(Information week, 2010), Datacraft is a provider of IT solutions and services. These systems uses human knowledge stored in a computer to solve problems same as human beings. Input collects data from within the organization or from its external business environment. A database is a centrally controlled collection of organized data. Management level which deals with various managers with their plans and operational level that deals with the day to day activities of business. Besides this the installation charges are also huge. Looking at these three words, it’s easy to define Management Information Systems as systems that provide information to management. Output helps to make available the processed information to the user of information. Data is stored in files. It provides only relevant data to management by compressing huge amount of data. (cxotoday), NEFT is an efficient, secure and reliable system of funds transfer between accounts of customers of different banks. What is MIS? Do you have a 2:1 degree or higher? When the organization moves to implement an advanced information system the hardware and software environment becomes more complex. All physical components of a computer system compose the computer hardware. The report on Management information systems reviews the role of information systems in an organization. Alfred Sarkissian holds a master’s degree in industrial management. strategic level dealing with the top most management for their long term decisions. Three important activities in an information system are input, processing and output. (management-hub.com), The main objective of MIS is to provide necessary information to an organization so as to manage organization effectively. ( Sarkissian, 2010), A MIS is an organized system which consists of people, hardware, and communication networks and data sources that collects, transforms and distributes information in an organization. As Mentioned by chief technology officer of Lakshmi Vilas Bank which says that the speed with which they were able to provide information to internal stakeholders, customers and government departments has improved significantly. A brief description of these components has been outlined in the following paragraphs: Software is a broad term given to the instructions or programs that direct the operating of the hardware. Software can be of two types’ system software and applications. Input and Output Various physical inputs and outputs from the information system, existing in forms like printout, reports etc. collecting of data and processing of the data into information and thereby helping managers in their decision making process. Dialog generation and management system (DGMS), it provides a user-friendly interface between the system and the managers who are not experts in computer. It consists of three fundamental components: Database management system (DBMS): it stores large amount of data related to all problems the DSS has been designed to tackle. It helps to ensure better co-ordination in an organization. It also helps the top management to evaluate whether the allocated resources have been properly utilized and whether the targets are been met by each department. It had given IT security infrastructure and datacenter upgrading to LVB which will help the bank to avail the benefit of security for all their branches. You can view samples of our professional work here. (Sarkissian, 2009). Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. (lvbank, 2010). (Sarkissian, 2009), A database is a centrally managed and organized collection of data. Hardware consists of all physical components of a computer system like central processing unit (CPU), input devices, output devices, storage and communication devices. (Microsoft, 2009), The decision support system type of MIS enables management in fast decision making process by providing tabular and graphically representation of information. (Laudon, 2006), Information systems consist of three important activities which provide information to an organization to make relevant decisions, to control operations of an organization, to identify problems and to create new products and services. MIS cannot be use independently in an organization. (lvbank, 2010), Internet banking allows customers to do their financial transaction from secure website of bank. Company Registration No: 4964706. A management information system is a computerized system (Sarkissian, 2009) that is designed to provide useful information to an organization which will help them to make decision so as to attain their short term and long term goals. An MIS manager needs a combination of both managerial and technical skills. Application is developed to achieve a specific task. MIS is a useful tool for management for making effective decisions for an organization. (Vitez, n.d), MIS helps in effective decision making through review of all the processes and operations of an organization and proper trained employees are important for MIS implementation. (expressindia, 2001), MIS has help bank to savings in many forms. It helps management in their decision making process by providing useful information to them. Database helps to reduce duplication of data as it is centrally managed data one data can be store at one place avoiding redundancy and duplication of data. (lvbank, 2010), Lakshmin Vilas bank also provides SMS banking to their customers. Besides various benefits there are some limitations of MIS like MIS cannot be independently used in an organization. Management information system is a computerized system of providing information to the manager so that they can take long term and short term decisions in an organization. On an average each person saves almost 3 hours a day leading to huge savings in people cost. It also help managers to take decisions about the manpower which will be require in the production and assembly processes. *You can also browse our support articles here >. Physical Structure of Management Information Systems, Advantages of Management Information Systems, Disadvantages of Management Information Systems, Management Information Systems in Banking. MIS integrates all information and ensures that each department is aware of the problems and requirements of another department and thus leads to co-ordination in an organization. The bank provides its banking services to several customers through a network of 271 branches and 168 ATMs spread over 14 states and one union territory. (Moorty, 2009), For example the organization can compare actual and projected sales and can take necessary steps to improve their sales performance. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. Information system performs the functions of processing of input into output .i.e. (Pirraglia, 2010), Today Competition is very strong in any industries. An MIS helps decision making by providing timely, relevant and accurate information to managers.
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