2.6: Key Terms
- Page ID
- 45543
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)- advertising model
- digital business model that generates revenue through targeted ads purchased by other businesses
- affiliate model
- digital business model in which one company earns commissions by promoting and selling other companies’ products or services through websites or social media channels
- analytic data
- type of structured datathat include aggregated and summarized data from various sources and enables in-depth analysis, reporting, and decision support
- big data
- large datasets that are complex in volume, variety, veracity, and volume and that require specialized processing techniques to extract valuable insights and make informed decisions
- business process
- continuous series of interconnected activities aimed at producing a valuable product or service for an organization, its business partners, and its customers
- business process improvement (BPI)
- evaluation of existing business processes to identify areas for improvement
- business process management (BPM)
- ongoing review and analysis of processes across an organization to identify opportunities for improvements or reengineering that will optimize core business processes
- business process reengineering (BPR)
- radical rebuilding of core business processes to achieve optimization
- competitive advantage
- conditions and circumstances that enable a company to compete more effectively than its rivals in a given market
- crowdfunding model
- digital business model that raises funds for a product, project, or idea through an online platform, leveraging the collective support of the public
- data definition
- instruction for how to organize information
- data governance
- policies, procedures, and standards that determine how an organization manages the availability, usability, integrity, and security of an organization’s data throughout the data life cycle
- data integrity
- accuracy and consistency of data throughout their entire life cycle
- decision-making framework
- breaks down decisions into two types: programmed decisions with clear procedures or nonprogrammed decisions requiring more judgment
- design thinking
- approach to problem solving that uses creativity and empathy to understand user needs in order to create user-centric products and services
- digital innovation
- perspective of management information systems that examines how the combination of physical and digital products leads to the creation of entirely new offerings
- digital product model
- digital business model offering downloadable digital assets that may include actual products, such as e-books, or may be used to provide information such as assembly instructions or details about a product’s components
- e-commerce model
- digital business model that involves buying and selling goods or services online through websites or apps, and offers convenient shopping experience for various customer segments
- freemium model
- digital business model offering a free basic service, with the option to upgrade to a premium version for enhanced features or benefits
- functional area information system (FAIS)
- information system designed to support specific business functions within an organization
- information quality
- accuracy, completeness, consistency, and timeliness of data
- marketplace model
- digital business model that brings buyers and sellers together on a single platform, with the enterprise acting as an intermediary that facilitates transactions between parties
- master data
- type of structured data that represent core entities such as customers, products, or employees
- operational data
- type of structured data that include transactional data generated by day-to-day business operations
- reference data
- type of structured data that include codes, classifications, or standards used across the organization
- Robert Anthony framework
- divides a problem, and by extension the data needed to resolve this problem, into three domains: operational control, management control, and strategic planning
- sharing economy model
- digital business model in which individuals share resources or services through a peer-to-peer network, enabling efficient utilization of underused assets
- strategic planning
- process of defining an organization's mission, vision, goals, and objectives, and developing strategies to achieve them, often with the support of information systems, typically done by senior level managers
- subscription model
- digital business model offering continuous value through recurring subscriptions that provide customers with ongoing premium content or services
- variety
- key dimension of big datathat encompasses the diverse array of data types and formats
- velocity
- key dimension of big data that describes the rapid pace at which data are generated and collected, thereby necessitating real-time processing
- veracity
- key dimension of big data that refers to the reliability, accuracy, and trustworthiness of the data, considering factors like data quality and consistency
- volume
- key dimension of big data that refers to the vast amount of data generated and stored