ISM3004 Exam 1 (Scavenger Hunt 1-3) ALL SOLUTION LATEST EDITION 2024 GUARANTEED GRADE A+

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What is disruption? "To cause something to be unable to continue in its normal routine" this can be either a treasure or a tumult Technology is a disruptor - what does that mean? Tech creates both ... treasure and tumult. These disruptions will accelerate, impact organizations, careers, and job functions throughout your lifetime. Technology has caused normal routines to change completely Advertising print ads are practically out, Google alone has more ad revenue than all of print Causing the trust of ads to decrease Education Online classes/Universities are taking away from the "traditional" schooling Financial Services Majority of banking can be done via apps Credit Card Machine - "Square" Journalism Professional writers aren't being hired by news companies, because they hire external bloggers Wikileaks Retail Traditional stores taking a hit by online shopping companies Share Economy Alternative ways to hotels, music, rental cars, taxis For video rentals, music industry, and higher education be able to explain... What was the normal way of doing business? Go to a brick and mortar store like Blockbuster, which included uncertainty, long lines, and late fees For video rentals, music industry, and higher education be able to explain... What was the tech change? Netflix came with "same but different" change. It implemented highly efficient distribution centers which shipped and received videos. Their entire catalogue and recommendations were all on their website. The way the content was delivered changed. Netflix recognized that CD's weren't the future, so changed to streaming media across the internet What was the treasure outcome for some and what was the tumult outcome for others? Video Rentals Treasure Outcome: Netflix Tumult Outcome: Blockbuster Netflix is one of the highest grossing streaming platforms and Blockbuster only has one store left globally What was the treasure outcome for some and what was the tumult outcome for others? Music Industry Treasure Outcome: Digital music platforms (iTunes, Spotify) Tumult Outcome: Physical music But in terms of whole album sales, physical music is the treasure and digital music is the tumult because most people don't digitally buy an entire album, they usually only buy a single song What was the treasure outcome for some and what was the tumult outcome for others? Higher Education This is both a treasure and tumult for the universities that are willing to adapt to changes in technology because it allows them to have more students no matter where the students are; however, it also means that there may be a time where physical universities are only available to people who are well off or won't exist at all. Be able to define the term "share economy" and give an example. Share Economy Refers to a phenomenon whereby asset owners can use digital clearinghouses to rent the unused capacity of assets they own and consumers rent from their peers rather than buying or renting from a company How does IT bring asset owners and consumers together in the share economy? By using Digital Clearinghouses to rent from their peers instead of companies. How is the share economy disruptive? It disrupts the new normal between consumers and rental businesses. Briefly explain four key factors causing these disruptions: Moore's Law ...and who is the tech pioneer who proposed Moore's Law? The observation that computing power roughly doubles every two years at the same price Gordan Moore (Intel co-founder) Briefly explain four key factors causing these disruptions: Moore's Law Be able to explain what Moore's Law says. Every 2 years, the abilities of our electronic devices will double while staying at approximately the same price as time goes on This also means that a device that has a constant amount of abilities or power will be twice as cheap every 2 years Briefly explain four key factors causing these disruptions: Moore's Law Some products only need a small amount of computing power. How does Moore's Law make these products more affordable over time? Cost for CPU has become cheaper and cheaper over the years. Briefly explain four key factors causing these disruptions: Social Media Be able to use one of the statistics about business of social media from the lecture to explain why over 140 million businesses regularly use Facebook to communicate with their customers. The population of people using facebook is 2.4 billion - Facebook in size is just behind China and India Users share their purchases, domino effect (55%) Relationships/Divorces Generates about twice the leads as shows, telemarketing, mail Briefly explain four key factors causing these disruptions: Mobile What is the tipping point and why is this important? Billions of people use phones for social media $3.2 trillion in mobile transactions Online retailers make more money from mobile sales than from traditional devices like laptops and