A Management Information System is a set of systems and procedures that gathers and collates information from a range of sources and presents it in an understandable, readable format to a company’s management, who can use that data to provide more effective communication and devise improved systems and processes within an organisation. Here are some aspects and some of the many benefits of MIS for you to consider:

Definition – In purest terms, a Management Information System (MIS) is the study of people, technology, organisations, and the relationships among and between them. Management Information Systems are used to help businesses realise the maximum benefit from their investment in personnel, equipment, tools, and business processes.

MIS Function – All businesses need to collate and analyse accurate data, that can be interpreted to provide a more efficient way forward for a business. MIS is an information system used for decision-making and for the effective coordination, analysis, control and management visualisation of the information available within an organisation. The study of MIS involves technology, business processes and people in an organisational context – it involves the functions of planning, control and decision-making at management levels within a business.  The MIS tools are used by all management levels to compile and interpret vast amounts of relevant data for different sources to enable then to make – hopefully – better, more informed decisions quickly and accurately.

A MIS provides managers with performance feedback which can be used to provide better oversight and supervision, and therefore management, of the organisation overall. The MIS displays factual information and compares it to pre-identified results and values from previous years or business periods to track progress towards pre-established business aims and objectives.

MIS can be used to fulfil many roles within a business – tracking sales and inventory, equipment, and encompasses many types of MIS systems.

MIS Categories 

Here are some of the many different formats and categories of MIS:

• Marketing Support Systems (MSS) – These information systems create reports to demonstrate the success, or otherwise, of the various marketing and advertising campaigns your company runs, highlighting the most effective and allowing you to build upon those rather than methods producing inferior results.
• Transaction Processing System (TPS) – Order fulfilment for online stores, invoicing and all types of everyday transactions are handled by these solutions, along with other aspects such as payroll processing.
• Decision Support Systems (DSS) – Accurate evaluation of relevant business data provides management with qualified, robust information allowing better-informed decisions to be taken.
• Business Intelligence Systems (BIS) – These MIS analyse data accumulated from different sources, including those purchased from third-parties, to produce reports aiding decisions on products, services, and internal operations.
• Customer Relationship Management Systems (CRMS) – CRM systems are used to store crucial information about customers, clients, businesses, sales records and contact information amongst many other important databases.
• Sales Automation Systems (SAS) – Sales teams can benefit from these MIS that can perform many previously time-consuming and laborious tasks by producing automated emails to customers or adding online forms, thus encouraging action on the clients’ part and stimulating business.
• Human Resource Systems (HRS) – MIS allows HR personnel to accurately manage payroll, staff attendance and training records, benefits and bonus figures, along with sickness and holiday reporting, amongst other functions.

Benefits Of MIS

• Improved Data Accuracy – MIS provides a single point of accurate data eliminating many manual processes thus reducing the potential for human error.
• Improved Business Efficiency – MIS collects and analyses data that helps identify areas of inefficiency and therefore optimise processes by presenting opportunities to automate workflows and provide better streamlined, more efficient processes.
• Faster Access – The fast access to important and accurate data that MIS provides makes management of a job much easier and frees up valuable resource for other functions.
• Business Support – The data provided by MIS allows for easier planning, organising and tracking of all business tasks and helps with the decision-making capabilities and operations.
• Improved Risk Management – Data generated and collated by MIS provides the most accurate and up-to-date information trends, essential for any business looking to decease security risks.
• Business Intelligence – Business Intelligence is the technologies, processes and applications that enable an organisation to collect and collate data from both internal systems and external business sources. MIS helps with processing this data by integrating BI features and tools.
• Enhanced Service Delivery – Vital to any business is its service delivery to its customers and clients – MIS allows management to quickly access and analyse data that identifies any processes that may be inefficient and need improvement, and helps create optimised strategies leading to better customer service,

The enhanced communication between departments, management and staff, that MIS provides allow businesses of all sizes to maximise their data management strategies and improve their overall efficiency and productivity – the easy access to information helps to inform decisions and make your business more competitive. Contact us today!