Role of Management Information System in Business and Industry
Journal Title: International Journal of Humanities and Social Science Invention - Year 2017, Vol 6, Issue 7
Abstract
Complex factor of survival force modern business to shift their primary focus from mere ‘profit’ to ‘gaining competitive advantage’ in their respective markets. Effective and efficient strategic decision making by ensuring that the right kind of information reaches the right person in the right format at the right time determines the market position of any business. Management Information System is a rapidly evolving IT based system that continuously create information from raw data collected from various sources and compiles individualized reports of various kinds which helps different levels of management in informed strategic decision making. MIS, oriented with rapidly evolving technology surrounding AI aims at maximum automation of business processes. This paper discusses the role of MIS in the success and survival of modern business and industry. The evolution of modern dynamic MIS from its Traditional manual version – IBM Mainframe based – to the latest cloud based MIS services are discussed along with the Framework and Components of MIS. The role of MIS in business and industry is examined in detail. It begins with the investigation into the information requirements of modern business. Discussions on the general types/ divisions of MIS and how it caters to various information requirements of a typical business follows. Application of MIS in existing organizations and its significant applications for various levels of management and other key stakeholders are also discussed. With the current global economic turmoil, the need for increased efficiency and to enhance maximum productivity make the study on MIS relevant than ever before.
Authors and Affiliations
Princy P James
Keywords
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