Why Management Information Services?

by pateluday

Management Information System is a collective term used for the computerized management of accounting and databases. MIS is a network of application software and hardware systems

The business paradigm changed with the arrival of computing systems and later on the advent of the Internet. While new concepts were emerging the application was gradual as the corresponding web development took its time.

The businesses were aiming to fully computerize and automate various functions or processes. This was to be followed by the centralization of all aspects of tangible functions for easy management and quick data retrieval. Stand-alone computers aided by application software were not enough for unified systems but the integration of networking systems brought about a revolution.

Management Information Systems (MIS) soon became indispensable for enterprise management. Information could thus be supplied to the hierarchy of CEO, managers, and executives with requisite permissions within an organization.

MIS System
MIS System

Data Driven Paradigm

Business Management Decision Making

In the cut-throat business environment, the ecosystems are rapidly integrating new paradigms due to emerging technologies and out-of-the-box concepts. Efficiently managing day-to-day tasks and the right decision-making impacts well-chalked-out strategies. Contracts are gained sales made or lost purchases may falter and manufacturing or trade may be impacted if the management at the helm is clueless about the backend processes. The eventual outcome of the collective failure is higher cost, less production, workforce negligence, and ouster from the competition.  

Why? 

Businesses have become data-driven, and data on the fingertip makes all the difference. When you make a deal you know what is your backup. When you chalk out a strategy, you have figures in hand, and the knowledge of past impact certain actions have led to.  

Data on hand plays a major role in decision making which is a make-or-break action. Businesses cannot survive without making the right decision, and this cannot happen all the time by calling an executive accountant or turning pages of bulky ledgers.

The answer is a consolidated management information system with automated record-keeping and retrieval whenever required. We have already taken the formation of MIS into the account earlier but what makes MIS System work in a customized manner?

It is the application software or tools that customize and dress up MIS as per the need and nature of your business.

Tally Solutions
Tally Solutions

What are application softwares?

Business Process Management using MIS

Application Softwares are computerized business process management programs that manage various aspects of the business. The major benefits of application management software are the role they play in accounting and the storage of information in a customized manner.  The enterprise accounting software not only keeps accounts of day-to-day happenings they also help with regulatory compliance that the tax structure and other rules and regulations demand.

Since application software is not of much use as a stand-alone, hence they should integrate with the MIS completely. This helps in information retrieval through one window. In a secure and customized MIS, selected information is passed out to key persons with the permission of the administrator.  We have seen this in Google Search Console, and Google Analytics. Controlled information dispersal is a common practice in all businesses.  This prevents the misuse of data with information in the right hand. 

Hence MIS is a comprehensive unit comprising computers, software, hardware, integrated applications, and network support. 

MIS Tool
MIS Tool

Tally Accounting Software

MIS Integration

One of the finest examples of enterprise accounting software in India is Tally Prime. Produced by Tally Solutions based in Bangalore it is the mother of all accounting functions.  Tally Prime is the latest version among a series of accounting and enterprise management versions introduced earlier. Hence it is most comprehensive with GST compliance and e-invoicing features.

The application is useful in:

  • Banking 
  • Inventory Management
  • Accounting
  • Financial Management
  • Cash Flow Management
  • GST/Tax 
  • Multitasking
  • Advanced Customized Reporting 

Tally Solutions is a futuristic company that keeps on rolling enterprise accounting software in India. It has the largest subscriber base in the country and caters to small businesses and MSMEs as well.  It channels its products through a number of channel partners or a chain of Tally dealers in India. 

The product integrates with Biz Analyst and cloud services to provide data on mobile anywhere anytime. It is customizable into desired data reporting using F1 MIS. F1 MIS Is a custom MIS reporting tool developed by Metavision Technology based in Mumbai in India, 

Updated: 11/28/2022, pateluday
 
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pateluday on 11/29/2022

No stand-alone computers will never go out they are excellent for personal use with Internet connectivity.

DerdriuMarriner on 11/28/2022

The second sentence in the second paragraph indicates that "Stand-alone computers aided by application software were not enough for unified systems but the integration of networking systems brought about a revolution."

The first sentence in the second paragraph under your second subheading, What are application softwares? Business Process Management using MIS, mentions that "Since application software is not of much use as a stand-alone, hence they should integrate with the MIS completely."

Will stand-alone computers become archaic, something somewhere in a cobwebby, dusty back-room or in a technology museum?

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