MIS stands for Management Information system. It is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization.
MIS report is an overall performance report of an organization that contains information from multiple departments.
MIS reports consist of several types of reports to analyze the company's performance and plan the next set of actions.
It is a powerful system to assist decision-makers to take smart decisions. A part of this well-organized system is MIS reports, the assistant behind the decisions. The reports encompass data from all the divisions of a company, from sales to HR, to provide insights. These reports are prepared for a specific period and for a specific decision-maker. A store’s weekly sales report is for the concerned store manager while the monthly sales report of all stores is for the owner.
How do MIS Reports work?
MIS reporting gives an overall picture of all the happenings in a company viz orders, revenue generated, queries raised by customers, the performance of employees, etc. These reports will determine the performance by comparing the target achieved with the target planned for a particular period. After analyzing what's working and what's pulling them down, businesses can adopt the best practices that would give better results. This is the fundamental purpose of MIS reports.
An MIS report can be described as a system that provides important information for the management of your company. MIS collaborates with people, technology, and business processes within an organization. It also describes how the relationship with other organizations and people affect your company.
An MIS report can be described as a system that provides important information for the management of your company. MIS collaborates with people, technology, and business processes within an organization. It also describes how the relationship with other organizations and people affect your company.
An MIS report is used to highlight the day to day business activities, which enables you to monitor your organization's progress. These reports provide critical insights during decision making. It serves as a reference point to monitor your business and communication. In this new era of emerging technologies, management information systems have become a vital part of successfully running a company.
MIS Reports are reports required by the management to assess the performance of the organization and allow for faster decision-making.
A Management Information System is often simply referred to as MIS. There is the management, the information, and the system. At the heart of it, such a system is one that will provide important information to the management of the company.
The complexities of running businesses, have made us more reliant on advanced technologies which will remove any room for errors. On one hand, it accurately states what a management information system does for the management of the company. On the other hand, it cannot be overemphasized that management information systems are very important to the smooth running of a business. It is crucial that businesses opt for an automated management information system is set up for better decision-making.
What is the need for MIS?
The following are some of the justifications for having an MIS system
- Decision makers need information to make effective decisions. Management Information Systems (MIS) make this possible.
- MIS systems facilitate communication within and outside the organization – employees within the organization are able to easily access the required information for the day to day operations. Facilitates such as Short Message Service (SMS) & Email make it possible to communicate with customers and suppliers from within the MIS system that an organization is using.
- Record keeping – management information systems record all business transactions of an organization and provide a reference point for the transactions.
Components of MIS
The major components of a typical management information system are;
- People – people who use the information system
- Data – the data that the information system records
- Business Procedures – procedures put in place on how to record, store and analyze data
- Hardware – these include servers, workstations, networking equipment, printers, etc.
- Software – these are programs used to handle the data. These include programs such as spreadsheet programs, database software, etc.
Types of information system
Management information systems find their way into just about every aspect of a company. They work with the people in the company, the technology in the company, its products, and the inter-relationships between all of these on a day-to-day basis. If you implement an MIS in your company, then the levels of efficiency you could potentially achieve with it are mind boggling.
How MIS report is prepared?
Essentially, MIS reports involve preparing a condensed and indexed list of various aspects and parameters of one or more departments such as orders, revenues, workforce data, attrition details, and other HR-related data to compare it with a predefined set of matrix sets for a particular organization.
