MIS means Management Information System, which assists a business company in detecting the bottleneck areas, errors, and red flags which may affect the company. MIS helps the company to analyze the data collected and study it thoroughly to formulate strategical solutions for the problems identified. It is a combination of software, hardware systematic procedures, and processes including storage which generates the report based on data received from different departments of the company.
Why should a company use MIS?
MIS may provide the following advantages to a company while formulating decisions during its growth period
• The first significant advantage that the MIS provides is, it generates accurate reports that the management can depend on to make specific decisions without any hesitation.
• It helps in the elimination of errors and mistakes that may occur during manual entries and it also provides accurate reports with maximum efficiency which increases the confidence of the management in the MIS reports.
• It helps the management to properly and systematically collect all the records and documents of the company and it also helps the company to save time while managing loads of financial and operating information of the company’s business.
• MIS reports help in ensuring the proper and effective flow of information across the whole company and its departments through which the management can easily identify the source of any information and it can also set accountability on its employees.
• As the complexity of management of business information is increasing with the advancements in technologies, MIS has simplified such complexities and facilitated significant management of business information.
