Overseeing current IT projects and operations will always be part of an IT management mandate. But today's CIOs will need to use technology in new, innovative ways to help the business keep pace with rapid change.
IT management software and tools can help. Data and analytics, as well as cloud, are some of the areas CIOs have pursued. At the same time,
they’re looking at artificial intelligence (AI), Internet of Things (IoT) and more to prepare for the future.
Analytics
An analytics solution can mine terabytes of operational data quickly to find the root cause of service impacts. It helps identify potential bottlenecks, predict outages and drive greater efficiency. Organizations gain insights into data or processing
issues, negative IT trends and anomalies – making it easier to take steps to avoid system chaos.
Beyond in-house optics, analytics provide insights to help enterprises better understand their customers – which in turn can drive business strategy.
Cloud computing
Cloud services offer scalability, data security, data recovery services and more. Using the cloud can improve efficiencies and reduce infrastructure costs. It can benefit all aspects of the
business, from operations to finance, and help position the organization for transformative cloud-based solutions in future.
Many enterprises host core business applications on mainframes, which process millions of transactions each day. Cloud enablement helps IT departments modernize their mainframe systems – while freeing up CIOs to focus on other priorities. Organizations benefit from higher levels of productivity and performance with less overhead.
AI and
cognitive computing
AI systems analyze data, learn and predict problems to help IT managers deliver better service quality. As well, AI-based chatbots can function as virtual agents, talking with users to resolve technical issues. Customers can also use them to learn about products and services. Moving ahead, cognitive computing may become vital to
helping enterprises manage IT and accelerate innovation.
IoT
IoT platforms collect and analyze data from devices and sensors, helping to proactively resolve issues and improve productivity. IT managers can quickly derive insights into what the organization is doing right – and what it could be doing better.
Cognitive learning further enables business to unlock IoT value. For one, it could combine multiple data streams to identify patterns and provide more context than would otherwise be available. Intelligent sensors too have the potential to self-diagnose and adapt to their environment without the need for human intervention.
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Information Systems in Business
Information Technology | A field concerned with the use of technology in managing and processing information. |
Management Information Systems | A general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems |
Data | Raw facts that describe the characteristics of an event |
Information | Data converted into a meaningful and useful context |
Business Intelligence | Applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts |
Chief Information Officer | Responsible for overseeing all uses of information technology and ensuring the strategic alignment of IT with business goals and objectives |
Chief Technology Officer | Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of an organization's information technology |
Chief Security Officer | Responsible for ensuring the security of IT systems and developing strategies and IT safeguards against attacks from hackers and viruses |
Chief Privacy Officer | Responsible for ensuring the ethical and legal use of information within an organization |
Chief Knowledge Officer | Responsible for collecting, maintaining, and distributing the organization's knowledge |
Key Performance Indicators | The measures that are tied to business drivers |
Efficiency IT Metrics | Measure the performance |
Effectiveness IT Metrics | Measure the impact IT has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases |
Benchmarks | Baseline values the system seeks to attain |
Benchmarking | A process of continuously measuring system results, comparing those results to optimal system performance, and identifying steps and procedures to improve system performance |
Competitive Advantage | A product or service that an organization's customers place a greater value on than similar offerings from a competitor |
First-Mover Advantage | Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage |
Environmental Scanning | The acquisition and analysis of events and trends in the environment external to an organization |
Elements of the Five Forces Model | Buyer Power, Supplier Power, Threat of substitute products or services, Threat of new entrants, Rivalry among existing competitors |
Buyer Power | When buyers have many choices of whom to buy from and low when choices are few. |
Loyalty Programs | Reward customers based on the amount of business they do with a particular organization |
Supplier Power | High when buyers have few choices of whom to buy from and low when their choices are many |
Supply Chain | Consists of all parties involved, directly or indirectly, in the procurement of a product or raw material |
Business-to-Business (B2B) Marketplace | Internet-based service that brings together many buyers and sellers |
Private Exchange | when a single buyer posts its needs and then opens the bidding to any supplier who would care to bid |
Reverse Auction | An auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price |
Threat of Substitute Products or Services | High when there are many alternatives to a product or service and low when there are few alternatives from which to choose |
Switching Costs | The costs that can make customers reluctant to switch to another product or service |
Threat of New Entrants | High when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market |
Rivalry Among Existing Competitors | High when competition is fierce in a market and low when competition is more complacent |
Business Process | A standardized set of activities that accomplish a specific task, such as processing a customer's order |
Value Chain | Views an organization as a series of processes, each of which adds value to the product or service for each customer |