Identify five different IT systems that have affected business in the past few years. For each system, briefly note the following: · A name for the system
· The area of business it affects
· What changes the system brought to the business world
· What business processes changed because of the system
· Likely future effect of the system
Four current technology trends that offer valuable business opportunities are social, mobile, cloud, and data analytics. These ITs are often used in combination to gain a competitive edge, to expand market reach, and to develop new features or ways of doing business.They make it easier and cheaper to connect with customers and suppliers, to work with others from anywhere, and to manage files and data. (Chapeter one page 5) Data Analytics
6 Chapter 1 A Look Toward the Future of Information Technology Data analytics refers to the specialized software, capabilities, and components all geared toward exploring huge volumes of data to provide greater insight and intelligence— and doing so quickly. Macys’ and other large retailers used to spend weeks reviewing their last season’s sales data.With data analytic capabilities, they can now see instantly how an e-mailed discount code or flash sale for athletic wear played out in different regions. Charles W. Berger, CEO of ParAccel (ParAccel.com), a data analytics provider said:“We have a banking client that used to need four days to make a decision on whether or not to trade a mortgage-backed security.They do that in seven minutes now.” Data analytics is used by Wal-Mart stores to adjust its inventory levels and prices; and by FedEx for tweaking its delivery routes. IT at Work 1.1 identifies other users of data analytics. Data analytics can help companies achieve these business outcomes:
• Grow their customer base
• Retain the most profitable customers.
• Continuously improve operational efficiency.
• Transform and automate financial processes.
• Detect and deter fraud.
Huge sets of messy data from sources such as multi-petabyte data warehouses, social media, and mobile devices are called big data. Research by the McKinsey Global Institute found that big data analytics, which is the ability to analyze big data sets, is the next frontier of opportunities for competition, productivity growth, and innovation (Manyika, 2011). Most other research and consulting firms agree that data analytics to gain insights and a competitive edge is one of the biggest opportunities and challenges facing managers.
The cloud is a term for networked computers, including the public Internet. Often “cloud” means “Internet.” Cloud computing (or cloud infrastructure or cloud services) does not refer to a specific arrangement, but rather to various computing and network arrangements. To maximize the benefits of cloud computing, companies can build a private cloud, public cloud, or leverage their current IT environment to build a hybrid cloud. See Tech Note 1-2 for more details. Cloud computing makes it possible for almost anyone to deploy tools that can scale on demand to serve as many users as needed. Many users can access the same apps and from any networked location because they are stored (hosted) on a powerful shared infrastructure in the cloud.