Banking Exam Question - What is Management Information System? Importannce of Management Information System in Banks? Explain

Introduction - Management Information System (MIS)

Management information system refers to the processing of information through computers and other intelligent devices to manage and support managerial decisions within an organization. A management information system (MIS) is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of management in a company. It is usually also possible to obtain special reports from the system easily.

Types of Management Information System

The terms Management Information System (MIS), data framework, Enterprise Resource Planning (ERP), and data innovation administration (IT) are regularly confounded. Data frameworks and MIS are more extensive classifications that incorporate ERP. Data innovation administration concerns the operation and friends of data innovation assets free of their motivation.

• Management information systems , create settled, consistently booked reports in light of information extricated and compressed from the association's hidden exchange handling systems to center and operational level directors to recognize and advise semi-organized choice issues.
• Decision support systems (DSS) are PC program applications utilized by center and higher administration to aggregate data from an extensive variety of sources to help critical thinking and basic leadership. A DSS is utilized for the most part for semi-organized and unstructured choice issues.
• Executive information systems (EIS) is a detailing device that gives speedy access to outlined reports originating from all organization levels and divisions, for example, bookkeeping, HR and operations.
• Marketing Information Systems  are Management Information Systems planned particularly to manage the showcasing parts of the business