Business Analytics Implementation Plan Part 2

Business Analytics Implementation Plan Part 2

Introduction

Management information systems (MIS) have far reaching benefits that require the exploitation of their capacities if the merits are to be realized (Shmueli, Bruce, Patel, Yahav & Lichtendahl Jr, 2017). The information systems are vital in processing the data from the organizational inputs to help generate information that critical in making not only operational decisions but also long-term strategies. Wallace (2012) contends that the effectiveness of an information system can be increased through utilizing them in new and different ways of adding more data to enhance the accuracy levels (Wallace, 2012). Management involves collecting and distributing information and MIS make the processes efficient by enabling rapid communication (Sharma, Reynolds, Scheepers, Seddon & Shanks, 2010).  The employees are empowered to collaborate as huge quantities of data can be readily stored and shared.

Importance of MIS

The information systems enhance decision making by availing all the information required to make a decision in addition to modelling the results of the reached decision (Ranjan, 2009). Decision making involves choosing a course of action after considering various alternatives. The confidence level of a choice is increased with the availability of accurate and updated information. Besides, if there are more appealing choices, the managers can then use the same systems to run different scenarios (Ragsdale, 2014). The MIS then calculates the various key indicators including costs, sales, profits which then give the alternative that will yield the most desired and beneficial result (Shmueli et al., 2017). With the decision on the best alternative being made, it is communicated to the mid-levels managers who then use the systems to model the best operational decisions to yield the desired objectives (Sharma et al., 2010). It is extremely crucial, therefore, for modern companies to make substantial investments into MIS to support the decision making, communication, operations and recording functions of the business.

Techniques and Tools used to manage data

The MIS offers companies a reporting process to evaluate the internal and work flow of operations.  The created reports are crucial in the running of the business as they help indicate possible areas that may yield increased productivity and profits (Shmueli et al., 2017). It is important that the companies, in making use of the available MIS tools to manage the business, establish the techniques to help breaking down and reviewing of the collected information. Ranjan (2009) argues that many of such techniques will involve the use of the available resources in more innovative ways to meet the business aspirations. For instance, using teams of members from differen……………………….