Companies have been using various database and software for the development in the market. They have invested a lot in these old information system called as legacy system. As strategies used in businesses have been changed over years, these legacy systems have been modified. However, it has not been able to meet all business requirements. Therefore, new management systems including Management information system (MIS) and knowledge management system (KMS) have been introduced in several business organizations.
This report has been focused on difference between MIS and KMS with using two companies and their utilization of these management systems. There has been a MIS solution provided for a medium company offering either products or services. Porter’s five forces have been applied on bank for providing recommendation for improving IS collaboration in collaboration with mobile devices.
Management Information system (MIS) has been referring to discipline including applications, technologies and processes for solving various problems in businesses. MIS has been a planned system of storing, collecting and disseminating data in the form of information needed for carrying out the functions of management. On the other side, Knowledge management systems (KMS) have been important technologies that helps in supporting Knowledge Management in several organizations including knowledge generation, codification and transfer. The major differences between both systems have been interplaying between knowledge and information. In the perspective of organization, information can be gathered and shared with each other, however, knowledge cannot be managed as it relies in individual’s mind. KMS creates suitable situation for development of knowledge in the company. MIS refers to an integrated system between man and machine that helps in providing information for supporting operations and decision making functions in the organization (Laudon and Laudon 2016). It involves an environment including system of organization and interaction with other organizations. MIS has been capturing data form various internal and external sources of company. Gathering of data form various source has been an important function of MIS. It helps in storing data and information for future use. Analyzing of data and information has been an important feature of the MIS.
The knowledge of the organization has been stored in these system that helps in the development of the organization. The utilization of knowledge management in companies have been widely recognized and expected to be a critical part of organizational practices in the future (Al Shobaki and Naser 2016). The knowledge management systems have been constituted with three activities including Knowledge sharing, knowledge generation and knowledge codification. These activities have been based on personal and formalized knowledge. This process used to begin with enhancement of individual knowledge by experience and supporting knowledge.
Therefore, both MIS and KMS have been working for development of organization in different ways. MIS has been collecting and storing different data from several sources of organizations. The use of MIS help in expanding business in different places with the use of the data sources. On next side, KMS has been focusing on the knowledge base of the company in the market. The KMS helps in involving all resources of the company at a single point for the development of company in the market (Galliers and Leidner 2014). Various global attributes of organization have been monitored based upon the hierarchical level of the company. The theoretical development if the company has been depended in the availability of knowledge gained by company in the market. Therefore, knowledge base of the company has been an important part of enhancement of strategies of companies in the market. KMS has been helping in creating knowledge networks in the company. This system has been greatly influenced by power and authority in the organization.
MIS systems have been helping in maintaining data centric to the development of the company. MIS helps in revealing various information from different stores and users. There are various companies using the MIS system in their operations for their development (Valacich and Schneider 2015). Doha International Consulting Company has been using these services for their development in the market. This company has been using software named as OFSY, which is an online Office Management Software Suit that has been designed for simplifying work processes. It has been helping in managing organizational staff and eternal contacts in the market.
Various information regarding human resources, accounting, financial and asset management has been gathered by use of MIS in the company. The supply chain management of the company has been maintained by management information system used by the company in the market. The use of the MIS has been of great use in the development of the company. Human capital management software suit has been one of the human capital management that has been helping organizations in linking strategies, performance, people and compensation planning for executing track measurement of various strategies used in the company (Kerzner and Kerzner 2017). There has various functions of MIS in the Doha International Consulting Company including documentation of system requirements, designing specification of various system applications, establishing workflows of processes, integrating relationships in process relationships and monitoring system outputs.
Qatar General Electricity & Water Corporation have been using Knowledge Management System in their company for utilizing various services provided by the system. It involves an environment including system of organization and interaction with other organizations. This system has been greatly influenced by power and authority in the organization. The knowledge of the organization has been stored in these system that helps in the development of the organization. The firm has been maintaining their databases management knowledge using these systems. Therefore, the data stored in databases has been properly managed with help of the KMS (Wager, Lee and Glaser 2017). The use of knowledge of employees in the company has been helping in development of company in the market.
The medium and large business organization have been focusing on implementation of information system in the business organization. MIS solution has been helping in providing growth oath of the Business Company and estimated results in the future based on past experiences. The use of the MIS solution has been helping providing strategic system at various levels of business organization. The concept of the MIS has been evolving in recent years in the companies. It has been helping in providing information for the managerial activities in the companies. It has been the key factor for taking decision in the business organizations. MIS has been the subset of all planning activities and technical challenges in the business organization (McPherson and Pincus 2017). The concept of MIS has been helping in maintaining a keen approach to the development if the business organizations. MIS has been supporting top management of the organization for focusing on the decision making approach of the company in the market. The evolved strategies have been implemented with the help of MIS solution (Hitomi 2017). The MIS solution has been focusing on resources, needs, costs and quality for deciding a cost effective approach in the business organization. The database of the medium and large organization has been increasing in a daily basis due to various data sources. MIS solution has been integrated in the organizational strategies. The organizational culture of medium and large companies have been developed in the MIS solution integration. Planning has been the key for success of MIS solution in the organization. Planning of each strategies in the organization has been helping in maintaining keen approach to the development of the company in the market. The use of the MIS solutions have been helping in providing plan for the growth of companies.
