“Data” in an organization is recognized as the gathering of various facts and information about the event. The gathering of data is the unprocessed simply defines that an unprocessed and unorganised form which could not offer meaningful purpose such as age, price, name etc. On the other hand, information is recognized as a well organization, meaningful and well processed form of data collection from the raw data (Weston and Brigham, 2015). The information could be utilized by the end users to make the decisions and reach over a conclusion such as employee record etc.
Accessibility, Relevance, Comprehensible:
In an entity, it becomes quite important for the business to assess the information and offer it to all the departments in order to assure that the relevant information could be reached to each of the staff of the business and the function and operations could run easily in the business. The information provided to each of the department must be comprehensible, that means clear, structured and well organized so that the quick decision could be made without any kind of error (Weaver, Weston and Weaver, 2001).
Timeliness, Accuracy, Current:
Further, it also becomes important for the manager of an entity to offer the information timely. The information must be provided at the time of need so that the proper use of information could be done. Further, the current state and the information should be accurate so that there is no chance of error.
Adequate, Reliable, Cost effective:
A manger is required to assure that the relevant information of the business is provided to the each of the department. It is the duty of the business to assure that the information provided by the company is enough adequate, reliable and the cost consumption of the business is reduced so that the economical and financial performance of the business could be improved.
In an entity, data and the information are the valuable assets which is used by any of the organization make the decisions and run the activities of the business properly because of the fact that the information are the only basis which helps the business to reach over a conclusion. It is important for the information to be accurate, reliable, and consistent and validate so that the better information could be evaluated by the managers and a better conclusion could be made accordingly (Laudon and Laudon, 2016). There are various criteria on the basis of which data could be selected in an organization:
OODA loop explains that the information must be selected by the organization after observing the data, orient the observed data, decide and set an act. This method makes it easier for the business to adapt the continuous changes and improve the performance of the business in the market. This method explains that when an organization response late towards the data than the true meaning of the information get lost (Madura, 2014).
DAC (Decision action cycles):
Decision action cycle depicts that making the decision is the continuous approach in the business so it becomes important for the business to evaluate the data and set the information in such a way that it could be used by the business again while making the new and next decisions. It has been observed that all the decisions are based on some action and thus that action must be represented in better way in the organization.
Shearing layers:
Shearing layers concept explains that a building is composed along with the help of several layers of change. This concept defines that a decision could not be made with the help of few components. It is important for the business to measure all the available data to gather the relevant information so that the better decision could be made in the business. (Moles, Parrino and Kidwekk, 2011)
The management information system is function of management which helps the business to become more efficient, monitor and track the business performance at better level. The impact of management information system on an organization is as follows:
Increasing productivity and creativity:
Management information system makes it easier for the business to offer the proper information to each of the department to assess proper resources. Through using this technology, it becomes easier for the business to manufacture more products and offer more services in lesser time.
Strategic information resources uses:
In the MIS (management information system), a business’s strategic information resources help the business to bring new innovations and improve the productivity of the business. The strategic information resources and the management information system (MIS) improve the resources in non profit organization and business strategies (Lord, 2007).
Developing policies:
MIS assists the business to improve the pros from the widespread use of the information technology and he possessions in developing the strategies which includes plan, evaluation and implementation of the companies.
Understanding the tool of ICT to assess the information:
The ICT tools are the common used sources in order to assess the information of the business so that the quality of the information could be maintained and it could be communicated properly to each of the department of the business.
Manage the internal, external and corporate information in an organization:
MIS efficiently and systematically administers the internal information such as quick processing, external information such as customer needs and choices and corporate information such as brand names etc of the organization staff (Radebaugh, Gray and Black, 2006).
Information sharing in the area of the organization allows the employees of the business to work as a team so that the new ideas, inspiration, discussion etc could be found to solve the critical problems of the business; the information sharing improves the general efficiency of the business in context to the products, employee’s customers, policies and the competitors.
Confidentiality:
It is important for the business to take special care of sourcing, sharing and storing the information in such a way that the data protection act could be compliance properly. Information about the employees and the organization should not be disclosed without the consent of the business and the staff (Lumby and Jones, 2007).
