In the Big Data era, with the emergence of Machine Learning, Natural Process Language, and other superior cognitive technologies, data collection and report making with analytics and future predictions are no longer solely restricted to personal computers. The Management Information System (MIS) is an organized automated information system that facilitates the effective flow of information and performs the decision support role, performance monitoring role, and functional supporting role.
What is the MIS Report?
Management Information System Report collects the data of systems, procedures, hardware, and workforce to evaluate the daily business activities based on criteria like customer sales data, makes decisions, resolves problems and exceptions tracks the progress after the implementation of policies and regulations, and provides central storage of all the business information. The objectives of MIS reporting include data capture, data processing, information storage, information retrieval, and information propagation. It provides a concise view of various vital parameters including HR indices, revenue, order book, customer satisfaction, and attrition.
It is highly mandatory for global leaders as analytics help in integrating the data to gain better insights. In Technology Business Management, RPA ingests the data and files, provides data cleansing solutions by resolving all the errors, and generates all the reports automatically.
To improve the financial organizational capability and enhance its level of competition in the market, financial organizations should understand the dimensions of the Information Management, and clearly define and develop the resources in case of human, technological, and internal operations, among others, and manage them well across the organizational boundaries. However, establishing the link between Information System Management, planning and decision making is, at best, tricky, extracted from the Journal of Information Systems and Technology Management.
MIS Investments can support a core competency, enhance distribution channel management, build brand equity, allow company flexibility in its output level, and boost production process.
According to Management Information System for Effective and Efficient Decision Making: A Case Study, SSRN Electronic Journal, MIS has evolved into different types over time namely,
- Transaction Processing System - Automation of fundamental routine processing
- Management Information System - Processes data and converts it to information for control of operations and strategic planning
- Decision Support System - An information system that is used in analyzing alternatives, trial and error search solutions, and what-if analysis
- Executive Support System - Specially tailored person-oriented for chief executives of an organization to aid in decision making
- Office Automation System - Application of computer and communication technology to office function
- Business Expert System - Knowledge-based information system that acts as an expert in a complex application area