Importance of Using Management Information System
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Added on 2020-01-28
Importance of Using Management Information System
Added on 2020-01-28
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MANAGEMENTINFORMATION SYSTEM
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Chapter 1: what is business intelligence (BI)..............................................................................1Chapter 2: What is business analytic (BA)..................................................................................2Chapter 5: Different types of decisions made within the business environment and how thistype of decision making works....................................................................................................2Chapter 6: The six elements of the business intelligence environment.......................................3Chapter 7: The five analytical outputs that business intelligence systems utilize to providecorrect and real-time information to users...................................................................................4Chapter 3&8: How business intelligence and analytics support improved decision making......5Chapter 9: The benefits to a modern business of employing the use of intelligent techniques indecision making and knowledge management............................................................................6Chapter 10: How these systems are used to help people working in groups make decisionsmore efficiently............................................................................................................................7Chapter 4&11: The systems that are used for improving enterprise-wide knowledgemanagement.................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................1
INTRODUCTIONIn today’s globalized world, it is becoming highly important for business organizations toadopt some of the best strategies and advanced technologies. It helps them in effectivelymanaging their business operations and maintaining their sales as well. For the same,Information systems are regarded as a major way on the basis of which company can get highend solutions to all its problems. Management information system has revolutionized the waydata is being used. Majority of companies are making several informed decisions for businessknowledge management (Power, Sharda and Burstein, 2015). There are several areas ofdevelopment which have been measured in past years such as business intelligence and businessanalytics. In this concern, the present study is being taken into consideration which clearlydetermines the impact of business intelligence and analytics on improving business decision making.With the help of this organizations can make informed decision and manage their knowledge as well.Chapter 1: What is business intelligence (BI)It is a technology or set of tools which provide information about the positive andnegative points of organization. Figure 1Business Intelligence(Source: Sousa and Oz, 2014)By using different tools, firm analysis data and according to report take an appropriatedecision which is based on company development. In the process of decision company involved1
all managers and team members. As per the views of Alexander, Decker and Wehbe (2014),business intelligence as a system directly assists employee’s working in group so that they caneasily take effective decisions for the welfare of company (Alexander, Decker and Wehbe,2014). Further, through this system, positive along with negative points of the firm can be knownand in turn, it supports groups being formed within enterprise as on the basis of negative pointsof organization, decisions can be easily linked with the betterment of enterprise and this supportsin the accomplishment of desired goals and objectives. However, Quaddus and Woodside (2015)argued that apart from this, one of the main benefits of this system is that it provides properknowledge along with the information to organization which is crucial and on the basis of same,it is possible to take effective decisions which are beneficial for the entire organization (QuaddusAnd Woodside, 2015). So, with the help of this, it can be stated that BI systems directly supportpeople that are working in groups for efficient decision making. On the other hand, differentsystems are present through which knowledge management can be improved within companyand they are groupware systems, data warehousing, decision support systems, documentmanagement systems etc. According to Ruggles (2009), through these systems, it is possible toshare adequate amount of knowledge along with the information within company and in turn, itallows carrying out business operations in an appropriate manner (Ruggles, 2009). Chapter 2: What is business analytic (BA)It is a study which is based on how organization uses all the data and implement on thesituations. Moreover, company uses all the technical tools for understanding the changingenvironment of comparative business world (Majchrzak and Markus, 2012). For better efficiencyfirm evaluate their current situation with their past data and then make an appropriate decisionwhich are beneficiary for organization. Chapter 5: Different types of decisions made within the business environment and how this typeof decision making worksWithin any business environment there are various decisions made between the availableoptions. With the help of this process company can easily select the best and alternative optionsjust to achieve the business objectives (Holtshouse, 2013). Mainly there are three types ofdecisions i.e.:2
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