MIST definition
A management information system is an organized integration of hardware and software technologies, data, processes, and human elements designed to produce timely, integrated, relevant, accurate, and useful information for decision-making purposes
Machine
Rapidly increasing and expanding capabilities of machines
Platform
Large and influential companies that have little/no assets (These businesses own mainly applications and code allowing them to scale up rapidly)
Crowd
The large amount of human knowledge, expertise, and enthusiasm distributed all over the world, now able to be focused online
Polanyi's paradox
We know more than we can tell
Tacit vs. Explicit Knowledge
Tacit knowledge Includes insights, intuitions
Explicit knowledge (knowing-that): knowledge codified and digitized in books, documents, reports, memos, etc.
Rule-based systems vs. Pattern recognition systems
Adult learning vs. Child like learning (Pattern Recognition systems are much harder to program)
GE Nugget Ice Project
Crowd funded a nugget ice machine (Builds enthusiasm, ideas and markets the product while providing GE with valuable info)
The Triple Revolution
New combinations of minds and machines are changing the way businesses execute their most important processes
Pioneering companies are bringing together products and platforms to transform their offerings
The core and the crowd are altering what organizations themselves look like, and how they work
The Three Rebalancings
For machine intelligence, the counterpart is the human mind
The counterparts of platforms are products
For the crowd, the counterpart is the core
Phase 1
Began when digital technologies began to take over large amounts of routine work (Mid-1990s)
Phase 2
Began when "science fiction technologies" began to appear in the world such as autonomous cars (Around 2010)
These technologies can perform nonroutine tasks
Ubiquitous processing and connectivity
Information encoded as bits vs. molecules
Bits (Digital goods) vs. Molecules (Analog goods)
Reproduction cost of digital information goods approaches zero
Extreme non-rivalry due to data compression and error connection
The Universal Machine
oToday we're in the early stages of another industrial shake-up, but an even bigger and broader one (Such as a world with Autonomous Trucks)
What is a business model?
A business model describes the rationale of how an organization creates, delivers, and captures value