Essay on Management Information System

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Introduction The purpose of this report is to explain what “Management Information Systems” (MIS) is. This report will discuss how management information system helps different departments in an organization. The functions and advantages of using MIS will also be examined in this report. MIS can deliver a great number of benefits to the enterprises in every industry and it is essential to any business’ success. It involves gathering of data and processing it to provide useful information which is relevant to the company's decision making process. Since MIS is crucial to the success of any business, being knowledgeable and skilful in the subject matter is a must. What is Management Information System? “Management information system…show more content…
(Chestnut) Importance of MIS to an organization The field of MIS can deliver many benefits to enterprises in every industry. Every department in an organization has different needs for information. Consequently, management information system helps each department differently. Described below are the major departments in an organization and how each department utilize MIS: Accounting Department: Data and information are the lifeblood of accounting. It needs good quality data to yield valuable information. Management information system helps the accounting department accomplish this task. Also, professional management information system reports are created by the accounting department for accurate analysis of the business’ performance. These reports are comprehensive and assist the middle and top management in determining the right decisions regarding the finance, accounting and overall business operations. All accounting reports are important to all stakeholders of a company. (Management Information System Reports) Finance Department: Financial management information system (FMIS) is installed for timely, relevant and accurate information to support better business decisions. FMIS helps the organization integrate financial information to achieve the business’s long term strategic plan. It also helps the finance department do its major tasks like capital budgeting, cash flow analysis, investment decisions, etc. (MIS
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