Updated at 26/07/2022 - 09:52 am
A Management Information System (MIS), is a computerized database to collate, summarize, and analyze any type of information that is useful to a company's managers. While commonly used to refer to financial data, MIS can also manage information in all other aspects of a company's operations, including various areas such as human resources, sales, and marketing. ordering, inventory control, social media marketing, and other aspects of the business that the management team needs to know.
Here are the useful aspects of Management Information Systems #
MIS for Sales and Marketing #
A management information system for a company's sales and marketing departments that aggregates and analyzes information about customers and potential customers. Typically, the information is scanned or taken from a customer receipt, loyalty card transaction, or credit card receipt.
Information can be aggregated to highlight buying trends and patterns, identify repeat and top-buy customers, and target product marketing efforts to address niche segments. related to the customer base.
Having these kinds of insights can help a company develop and fine-tune its marketing strategy, leading to cost reductions and increased sales department efficiency.
MIS for human resource management #
Human resource information systems handle employee data such as basic personnel information, timekeeping and hours worked, performance ratings, and salary tracking. Since data can include personal information – name, address and Social Security number – protecting privacy and maintaining confidentiality is paramount.
The HRM database is accessible to any employee, reducing the cost of keeping paper records. When aggregated, the system can provide trending information for management feedback in areas such as improving recruitment efforts, benefits management, and schedule and workflow management.
MIS for Accounting and Finance #
Management information systems in accounting are designed to store and aggregate financial data. For example, the resulting analyzes are used both internally, by managers and CFOs, and externally by consultants, regulators, tax authorities, and others. Reports generated by the accounting MIS include profit and loss statements, accounts receivable tracking, and other financial statements.
Because these reports allow management to analyze the financial position of the company, it is imperative that the data entered into the system is complete, accurate and secure.
MIS and Information Technology Department #
Perhaps more than any other department, a company's information technology department has a dual role with the MIS.
First, the system can store and analyze data about the IT department, just like it does for any other department. This can lead to more savings and efficiency in the company's use of IT. For example, data may show that IT technicians spend a lot of time fixing minor problems for other departments. One solution could be to train key employees to be database administrators for their departments, allowing them to perform low-level troubleshooting, thus saving staff time. IT for more serious problems.
Additionally, the IT department in most companies will likely play an important role in acquiring, installing, and servicing any MIS that the company adopts.
IT professionals may be called upon to evaluate the specifications of any MIS contract and have input on programming and system capabilities. However, managers and administrators in different departments should think carefully about the type of information they require to do their jobs, how to ensure that input data is correct, and how to preserve it. protect sensitive data.