Most of the time, management students wonder tools that can support them in managing and providing information. For this, individuals rely on technology. Thus nowadays, students look for software that facilitates customer relationships. This system is generally known as a management information system. So let’s see how these systems play an imperative role in management.
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Thus here are some important management information systems for students’ aid.
Definition of Management Information System
Management Information System is a type of computerized database that includes financial information. These systems are helpful in the decision-making process of management. Also, these systems have to provide accurate, up-to-date data. Thus the stored data collected under MIS used by managers for various purposes.
Why is MIS Important for Business?
In business, the management information system includes a computer-based system for the management of departments within the organization. It is helpful for the following reasons:
- prediction of future consequences.
- Analyzing the critical business problems
- Designing and maintaining applications to resolve organizational problems
Characteristics of Management Information System
- Investigating requirements of management with the goals of the business
- System approach that includes step by step guidance
- Provides feedback system about the effectiveness and efficiency of working
- Provides a high level of service to the internal or external providers of the company
Types of Management System
It collects data and makes a report based on system performance.
Management Reporting System
MRS is helpful for managers to compare the performance of the organization with its previous performance.
Transaction Process System
The transaction process system is a type of MIS which collects as well as process the data during the routine activity.
Executive Information System
This type of management information system helps assist the executive manager in performing functions well.
Decision Supportive System
This system is a form of MIS, especially designed for managers to decide in a particular situation.
Accounting and Finance
This system can track the assets and investments of a particular organization.
It includes all the things as well as updating the management about the inventory system.
Sales and Marketing
This type of management information system helps track marketing functions as well as sales.
It can track employees, recruitments, and daily management operations.
It helps assist people with lower expertise.
Hence it can be said that the role of a management information system is to provide profit and value for the business. If you need more assistance, take management assignment help by our highly qualified experts.