Authorised access for information:
Any kind of data, information and the software which has been used for collection and storing the information must be based under the software protection act. It explains that using the work of someone else must not be authorised by any of the organization where it belongs.
Legislative requirements:
In case of legislative requirement, the sourcing, sharing and the storing of the information must not breach any kind of condition i.e. all the operations and the activities of the business must be according to the conditions and terms of contract (Schlichting, 2013).
Data protection:
The protection of the data must be done in proper way so that the reliability on the information could be done.
Individual Rights-Personal data:
Personal data of any of the organization must not be shared by the organization without the consent of the employees and the internal management of the business.
Principles of Data protection Act 1998 (DPA):
The data protection act, 1998, explains that the information should be fairly and lawfully processed, adequate, relevant and not excessive information must be reported in the MIS, information must be accurate, processed information for the limited purpose etc. these principle make it easier for the business to store the information.
ISO standards for data protection:
ISO standards are a specification for management information system. It is a framework of procedure and policies which include all the legal, technical and physical controls that are involved in the processing of management information of the business (Horngren, 2009).
Freedom of information Act 2000:
Freedom of information act, 2000, generally offers that any person who has the right to access the federal records of agency or the information except to the extent of the protected information.
Information accessing, obtaining and processing must be on the basis of the data protection act that offers right to the individuals, organization and government to understand that which information has been held about them and what is the main point of information holding as well in order to assure that all the personal information is held properly (Hillier, Grinblatt and Titman, 2011).
Fairly and lawful process:
This is the first principle that the personal data of an individual and organization should be processed in a fair and lawful manner. It explains the individual, organization etc are permitted to process the personal information for any legal and legitimate purpose.
Process for limited purpose:
This principle explains that the personal data must be processed and obtained by the companies for legal purpose. If there is any other purpose, than it is the right of the data subject to know about the purpose.
Adequate, relevant and none excessive:
It explains that the personal data must be relevant, adequate and none excessive in terms of the purpose it has been obtained and processed by the business. It must ensure that the data subject is appropriate to the particular reason and it is not necessary (Jiashu, 2009).
Accurate and up to date:
Personal data of an individual organization must be up to data and accurate if necessary. It explains that accuracy of the data must assure about the accuracy of the data.
Secure:
Proper security must be there while obtaining and processing the information of the data subject so that the trust could be build and appropriate measures could be applied.
Data transfer:
Personal data of the business should not be transferred exterior the European economic are i.e. outer surface the territory of the country.
Electronic / manual:
In the format of electronic system, information and the details about the organization are provided through electronic way such as excel sheet, data bases, e mail, MS Word file etc. whereas in case of manual information, all the information are provided on papers. Electronic format makes it easier to access the correct information in no time whereas there are huge chances of error in manual format (Kaplan and Atkinson, 2015).
Libraries format:
Libraries are well structured and organized data storage system which is used in the electronic systme to hold the folders, data files, recordings, videos and pictures in proper way. The electronic libraries make it quite easier for the business to obtain and process the information.
List of individuals:
List of individuals could be produced manually or in computer which contains the detail about the managerial sop, organization’s employees and other response staff of the business. It makes it easier for the business to allocate the task and monitor the individual performance in the business.
Folders:
It is a kind of container which is used in the computer system to organize the folders, files and programs on a disk in graphical user interfaces. It is mostly represented in the graphical image of file folder of the monitor. It helps the business of characterise and differential the different information of the business (Kinsky, 2011).
along with the help of the information system, it becomes easier for the organizations to recognize and forecast the trends and patterns in all the factors of the industry such as competition, market, customer demand etc and in the basis of these information investigation, it becomes easier for the organization to make better strategic decisions.
The market:
Information investigation arrangement evaluates the information which has been gathered from the market and based on the organization analysis so that the product equality, productivity, product price etc of the business could be decided and new products and future plan of the business could be launched in the market.
