Management information systems and business analytics concepts are essential technological aspects for operating a business. Technology eases the performance of tasks within the organization by reducing the total time taken and the number of employees required. Therefore, the organization cuts cost in most of its areas of expenses. Management Information Systems (MIS) is the study of people, technology, organizations, and how they relate to each other. Professionals in MIS aid organizations in attaining maximum profit from investment in the personnel, business processes, and equipment. MIS is broad with many activities contrary to the existing myths that it only involves coding. There are various benefits of using management information systems.
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UNDERSTANDING THE BUSINESS ANALYTICS CONCEPT IN ORGANIZATIONS
The business analytics concept entails a process by which businesses use technologies and statistical instruments for analyzing data. The data is either historical or present data. Therefore, the two essentials of business analytics are descriptive and predictive analytics. The information is then stored and used for gaining insight and applied in the decision-making process. Moreover, the data is useful for identified anticipated trends and outcomes. A business analytics dashboard components include data aggregation, data mining, text mining, forecasting, and predictive analytics. The application of business analytics consists of the operation of management information systems in the healthcare industry, food restaurants, and casinos.
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THE BENEFITS OF USING MANAGEMENT INFORMATION SYSTEMS IN RUNNING COMPANIES
Management information systems exist to store processed data and generate reports for decision making in the organization. Categorization of these reports is in the following ways. Scheduled reports generated adhere to rules the requestor provides. Ad-hoc reports are one-time reports users create to answer questions. Lastly, real-time reports allow users to monitor changes as they occur. The benefits of using management information systems are as follows. They give businesses a competitive advantage over their competitors. Secondly, managers get a clear overview of entire operations. Thirdly, they provide useful feedback on the strengths and weaknesses of a business. Additionally, decisions are shifted from top management to all levels of the organization.
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