Management information system is unique from the regular information system which is used in order to manage a company efficiently and effectively. It is regarded as a subset of internal controls procedures in a company, which covers the people, procedures and technologies which are used by the management to resolve issues like costing a product, strategy or service.
Why should a company have a good Management Information System (MIS)
To gain a better insight, align strategies and identify critical relationships and gaps along the main dimensions of the company a good management information system (MIS) is required.
Management information system (MIS) is used to set strategies and accomplish business objectives. Provides detailed information on financial statements to the management which helps in taking appropriate decisions.
To improve the efficiency and productivity, set procedures and policies need to be followed. This saves the time and the work will be completed in time. Proper MIS in maintaining the records and documents will help in minimizing the time and information delivery to the concerned will be quick.
Having a proper MIS helps in protecting the vital records and the critical company information will be safeguarded. In addition to that it helps management to take appropriate decisions required by the company.
Therefore, it is recommended to have an appropriate MIS in place in order to increase the efficiency, productivity and appropriate business decision.