The competition:
Information analysis system evaluates the data from the market in order to decide the product price, quality improvement, advertising investment, facilities to customers, shareholders and other stakeholders so that the competition level could be reduced with other entity in the industry.
The state of economy:
Information analysis system evaluates the data from the economy of the country in order to measure and make various decisions about the micro economical factors such as the available resources, proper use of material, reduction in the manufacturing time, reduction in the manufacturing defects etc (Krantz, 2016).
Legislative development:
Information analysis system evaluates the different legislative information of the organization which is fully compliance with the data protection, international law and legal rights. It helps the business to take legal steps in the market and set a competitive performance in the market.
Customer demands:
Information analysis system evaluates the data which has been collected from the market, economy and from the customers to measure that what is the current demand of the customers so that the same product could be produced by the business to improve the overall performance of the business (Kurth, 2013).
SWOT:
SWOT analysis tool is one of the common and most used tool and technique to evaluate the internal as well as external factors of the business. It measures the internal strength and weakness and external opportunities and threat of the business in order to identify the non financial performance of the business and make better decision about the performance of the company. SWOT analysis bases on the discussion and the point of view of economist and it is one of the steps to make planning for the business. The result is used by the business to identify the strength such as product quality, cost leadership, market share etc of the business and weakness such as developments are required, lower product quality etc. Same goes for the opportunities and threat of the business. At this point, the evaluation is done on the macro economical level to measure the overall performance of the company (Gibson, 2011).
CSF:
Critical success factor is also an approach to make decisions and reach over a conclusion about the organization and the processed information of the organization. There are huge numbers of key aspects which are required for the business to be successful. These factors enable the business to meet the common goal of the business.
Data mining:
Data mining is a data analysis process which evaluates the information on the basis of different perspective so that the relevant information could be measures and a better decision could be made by the business to improve the overall performance of the business.
Data driven DSS:
Data driven DSS is commonly used in the business to make decision about the staff, product and services of the business. The utilize of this structure for a particular need by spending the query on the portal which then offers the better and particular information to the relevant party and the data subject. This data base has been actability to reply to the query and offer valuable result from the existing data base of the comapny (Higgins, 2012).
Information resources:
In business setting, information resources are among the most precious resources which are used in any organization to collect information and set the authenticity of the information in the organization. The basis of this information could be customers, organizational employees and other organization but some criteria must also be used such as accuracy, validity and clarity in the business.
Technological resources:
In order to process the organizational information, analysis tool should be available to staff and the managers of the organization, through using these resources, production time, cost and communication of the business improves and it helps the business to improve the overall performance in the market (Brigham and Ehrhardt, 2013).
People resources:
The managers and the employees of the business are main part of the business in order to evaluate the data and offer the internal data related to the manufacturing, stock, cost etc of the business. In the entities, people are trained enough to operates the information technology and software of the business to that the performance of the business could be maintained and the overall performance of the business could be improved (Lee and lee, 2006).
For better and high level of management information system, an organization is required to utilize the different information evaluation method in order to assure that reliable, trusted and qualitative information system of the business could be managed.
Governance:
data governable defines the management in the organization, the data governance of a business makes sure that the availability, integrity, usability and security of the employed data could be managed, a governing bid runs a well organization program of data governance to assure the plan and process of the business and improve the overall function and activities of the business. Mainly, there are three key elements of successful data governance in a business which are ability to use the information at perfect time, information should be reliable enough and the information must be trusted by the business to drive the operations (Gapenski, 2008).
Autonomy and control:
Management information system makes it sure for the business to have a control on all the information of the business, the employees of the business and the third parties. The business makes a control over all the information and share the information only with the consent of the related parties to other party so that the reliability could be maintained in the business and the overall goal of the business could be met.
Performance and viability:
the management information system makes it easy for the business to evaluates, measure and identify the relevant information, files, folders etc in no time so that the relevant information could be measured and a better decision could be made along with that quickly. It assures the better performance and the viability of the business in the industry (Brigham and Daves, 2012).