desktops 70% use smartphones 50% of Google searches are done on a mobile device Mobile commerce became a better alternative than PCs and laptops - Mobile commerce is at its tipping point Briefly explain four key factors causing these disruptions: Globalization What is reverse innovation? Global companies are turning to reverse innovation - create first for emerging markets, then roll out to developed markets. When companies initially develop products for niche or underdeveloped markets,and then expand them into their original or home markets. Part of globalization Briefly explain four key factors causing these disruptions: Globalization What is the impact of mobile phone use in developing countries? More likely to have mobile access than safe drinking water/electricity Developing countries - "10 additional mobile phones per 100 people grows GDP by 0.8%" Drives strong economic growth How does the Hype Cycle help organizations make good decisions about technology? They can look to see where technology is on the curve and decide the best time to adopt it Be able to briefly describe the elements of the Hype Cycle: Axes: Expectations and Time The expectations axes represent how much technology will change. The time axes is not a fixed scale, it is phases Be able to briefly describe the elements of the Hype Cycle: The Curve itself Innovation Trigger: early media attention and hype Peak of Inflated Expectations: more adoption, expectations begin to exceed reality, expectations drive stock higher than realistic value Trough of Disillusionment: reality happens, impatience, consolidation (companies bought out or merged) Slope of Enlightenment: early adopters have learned, more realistic views/expectations Plateau of Productivity: proven benefits, everyone's using it, broader adoption, maturity Be able to briefly describe the elements of the Hype Cycle: Innovation Trigger early media attention and hype Be able to briefly describe the elements of the Hype Cycle: Peak of Inflated Expectations more adoption, expectations begin to exceed reality, expectations drive stock higher than realistic value Be able to briefly describe the elements of the Hype Cycle: Trough of Disillusionment reality happens, impatience, consolidation (companies bought out or merged) Be able to briefly describe the elements of the Hype Cycle: Slope of Enlightenment early adopters have learned, more realistic views/expectations Be able to briefly describe the elements of the Hype Cycle: Plateau of Productivity proven benefits, everyone's using it, broader adoption, maturity Mainstream adoption products being made commercially Time to mainstream adoption 10 years Range of Impact - Transformational, High, Moderate and Low. Transformational Impact Includes new ways of doing business. Includes major shifts in the industry Range of Impact - Transformational, High, Moderate and Low. High Impact Operational impact includes new ways of performing processes. Revenue is very high or costs are very low. Range of Impact - Transformational, High, Moderate and Low. Moderate Impact Operational impact includes existing processes improved incrementally. Revenue is high and costs are low. Range of Impact - Transformational, High, Moderate and Low. Low Impact Operational impact includes slight process improvements. The financial impact is minimal at best. Where are the 3 danger zones? What mistakes can companies make at those points on the curve? Timing is everything... 1. Adopt too early in the peak of inflated expectations 2. Giving up too soon in the trough of disillusionment 3. Adopting too late Be able to apply the Hype Cycle. Be able to explain the 2 actions an organization should take early in the Hype Cycle so that they can "crush the competition" later in the Hype Cycle. Companies must investigate and evaluate early in the Hype Cycle, pilot learn and evaluate as a way to understand and learn, and finally crush the competition. Be able to apply the Hype Cycle. Be able to use the Hype Cycle to set an organization's priorities based on the organization's attitude toward risk, the potential impact of the technology, and the likely time to mainstream adoption. The company needs to know its organization's priorities based on its culture to decide which technologies are worth investing Be able to define and explain the term "Digital Workplace." Digital Workplace A business strategy to boost employee engagement and agility through a more consumerized work environment Be able to define and explain the term "Digital Workplace." What is its goal? Plan a business strategy through more consumerized work environment Be able to define and explain the term "Digital Workplace." *How does it accomplish that goal? ... What is meant by a consumerized work environment? What is the alternative? Consumerized Work Environment: Environment includes technology where employees reach consumers faster and more productive. Its alternative is a centric work environment (old way) Be able to define and explain the term "Engagement." Be able