LO3:Types of information system

3.4 Types of information system

Ø  Management information system

A management information system (MIS) is a set of systems and procedures that gather information from a range of sources, compile it and present it in a readable format. Managers use an MIS to create reports that provide them with a comprehensive overview of all the information they need to make decisions ranging from daily minutiae to top-level strategy. Today's management information systems rely largely on technology to compile and present data, but the concept is older than modern computing technologies.

Ø  Marketing information system

A system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion. See also market information system.

Ø  Financial information system

A financial information system (FIS) accumulates and analyzes financial data used for optimal financial planning and forecasting decisions and outcomes. An FIS is used in conjunction with a decision support system, and it helps a firm attain its financial objectives because they use a minimal amount of resources relative to a predetermined margin of safety. An FIS can be thought of as a financial planner for electronic commerce that can also produce large amounts of market and financial data at once obtained from financial databases worldwide.

Ø  Human-resources information system

The Human Resource Information System (HRIS) is a software or online solution for the data entry, data tracking, and data information needs of the Human Resources, payroll, management, and accounting functions within a business. It is useful for all processes that you want to track and from which you hope to gather data.

3.5 Management information system

Ø  Features

•         It collect data
•          It provides information
•          Database management
•          Make information accessible
•          Its flexible

Ø  Benefits

·         MIS increases productivity

·         MIS enhances the quality of decision-making

·         MIS improves communication and helps develop team work

·         MIS can facilitate organizational transformation

Ø  Effectiveness criteria

http://smallbusiness.chron.com/management-information-system-2104.html

http://www.businessdictionary.com/definition/marketing-information-system.html

https://www.techopedia.com/definition/26394/financial-information-system-fis

https://www.thebalance.com/human-resources-information-system-hris-1918140

http://www.ehow.com/info_8024187_management-information-system-features.html

http://ecomputernotes.com/mis/what-is-mis/benefitsofmis