The organizational information system has been related to planning, designing and executing various processes. MIS primarily refers to sophisticated and dynamic evolving of commercial values. There have been huge number of programmers and system analysts employed for the organization to maintain the MIS integration in the organization. The functionality of MIS has been related to the information and decision making system for the business organization (Natek and Zwilling 2014). Modern information relies on the management information system that helps in monitoring different activities of organizations. The MIS solution helps in satisfying needs of different systems including decisions support system and modeling. It helps in initial planning and management control processes in medium and large organization. Therefore, MIS solutions have been related to the procedures utilizing information system infrastructure based on size of an organization for supporting decision making skills and ability of top management level.
Threat of new entrants to the industry
It deals with the threat of new possibilities eroded by new competitors. The extension of this threat depends on existing barriers to entry from existing competitors. Qatar Central bank has been one of the largest bank in Qatar. Therefore, it has high brand value in the market. The banking sector has been able to create a high entry barrier in the market. The minimum budget for initiating a new business in the market has been high (Xiaojun 2017). Therefore, there has been least chance for entrants of new competitors in the market.
In banking industry, the bargaining power of buyers has been high as there are many other banks and investing firms in the industry. In this case, the power of buyers can push the market value downward and prevail better quality of services on the market. Therefore, buyers have been getting more than options in the banking sector. There are other competitors of Qatar Central bank that has been helping on increasing the power of buyers in the market.
Generally, it refers to how frequently suppliers can affect and rise up the prices in the market. Bargaining power of supplier is high when there are some strong and large suppliers available in the market. However, in the banking industry, bargaining power of suppliers has been high as there are high supplier in the market (Galegher, Kraut and Egido 2014). The bank used invest money of customers in the market. These forces have been establishing the strength of a competition and productivity of the bank.
Different firms in the industry has been providing their products and services in the market. In the case of the Qatar Central bank, the services provided by the bank has been of high quality that has been appreciated by customers (E. Dobbs 2014). However, there have been various competitors in the market, therefore, the threat of substitute services have been high in the market. The bank has to focus on its services provided to the customers.
Rivalry has been a competitive struggle among various firms in the market. The competitive rivalry has been high in the banking industry as there are other banks in the market. The operational strategies of the Qatar Central bank have to be specific so that it can gain competitive advantage in the market (Porter and Heppelmann 2014). It can be have updated services with proper allocation of resources in the market. This might help in gaining competitive rivalry in the market.
Information system has been playing an important role in the banking industry. The use of the IS has been helping in maintaining a keen approach in the development of the bank. The utilization of IS has been helping in storing data and information over the internet. The management of data and information has been becoming digital with the use of IS (Zhao et al. 2016). The customer database has been centralized with the help of the IS that help in gathering and assessing data in a proper manner.
Online collaboration has been helping in using Internet banking in the market. Customers are able to make proper updating of their bank account at their home using the Internet. Web 2.0 has created a revolution in the internet technology (Indiatsy et al. 2014). It has to change static content into dynamic content web pages. Customers will be able to update their bank account automatically if any transaction occurs.
Social networks and mobile devices have been helping in promotion of services provided by the bank in the market over the internet. The use of the mobile devices have been helping customers in accessing their bank account and other services from their mobile. The concept of mobile banking has been helping in providing extra benefit to the customers. The popularity of mobile has been helping in engaging customers to the banking services and making easier interface to use their bank account.
Security has been important factor in the banking services. The use if the technologies in the bank has been helping in enhancing the security of the data and money of the customers. The IS has its own security protocol and authorization technique that helps in protecting data and money of the customers. The use of online banking has been protected with login credentials including login id and passwords. Along with, there is an OTP (One Time Password) generated in the registered mobile number during login (Galegher, Kraut and Egido 2014). This has been providing high security to the account of the customers in the bank. The mobile devices have been secured with personal passwords and also online bank applications have been provided with their passwords that help in providing extra security to the mobile banking access.
Conclusion
It can be concluded that use of MIS and KMS have been beneficial for the development of organization. Both systems have a different approach to its procedural activates. MIS depend in the collection of data for ensuring decision making system and KMS refers to knowledge allocated to the employee in an organization. A proper MIS solution and its impact on the development of medium and large company has been discussed in the report. Application of Porter’s Five forces on a bank has been illustrated in the report. The supply chain management of the company has been maintained by management information system used by the company in the market. The use of the MIS has been of great use in the development of the company. The impact of social networking, mobile devices, online collaboration and Web 2.0 have been explained in the report. The use of mobile devices and other technologies in the bank have been discussed in the report.
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