The document discusses management information systems (MIS) and business innovation. MIS involves using technology to help organizations and people work more effectively. Business innovation is the process of introducing new ideas, methods, products or services to create value for an organization. Common drivers of business innovation include artificial intelligence, which is transforming many industries. Successful business innovation involves an ongoing cycle of generating, testing, developing and delivering new ideas. There are various models and types of innovation, such as product or process innovations, and innovations can be either revolutionary or incremental. While innovation offers benefits like competitive advantages, it also carries risks such as high costs and potential failures.

1. Management Information Systems
ManagementInformationSystems(MIS) isthe studyof people,technology,organizations,andthe
relationshipsamongthem.MISprofessionalshelpfirmsrealizemaximumbenefitfrominvestmentin
personnel,equipment,and businessprocesses.MISisa people-orientedfieldwithanemphasison
service throughtechnology.If youhave aninterestintechnologyandhave the desire touse technology
to improve people’slives,adegree inMISmay be for you.
BUSINESS INNOVATION
Businessinnovationisan organization'sprocessforintroducingnew ideas,workflows,
methodologies,servicesorproducts.
Informationmanagement isa cycle of processesthatsupportthe organization'slearning
activities:identifyinginformationneeds,acquiringinformation,organizingandstoringinformation,
developinginformationproductsandservices,distributinginformation,andusinginformation
IT innovation,whichcallsforusingtechnologyinnew waystocreate a more efficientandagile
organization,businessinnovationshouldenable the achievementof goalsacrossthe entire
organization,withsightssetonaccomplishingcore businessaimsandinitiatives.Innovationoften
beginswithideageneration,whereinideasare narroweddownduringbrainstormingsessions,after
whichleadersconsiderthe businessviability,feasibilityanddesirabilityof eachidea.
Whybusinessinnovationis important
The purpose of the businessinnovationprocessistocreate value forthe organization.That
value can come fromcreatingnewrevenue opportunitiesordrivingmore revenue throughexisting
channels;fromcreatingefficienciesthatsave time,moneyorboth;or fromimprovementsto
productivityorperformance.
In short,innovationshouldleadtohigherprofits.
Additionally,the resultsof anorganization'sinnovationprocessshouldyieldacompetitive
advantage;itshouldhelpthe organizationtogrow andreach -- or, betterstill, exceed-- strategic
objectives.
INNOVATION VS. INVENTION
Innovation and invention are closely linked, but the two terms are not interchangeable.
An invention is an entirely new creation. The process of business innovation can produce an
invention, but the term is broader in scope and includes the application of an existing concept
or practice in a new way, or applying new technology to an existing product or process to
improve upon it.
To better understand the difference, consider this: The telephone is an invention, but
the smartphone is an innovation.
What technologiesare drivingbusinessinnovations?

2. ARTIFICIALINTELLIGENCE
The powerand almosteveryindustryandrealmof life issettobe transformedbyit,withthe
estimationthatby2020, 95 percentof all customerinteractionswillbe carriedoutbysome formof AI.
Whenit comesto,it isone of the most excitingtechnologiesavailable,withfirms.
“Everythinginventedinthe past150 yearswill be reinventedusingAIwithinthe next15 years,”
, chief businessofficeratLaunchpad.AI.
It isalreadyhavinga transformative effectinanumberof industries.InsalesAIcanhelp
strengthenpitchesbydetectingandreactingtoconsumeremotions.Japaneseinvestmentbank,Daiwa
Securities,foundthataftertheyimplementedAItechnology.
In the healthcare andpharmaceutical sectors,AItoolshave beenbuiltwhichcansortand
accumulate medical knowledge anddataon scale humanscouldonlydreamof.Atone endof the
spectrumsitdosage error deductionandvirtual nursingassistants,atthe other:genome sequencing.,
whichisthe unique arrangementof theirDNA,downto24 hoursand just$1,000 respectively.
BUSINESS INNOVATION CYCLE
Although there's no one-size-fits-all formula for business innovation, organizations that
are continually successful at business innovation have a repeatable process to generate, test
and develop ideas that can lead to innovations.
The cycle is often broken down into four parts. It starts with articulating ideas around
key areas (business models, marketing, process, products and service). The cycle moves
through discovery then onto development and delivery.
The first phase focuses on the creation and recording of ideas as well as the preliminary
evaluation of whether those ideas could produce value.
The next phase centers on testing the ideas through pilot programs or proofs of
concepts, during which ideas and their value are further evaluated.
The last two phases center on scaling ideas, moving them into production and
integrating them into normal business operations.

3. Business leaders often use different names for each of these phases. For example, some
label the first phase ideation and the last phase implementation, but the steps for each phase is
basically the same.
Some executives and managers further break down the cycle into even more phases,
separating out items such as analysis, testing and review as separate steps.
Models of innovation
Business innovation can be grouped in various categories, or models. Some are self-
explanatory, such as product or process innovations. Other types, and what they mean, include:
 Business model innovation: the development and implementation of new, unique concepts
supporting an organization's financial viability, including its mission.
 Industry model innovation: the creation of a new industry or an organization's move into a new
industry.
 Revenue model innovation: improvements and/or changes to an organization's framework for
generating revenue, a goal also encompassed in the term, business model innovation.
Revolutionary vs. evolutionary
Business innovation can also be classified as either revolutionary or evolutionary.
Revolutionary business innovation yields a drastic change in a product, service, process,
etc., which often destroys or supplants an existing business model. This is also known as radical
innovation.
Evolutionary or incremental innovation involves smaller, more continuous
improvements that, while important, are not drastic enough to shift a company or market into
a new paradigm.
Disruptive innovation is a category that emphasizes the destructive aspect of
revolutionary innovation; this term applies to business innovation that leads to the creation of a
new market that displaces an existing one or, similarly, a significant upheaval in a category of
products or services.
Advantage and disadvantage of business innovation
Business innovation, like most business initiatives, has both benefits and risks.
Organizations should recognize on the negative side that the business innovation process can
be a costly undertaking that does not always produce a return on investment (ROI); that ideas
deemed likely to succeed could still fail; and that stakeholders -- whether they're employees,
customers, partners or others -- could fight the changes required to be successful.

4. Advantages
 Businessescaninitiallycharge higherpricesfornew productsbeforecompetitors’productscome
on the market
 Being innovative good for a firm's reputation
 If they have been first in the past - people naturally interested in future products
 Innovations in processes add value to existing products / services
 Businesses with lots of innovative products can take advantage of economies of scope
Disadvantages
 Very costly and time consuming
 Businessescanrunoutof moneyif theyinvesttoomuchanddon'tgetproductstomarketquickly
enough
 End up wasting resources by developing something that doesn't sell
 Businessesnot able to produce new product on large scale at low enough cost - no guaranteed
return on investment
 Businesses risk ruining reputation if new product is poor quality