annotated-ITDT%20AKKI.docx

1. What is data and why is it important to a business?
Usually Data is Raw, unprocessed facts and numbers that provide information
about clients, business operations, or procedures are called data. Because it
forms the basis for analysis and decision-making, it is essential for businesses.
Businesses can enhance efficiency, lead strategic initiatives, and learn more
about customer behavior by analyzing data. For instance, a retailer can
determine which products are most popular and ought to be promoted by
examining sales data.
2. How can a manager turn data into information?

By arranging, evaluating, and interpreting data, a manager can turn it into
information that is useful and actionable. Sorting and condensing raw data into
formats like dashboards or reports is a common step in this process. For
example, a manager can find areas for improvement by analyzing customer
feedback data to identify common issues.
3. What is the relationship between data, information, business intelligence, and

knowledge?
The raw input, known as data, is transformed into information through
processing. To find patterns and trends, business intelligence (BI) uses data from
multiple sources. When BI insights are used to provide deeper understanding
and expertise, knowledge is produced. Together, they create a continuum:
information comes from data, which then supports business intelligence (BI)
through analysis, culminating in knowledge that informs strategic choices.
4. Why is it important for a company to operate cross-functionally?

Collaborating across departments is ensured by operating cross-functionally,
which results in more coherent and successful business strategies. This strategy
avoids silos, maximizes resource use, and unifies organizational goals. For
instance, marketing, sales, and production can increase overall efficiency and
better meet customer demand if they collaborate.
5. Explain MIS and the role it plays in a company and global business.
A company's data and information flows can be managed with the aid of
management information systems, or MIS. MIS facilitates data-driven strategies,
increases efficiency, and aids in decision-making. Globally, MIS makes it easier
for companies to communicate, collaborate, and analyze competitors, enabling
them to react swiftly to shifts in the market.
6. Explain systems thinking and how it supports business operations.

According to systems thinking, a business is an interdependent collection of parts
that cooperate to achieve a common objective. Better problem-solving and
optimization are made possible by its ability to show how modifications to one
component impact the system as a whole. For example, systems thinking can be
used to examine the entire process and streamline it if a change in inventory
impacts delivery speed.
7. What business strategies would you use if you were developing a competitive
advantage for a company?
Differentiation, cost leadership, and concentrating on particular market segments
are strategies for gaining a competitive edge. For example, differentiation seeks
to produce distinctive goods or services, whereas cost leadership concentrates
on cutting expenses to provide lower prices. To provide exceptional service to a
particular audience, a business may also concentrate on niche markets.
8. Explain Porter’s Five Forces Model and the role it plays in decision making.
Porter's Five Forces Model examines the following competitive forces in an
industry: threat of substitution, buyer and supplier power, competitive rivalry, and
threat of new entrants. Businesses can make well-informed decisions regarding
pricing, product differentiation, and market positioning by using this model to
better understand their competitive environment.
9. How could a company use loyalty programs to influence buyer power? How
could a company use switching costs to lock in customers and suppliers?
By providing incentives for repeat business, loyalty programs can decrease buyer
power by keeping customers loyal. Switching costs, such as the need for
particular software or exclusive service terms, prevent clients or suppliers from
moving to rival companies, preserving enduring partnerships and steady income.

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1. What is data and why is it important to a business?

2. How can a manager turn data into information?

3. What is the relationship between data, information, business intelligence, and

4. Why is it important for a company to operate cross-functionally?

6. Explain systems thinking and how it supports business operations.

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