What is the role of MIS in banking sector?
The MIS should concentrate on data collection from various sources to analyze and conclude the future corporate strategy. Such information will help the banker to move out to talk to the customer to obtain business for the bank. Such support will also reduce the risk of the account going into the red and bad debt.
What is the impact of information technology in banking system?
Technology has opened new products and services, new market and efficient delivery channels for banking industry. IT also provides the framework for banking industry to meet challenges in the present competitive environment. IT enables to cut the cost of global fund transfer.
How is information technology helpful in banking?
Information Technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and helps the financial intermediaries to reach geographically distant and diversified markets. Internet has significantly influenced delivery channels of the banks.
Which company is used by Mis?
Amazon.com uses MIS systems to organize massive volumes of data into coherent reports. These organized data are easily understood by managers and make strategic planning easy.
What are the characteristics of MIS?
Following are the characteristics of MIS:
- System Approach.
- Management Oriented.
- Exception Based.
- Future Oriented.
- Long Term Planning.
- Sub-System Concept.
What is the changing in the banking business with the increasing use of information technology?
Technology has opened up new markets, new products, new services and efficient delivery channels for the banking industry. Information Technology has also provided banking industry with the wherewithal to deal with the challenges the new economy poses.
What are advantages of MIS?
Here are some of the advantages or benefits of using a MIS for management and a company as a whole.
- Improving data accuracy. Accurate data is needed in a company because it is related to strategic decisions.
- Facilitate coordination.
- Improving the quality of human resources.
- Reduce operational costs.
What are the objectives of MIS?
The objective of MIS is to provide information for decision making on planning, initiating, organizing, and controlling the operations of the subsystems of the firm and to provide a synergistic organization in the process. It facilitates the decisions-making process by furnishing information in the proper time frame.
What are the five main types of MIS?
Types Of Management Information System
- Process Control :
- Management Reporting System :
- Inventory control :
- Sales and Marketing :
- Human resource (Enterprise collaboration/Office automation) :
- Accounting and finance :
- Decision Support System :
- Expert system :
What is the advantage of MIS?
MIS helps in taking strategic, tactical and operational decisions. It is one of the critical and important resource. It helps the management to understand cost, quality, price, technology, productivity and product. It helps to smoothen the business process and thereby facilitate managing of business operations.