Management Information System in Business
Why do you need Management Information System to solve Business Problems?
The business environment is changing on a daily basis. The competition is everywhere from cost cutting to marketing strategies. To maintain competitiveness, management must improve the efficiency of operation without scarifying the quality of products and services. To achieve this task, making timely and correct decision is the key to success. Since good decision making requires quality data and timely information, a Management Information System is specially designed top provide information on a timely basis. An MIS also provides different types of information based on user’s need to improve effectiveness and efficiency.
What Computer Technologies Are Available For Business?
Information systems are used in all business domains. For example, finance uses information to forecast revenues and maximize investment, make selections on stocks and even predict bankruptcies. Accounting uses information systems to record transactions, prepare financial statements manage cash flow and predict profit or loss. In marketing information systems are used to develop new merchandise and services, for customer segmentation, to determine the locations for production and distribution facilities, to develop formulate price strategies, and even to develop the promotion policies. In manufacturing, information systems are used to process customer orders, develop production schedules, design new products and test product quality.
In addition, network technologies allow users to share information and other resources. As a result, information retrieval can be more efficient and readily available. Current Internet technology provides businesses with a variety of external business information requires. With the impact of Internet, intranet becomes another new technology popular for business. An intranet is a small version of Internet in one organization. It provides almost the same services as the Internet but with better security and privacy. Artificial intelligence technologies are also applied to business functions. Neural networks have been used to predict the stock and bond markets. Expert systems are used to help managers with financial environment to improve the quality of services and products.
Management Information System in Business
