Question

While beating yourself at your own game, how can MIS produce opportunities to create new business models? What specific tools help to make such innovations happen?

Answer 1

MIS is management information systems that is being used by many organizations. Although it is a bit expensive, it definitely gives a lot in return to the organization if used correctly. Beating yourself at your own game indicates to get successful implementing the same methods but with greater effectiveness. And MIS helps at this point, so drastically that the result would look a lot better with the same previous methods implemented. It enables the management officials of the organization to relate data across various regions, with data from previous times with the present ones. The communication between various departments will be a lot more effective and the decision making is easier.

This comparison of data, sharing of information, and analyzing the data gives a lot of opportunities to create new business models. New ways can be discovered to implement the already used methods and execute them much more effectively. For example, if sales departed in one region has not got the required results but the other region produced great result, these two regional results can be compared and analyzed using MIS and make informed decisions. A lot of complicated data will be obtained and with good technical knowledge about MIS, this data can be understood very easily and be used effectively.

The three tools that MIS provides to the user are Transaction processing system, Decision support system and Operation information system. Transaction processing system enables the user to manage all the transactions related to the organization and this is very useful to regulate the finance more effectively. Decision support system is very helpful in evaluating various ways to execute the methods, and pick the best one. Operation information system helps to regulate the inventory required and monitoring the operations throughout the life cycle of a product/service.