Management Information System or MIS provides reports to managers in custom formats which is most appropriate for their specific use. It helps in the planning, controlling and decision making at the management level. A good MIS has to be adaptable; it should grow with business needs. It should be flexible; its individual parts should be independently upgradable without disrupting the entire system.
MIS is a unified integration of man, machine, and procedures to extract information from data and present it in a way that helps in efficient decision making in an enterprise. MIS provides valuable information on resources, budget, new products, acquisitions, tactics etc. A typical MIS is designed to study and analyze data from multiple perspectives.
MIS presents information in custom formats to different users for effective usage. While a salesman's screen may display his weekly productivity, a sales manager's screen might display a pie-chart displaying contribution of each salesman based on the same data set, while an accountant's screen may display earnings by each salesperson, again based on the same dataset.
MIS is used by the organizations to obtain the essential management information which is used for decision-making by the business managers and marketers.
Data Processing
Beneficial for processing the captured data required for management information. It includes the activities like comparing, calculating, sorting, etc. in data processing.
Management Oriented
It is designed on top-down model to address the information management needs at different levels of the organization. Helpful for managers for improved decision making insights.
Storing Data
It stores all the processed or unprocessed data of organization's records for future use. MIS stores the data in organized manner into records, fields, files and database.
Easy Integration
It makes the organizational work easy and accurate by integrating all functional and operational activities related to the management processes of the enterprise.
Information Retrieval
Information can be retrieved by various users from MIS store. The management users can retrieve the data and process it again as per their requirements to meet the exact demands.
Quick Knowledge Management
Whether it is automatic versioning or full-search capabilities, this feature does all the things that capture tacit knowledge.
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