A management information system (MIS) is a system or process that provides the information necessary to manage an organization effectively.

The MIS is defined as an integrated system of Man and Machine for providing the information to support the operations, the management and the decision making function in the organisation

Enhance communication among employees. Deliver complex material throughout the institution. Provide an objective system for recording and aggregating information Reduce expenses related to labor-intensive manual activities. Support the organization's strategic goals and direction.

Just like a heart to a body is MIS to any organization Destination 1 Source 1

Source 2 Source 3 Source 4

M.I.S.

Destination 2 Destination 3

MIS collects information from various sources, Processes & Sends it to the needy destinations

 MIS is expected to fulfill the information needs of:  an individual,  a group of individuals and management functionaries: the managers and the top management

Unstructured decisions More responsibilit Accountabilit

Top Level Top Manager Middle Manager Junior Manager

An Officer An Executive Officer

Strategic Planning Long Term Planning Short Term Planning

Less Responsibilit accountabilit Structured Decisions

Clerical Personnel
An Assistant Clerk

Bottom Level

No Planning

Type of people
Clerical Personnel Junior Management Middle Management Top Management

MIS helps in:

Role of MIS

Transaction processing, answers to queries, status of records and various references Providing operation data for planning, scheduling & control, Decision making at operational level Short term planning, Target setting, controlling the usiness functions. Use of management tools of planning and control. Goal setting, strategic planning, evolving the usiness plans and their implementation

SYSTEM

DESCRIPTION

ORGANIZATIONAL LEVEL OPERATIONAL

ACCOUNTS RECEIVABLE TRACK MONEY OWED TO FIRM

PORTFOLIO ANALYSIS

DESIGN FIRM'S INVESTMENTS

KNOWLEDGE

BUDGETING

PREPARE SHORT TERM BUDGETS

MANAGEMENT

PROFIT PLANNING

PLAN LONG-TERM PROFITS

STRATEGIC

Strategic planning Management control Operation Control & Transaction Processing

MIS & Support to Business

System Components Input Business System Raw materials, plant & machinery, manufacturing, selling, accounting Purchasing, manufacturing, selling, accounting Quantity of production, sales, stock, income & profit Profit Expectation of profit versus actual profit MIS Transactions of purchase, production & sales, receipts & payments Transaction processing & data processing Computation of production in numbers, sales in value, stocks in weight, income & profit in rupees Income less assigned cost Algebraic comparison module to compare income vs. budgeted income; profit vs. budgeted profit

Process

Outputs

Sensor Comparison unit

Standard Feedback

Profit Balance sheet

Budgeted profits of various products Exception reports after analysis showing products earning low profits Marketing Manager Pricing, advertising, promoting decisions

Corrective unit Decision to correct the situation Goals & objectives

Managing Director Business decisions

Business goals & objectives Provide that information which supports in achieving the MIS goals & objectives

Creates a structural database Knowledge base Information Bank

MIS brings: High degree of professionalism All this information is made easily availa le: Saves Time & Money MIS calls for: Systemisation of Business Operations: Streamlines the operations Every ody to follow system and procedure Thus Better discipline

Better Understanding of business: Common terminology Common terms Wider view, perspective Understanding how ones work affect the entire organisation Better sense of responsi ility

Definition Financial Management is management of finances of an organisation in order to achieve its objectives.

Definition A financial management information system, or integrated financial management information system (IFMIS), is an information system that tracks financial events and summarizes financial information.

Slow processing of payments Slow processing of transaction Inaccurate & untimely financial information and reports i.e. information is not recorded on real time

Inputs Strategic plan or corporate policies

 Contains major financial objectives and often projects

Transaction processing system (TPS)

 Important financial information collected from almost

financial needs.

every TPS - payroll, inventory control, order processing, accounts payable, accounts receivable, general ledger.  External sources  Annual reports and financial statements of competitors and general news items.

Outputs Financial subsystems

 Profit/loss and cost systems  Auditing  Internal auditing  External auditing  Uses and management of funds

Regulatory Requirements Written Policies & Procedures Documentation of Expenses Provide a complete audit trail to facilitate audits. Facilitate financial statement preparation.

Provide information for budget planning, analysis and government-wide reporting. Timely, accurate, and consistent data for management and budget decision-making . Matching Requirements and In-kind Contribution. Reporting. Internal Controls

CORE NON-CORE IFMIS

 Processes large number of transactions in

limited periods of time across a country wide network of offices.  Easy retrieval of financial information for decision making e.g. financial information can be viewed where transactions are generated .  Availability of basic data required for economic management in a timely manner .

Credit managers oversee the firm s issuance of credit, establishing credit-rating criteria, determining credit ceilings, and monitoring the collections of past-due accounts. As a Corporate Inventory Manager (internally knows as an Inventory Manager) you will be responsible for maintaining optimum inventory levels of assigned products as well as providing information and support regarding inventory to all areas of the company. Capital budgeting Director deals with net present value as the rule for budgeting decisions

Cost Accounting Manager function is to work closely with functional teams and provide support with relevant Cost MIS, cost analysis and cost projections. Financial Accounting Managers responsibilities include to support the financial accounting manager in ensuring to effectively manage payroll, accounts payable, accounts receivable, treasury and reconciliation. You will also support the development and implementation of financial systems Taxation Accounting Managers are responsible for operations & management audits & Indirect Taxes. The core competencies lie in the area of reviews, operational restructuring, due diligence audits, accountings & Indirect Tax compliances, planning & representation before authorities.

The VP of Finance is responsible for all budgeting, forecasting and financial reporting as well as the development of financial processes and systems for Finance Department s future business needs. This position is also responsible for the management of professional relationships with our Insurance, Banking, Investments, Auditors and Tax Planning partners.

The board of directors is the highest governing authority within the management structure at any publicly traded company. It is the board's job to select, evaluate, and approve appropriate compensation for the company's chief executive officer (CEO), evaluate the attractiveness of and pay dividends, recommend stock splits, oversee share repurchase programs, approve the company's financial statements and recommend or strongly discourage acquisitions and mergers

Business Plan Business goals & objectives Business plan & strategy Strategy planning & decisions Management plan for execution & control Operation plan for the execution

MIS Plan Management information system, objectives, consistent to the business goals & objectives Information strategy for the business plan implementation playing a supportive role Architecture of the Management Information system to support decisions System development schedule, matching the plan execution Hardware & Software plan for the procurement & implementation

ROLES OF MANAGERS IN FMIS

K ND
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S S E
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R UPS SERVED
SEN R N ERS

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DD E N ERS

KN

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KN D

ED E & RKERS

PER N EVE
S ES & RKE N NU C UR N N NCE CC UN N

PER N
HU N RES URCES

N ERS

Oracle SAP Peoplesoft Microsoft SQL Tally MS Excel Swanp

STEP 1 THE NEEDS ASSESSMENT STEP 2 CREATE A ROADMAP STEP 3 THE MODIFIED TENDER APPROACH STEP 4 IMPLEMENTATION