to commands. OLAP applications can be used to drill down into data details or to create an overview.

Customer relationship management (CRM) tools sometimes take advantage of integrated data mining and OLAP software. Data mining and processing of third-party data in addition to applying OLAP software to in-house data collected through customer loyalty programs and customer service give companies a better understanding of a customer’s purchasing behavior.

Knowledge management

Knowledge management is how a company gathers, organizes, shares, analyzes, and disseminates, knowledge created by employees of the company and knowledge that is relevant to the success of the company. Proper knowledge management focuses on transferring individual knowledge into databases, filtering out the relevant knowledge, and allowing employees easy access. Employee knowledge networks are tools that facilitate employee knowledge transfer. Employee knowledge networks facilitate knowledge sharing through intranets where an employee can access a company’s internal web pages and ask other employees questions.

Figure 9 Employee knowledge network © Cengage Learning 2015

Week 6 Lecture 2 – Systems Planning and Development

 

Management of Information Systems

Systems Planning and Development

Information systems planning

Steps involved in planning information systems are:

1. Create a corporate or IT mission statement
2. Articulate a vision for the IT organization
3. Create IT strategic and tactical plans
4. Create a plan to achieve the mission or vision
5. Create a budget to make sure that the resources are available to achieve the vision

Before arriving at a decision to develop, purchase, or outsource information systems, a cost-benefit analysis should be performed. In addition, to a cost-benefit analysis, organizational culture and processes also need to be taken into account.

Figure 10 Estimated benefits and costs of an information system © Cengage Learning 2015

Project management

Project managers use project management software to keep the development of information systems on track. These tools help track the progress of projects and the sums spent on resources. Project management helps to maintain a balance between cost, quality, and time spent implementing an information system plan.

Standardization and systems integration

When planning IT systems, attempt to use standardization in selecting computer software and hardware. Benefits of standardization are cost savings, efficient training, and efficient support.

Systems integration assesses information needs of an entire organization. This often entails analyzing disparate ISs and producing a plan to integrate them so that data can flow easily among different systems. Systems integration is becoming increasingly important as ISs are linked to websites, legacy systems and enterprise applications such as SCM and ERP systems.

System development methodologies

There are a variety of systems development methodologies. The waterfall method calls for all of the system requirements to be given up front and for development to continue until all of the requirements are developed before the customer has an opportunity to test the product. Agile methods release small portions of the system on a frequent basis. Agile methods sometimes lack in the documentation of software development phases, such as requirements, systems analysis, development, testing, and user training.

Agile methods prioritize requirements and include the ones that give the highest business value in the first one to two-month iteration. Each iteration entails all parts of the software development cycle that include requirements analysis, systems analysis, development, testing by users, and release to production. Agile methods allow the customer to test the software in increments, to provide changes to the next set of requirements to be released and stay up-to-date on the implementation of the software. The waterfall method provides documentation of each phase in the software development cycle. However, occasionally the waterfall method produces obsolete software because technology advances rapidly and because all requirements are developed in one fell swoop the waterfall method can sometimes take a year to develop a system are even longer. When a system is finally complete, after a year or two, the system can be obsolete. When developing large systems, in today’s economy a hybrid between agile, that produces software in segments, and waterfall that includes meticulous documentation of each phase of the development cycle should be used.

Outsourcing

Outsourcing is a formal business arrangement to transfer a company’s internal business processes for fulfillment by a third-party. Third-party vendors can improve operational efficiencies, and reduce cost while creating value. A trade-off of outsourcing can be the loss of privacy of a company’s data and loss of control of where the data is stored. Industry experts advise consideration of outsourcing functions that are not related to the core competencies of a business.

 

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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