to explain the 3 levels of engagement 1. Engaged 2. Not engaged 3. Actively disengaged Be able to define and explain the term "Engagement." Engagement is not the same as ____ or ____. Why? Engagement is not the same as Satisfied or Happy Be able to define and explain the term "Engagement." Why is engagement important to organizations? To employees? Units with employees in the top ¼ are 17% more productive and 21% more profitable. Engaged employees provide better service, productivity and quality → happier customers, increased sales, higher profits and shareholder benefits Be able to define and explain the term "Engagement." How common is engagement among US workers? Worldwide? U.S. Workers are only 33% engaged. Globally, 15% of workers are only engaged. Be able to define and explain the term "Digital Dexterity." The ability and desire of the workforce to use existing and emerging technology for better business outcomes. Be able to explain the Legos metaphor. We are all using the same Legos, but what matters is who is better at building amazing things. Not who has the better Legos, but who is better at building with those Legos. Why is digital dexterity important for an individual employee? ...for an organization? Digital Dexterity is important for an individual employee because the greatest source of competitive advantage for many organizations will come from the workforce's ability to creatively exploit digital technologies. The workplace is changing! Be able to briefly explain each change below. What is it, and what is its impact? According to the Gartner Research, by 2020, digital dexterity will be the greatest source of competitive advantage for 30% of organizations. Consumerization A major cause for rapid technological change. Personally developed apps for the consumer market. Gig Economy New way to organize the work we do, using both internal employees and external freelancers. Gig Economy Why might employees like the Gig Economy? Benefits employees by allowing them to work on projects they only care about. Gig Economy How can the Gig Economy benefit employers? By allowing managers to quickly assemble project teams. RPA Robotic Process Automation RPA What kind of tasks can an RPA system perform? Machine learning, natural language interface, process routine tasks, work within existing application RPA How do organizations benefit? How is it claimed that employees benefit? Do routine jobs, work in customer service, while employees focus on creativity and focus on interesting complicated things that need profound analysis. Greater instrumentation indicating, measuring, and recording employee activity "Robo-Boss" Automated supervisor job which does routine repetitive work; however, it is not neutral, algorithms are representations of our opinions. "Robo-Boss" Why can the supervisor job be automated? Because they're routine "Robo-Boss" Are they unbiased? Why or why not? They are NOT unbiased - algorithms are our opinions imbedded in code How does Digital Dexterity enable an employee to participate in organizational transformation? Recognize opportunity, design the solution, deliver the solution and execute. It lets you participate. You get an increased role, can build a prototype, create solutions IT is also changing dramatically. Be able to briefly explain each of the types of IT changes below: Bimodal IT. What is it? Bimodal IT: The practice of managing two separate, coherent modes of IT delivery, one focused on stability and the other on agility. IT is also changing dramatically. Be able to briefly explain each of the types of IT changes below: Bimodal IT. What are the two modes? Mode 1: traditional IT, reliable Mode 2: exploratory IT IT is also changing dramatically. Be able to briefly explain each of the types of IT changes below: Cloud First Strategy A set of business practices that aims to utilize cloud services as much as possible. Businesses prefer to run on cloud solutions than relying on their own server. Pick the "New Role for the Dextrous" that is most interesting to you. Be able to describe that job role and explain what characteristics or skills one needs to be good at it. New Roles on Digital Dexterity New Media Mogul Process Hacker App Savant Data Maven Citizen Data Scientist Citizen Developer New Media Mogul: Somebody who is able to use different kinds of media to persuade and educate other people. Everybody needs tech skills! Gartner analyzed 38 million job postings over the last 4 years and found that there was a ____ growth in the tech skills required for non-IT jobs. Also, ____ of the CEOs that Gartner surveyed think that digital dexterity should be a key requirement when hiring new employees. 60%, 80% Gartner analyzed 38 million job postings over the last 4 years and found that there was a 60% growth in the tech skills required for non-IT jobs. Also, 80% of the CEOs that Gartner surveyed think that digital dexterity should be a key requirement when hiring new employees. [Show More]

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