Answer to Question #192194 in Management for Rohit

Question

Tanishq Jewelers want to set up MIS in their organization in order to manage the information better across the organization. Can you guide them about the same along with the characteristics, components, advantages and limitations? 

Answer 1

their organization in order to manage the information better across the organization. Can you guide them about the same along with the characteristics, components, advantages and limitations? 

Expert's answer

In commerce, management information systems (MIS) are tools employed to support procedures, tasks, intelligence, and information technology. These tools convey and manage data. MIS generates data-driven accounts that support companies to make the right decisions at the right time. The system plays the duty of data generation, communication, problem detection and aids in managerial activities. The MIS assumes a critical role in the administration, management, and operation of a business. The following are characteristics and components of management information systems (MIS);

Characteristics of Management Information System (M.I.S.).

·        System Method

·        Management-driven

·        In favour of the future

·        Incorporated

·        Consistent with the organisational needs and desires

·        Shared data flows

·        Appropriate association of sub-system scheduling

·        Long-term development

Components of Marketing Information System

• In-house records
• Marketing research
• Marketing decision support systems
• Marketing intelligence systems

Advantages of Management Information System

• It supports the different data necessities of executives and the whole organization, despite the significant decision-makers.
• MIS can also form better communication flow by sealing the data gaps and motivating efficiency.

Limitations of Management Information System

·        Greatly sensitive data necessitates continuous monitoring.

·        Accounting of MIS exceedingly challenging.

·        The quality of efforts administers the quality of productions.

·        Lack of tractability to bring up to date.

·        Efficiency declines because of regular changes within the top administration.