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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, often simply referred to as MIS, can be understood by looking at each of the words that make up the name. 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.
The following are some of the justifications for having an MIS system
The major components of a typical management information system are;
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.
To obtain information on the financial position, operational performance and economic activities of the business.
To determine the financial condition of an organisation as required by shareholders, creditors and government units.
To manage the Inventory effectively since the actual status of stock items is obtained.
To utilise budgets, cost centre reports, scenario reports etc. for controlling activities.
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Guide to Business Management Software for Start-ups & Small Businesses