Organisational integrity and monitoring for trust:
Management information system makes it sure for the business to have organizational integrity and does not share the private and personal information of any employee with anyone along with that, it also monitors the trust of the employees in the business. The business makes a control over all the information and share the information only with the consent of the related parties to other party so that the integrity level of the business could be maintained in the business and the overall goal of the business could be me
Set objective of process on organization:
The information system of the business permits the decision maker n the organization to set the objectives sand develop the plan in order to allocate the resources required in the business to achieve the meet the common goals of the business. Hence, the top level management of the organization is beneficial from the information analysis in order to plan the strategies (robson, 2015).
Measure the goals of the business:
The information system allows the business to evaluate that whether the desired goal of the business has been achieved because of the information system or not, In case of failure, the information technology process is refined with utilization of more resources, expertise, investigation etc to assure the expected result has been achieved by the business. GAP analysis is mainly used n the business to identify that whether the goal of the business gas been achieved or not.
Identify the reason behind the variances in the business:
The variances are the different among the actual result and the expected result of the business, the performance diagnosis of the business is done in the organization through applying the proper methodologies in the business. Each process of the business is judged thoroughly weather the process of the business has been run smoothly and would complete the entire process successfully (Laudon and Laudon, 2011).
Revise and implement the new approaches to modify the goals:
If there is any mistake in the entire process of the business than it becomes important for the business to revise and reset the performance of the company. Sometimes the desired achievement of this affected because of the new approaches and changes in the business. The ASHEN factors have been used for the assessment of quality knowledge at the below described points:
These factors are important in the business to make the decision about the direction and the right place of the business. It makes it easier for the business to make better decisions. It helps the business in finding the solutions in an appropriate manner, problems, judgement of the task, finally allowing the end user to learn the different approaches in order to get the desired task of the business.
References:
Brigham, E. and Daves, P., 2012. Intermediate financial management. Nelson Education.
Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice. Cengage Learning.
Gapenski, L.C., 2008. Healthcare finance: an introduction to accounting and financial management. Health Administration Press.
Gibson, C.H., 2011. Financial reporting and analysis. South-Western Cengage Learning.
Higgins, R. C., 2012. Analysis for financial management. McGraw-Hill/Irwin.
Hillier, D., Grinblatt, M. and Titman, S., 2011. Financial markets and corporate strategy. McGraw Hill.
Horngren, C.T., 2009. Cost accounting: A managerial emphasis, 13/e. Pearson Education India.
Jiashu, G., 2009. Study on Fair Value Accounting——on the essential characteristics of financial accounting [J]. Accounting Research, 5, p.003.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Kinsky, R. 2011. Charting Made Simple: A Beginner’s Guide to Technical Analysis. John Wiley & Sons.
Krantz, M. 2016. Fundamental Analysis for Dummies. London: John Wiley & Sons.
Kurth, S. 2013. Critical Review about Implications of the Efficient Market Hypothesis. GRIN Verlag.
Laudon, K.C. and Laudon, J.P., 2011. Essentials of management information systems. Upper Saddle River: Pearson.
Laudon, K.C. and Laudon, J.P., 2015. Management information systems (Vol. 8). Prentice Hall.
Laudon, K.C. and Laudon, J.P., 2016. Management information system. Pearson Education India.
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Madura, J. 2014. Financial Markets and Institutions. Cengage Learning.
Moles, P. Parrino, R & Kidwekk, D,.2011. Corporate finance, European edition, John Wiley &sons, United Kingdom
Radebaugh, L.H., Gray, S.J. and Black, E.L., 2006. International accounting and multinational enterprises. New York, NY: John Wiley & Sons.
Robson, W., 2015. Strategic management and information systems. Pearson Higher Ed.
Schlichting, T. 2013. Fundamental Analysis, Behavioral Finance and Technical Analysis on the Stock Market. GRIN Verlag.
Weaver, S.C., Weston, J.F. and Weaver, S., 2001. Finance and accounting for nonfinancial managers. New York: McGraw-Hill.
Weston, J.F. and Brigham, E.F., 2015. Managerial finance. Hinsdale, IL: Dryden Press.
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