5 Facts on Management Information System For organization
With a rapid increase in usage of technology & computers, MIS has become one of the crucial things to collect, thrive the data & serves as an important source to access the information. It is used as a business component that helps the business houses to gain an optimum benefit over their limited resources. MIS refers to the information exchange that provides a main authority to take a crucial decision in the organization. It is indirectly responsible for deciding & implementing the strategies in the organization. In this article, we will be highlighting 5 major facts that persuade the organization to use MIS in day-to-day operation:
- Gains Competitive advantage of information: If you tend to compare with the organization that are using MIS with the non-traditional organization that don’t use the same. Then you come to know that, there is a vast differencebetween the two in terms of productivity, participation level, information exchange, decision skills, etc. MIS helps the organization to gain a competitive advantage.
- Operational excellence: MIS develops a sense of stability in the organization. Due to the availability of accurate information, the organization stresses on the continuous improvement that helps them to develop KPI’s, Improvement strategies, Balance Scored card & 360 °approach. Hence, it can be said that the implementation of MIS gives rise to operational excellence.
- Retrieves new business models, products, and services:Often MIS is confused as an ERP, but however it is a much broader term. There are several categories of MIS that includes: Decision Support System (DSS), Transaction Processing System, Office Automation System & several others that helps to improve the data & communication flow within the process. The data available help to compare with the competitor’s organization in a particular aspect.
- Improved decision making:This is one of the basicusage of MIS, as it helps the various companies to identify their strengths & weaknesses i.e (SWOT) Analysis, that gives an overall picture about the company’s standing in the market & helps them to align the business process in minimum time. Thus, MIS reports help the business to take an effective decision.
- Increases sales and customer retention ratio: Optimum use of technology serves as a basic step to curb extra cost & channelize that amount of fund into sales & marketing process. MIS data helps in solving the customer query at a much faster rate, as it makes the business process much moreorganized& helps the business authority to take a performance review of their customer service department.