Role of MIS in Management Information System

Just as a military general must have an information management system in place to gather intelligence on enemy forces, corporate managers and officers need a similar information system to gather the corporate intelligence necessary to make critical decisions. Management Information Systems or MIS are used for this purpose.

Identification

• MIS is the industry standard acronym for Management Information Systems. An MIS is a system companies use to collect raw data throughout a corporate enterprise and deliver it in useful decision-making form to managers. Information is delivered to management via a graphical user interface (GUI) or "dashboard" where managers can get a snapshot of corporate performance metrics across all departmental functions simultaneously.

Function

• A critical component of an MIS is the Decision Support System (DSS). DSS is a diagnostic and analytical tool managers use to analyze and evaluate data by running 'what if' scenarios, predictive analysis and pro-forma projections.

Significance

• To compete effectively in a global economy, managers have to access information, process it and make decisions quickly. This involves managing internal operations as well as forging and managing strategic partnerships and outsourcing agreements. An MIS play a crucial role in helping managers meet this challenge.