Management Information System (MIS) : Relationship of IT With Management
Management Information System (MIS) : Relationship of IT With Management
Management Information System (MIS) : Relationship of IT With Management
The ability to quantitatively pin down flaws, anomalies and errors within an systematically organized body of information is a great boon to businesses. Identifying the precise opportunity where profits are made or lost can also suggest possibilities for remedying the situation effectively. Profitability can be restored and enhanced thanks to the innovations of the computer industry.
the information and sends it to a manager in a readable format. The reports created by the system tell the manager everything he needs to know to make critical decisions on both small and large scales, from strategy to daily details. This concept actually predates the computerization of business. Information technology has streamlined and automatized the process.
Advantages of computer based management system over manual management system 1) Accuracy:
The output or results of a computerized system are more accurate than manual results
2) SPEEDY:
Computer can perform more faster processing of data than a human being. it saves time.
3) Back up system:
Computer can build up of historical records which can be retrieved.
5) Customer profile:
Computer can build up customer profile. it makes easy to remain in contact with customers.
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The advantages associated with computer-based managerial decision-making can be the following:
(1) Response time is greatly reduced (2) Very large data are stored for information and decision-making (3) Accuracy of information is considerably improved, thereby improving the quality of the decision. (4) Problems are handled more easily by using various operation research models (5) The cost involved in the decision-making process is reduced (6) More secrecy is observed as compared to manual file system
Account Management
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In banking, activities start with banks automating customer accounts, which allow personnel to create, update and maintain customer records. Banking hardware and software have enhanced the accuracy of accounts that tellers and other banking personnel process. Banking software performs customer transactions through a centralized data record system. Account management is the genesis and backbone of all banking information systems.
Hardware Technology
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In the 1960s, bank hardware consisted of a mainframe and a punch card machine. Punch cards contained customer account information and were read into the main system by a punch card machine. Midrange and client/server hardware configurations, which are no larger than a minitower system, can run an entire bank in addition to receiving transactions from affiliated bank branches. These new hardware technologies can process more transactions than legacy
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banking hardware systems. Hardware technologies have enabled advances into wireless banking and telecommunications banking.
Electronic Transactions
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Banking systems must perform electronic transactions. Direct deposit is an example of an electronic transaction. Computers processing electronic transactions must have hardware and software encryption capabilities to keep data from being compromised during a transmission. After the computer performs electronic transmissions, it transfers the information to the main computer system for processing and updating. Banks have extended electronic transaction capabilities through landline and cell phones, the Internet and ATMs.
Web-based Banking
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Web-based banking systems use a dedicated server through a bank network system. An area of the banking system is partitioned for Internet applications. Web-based banking systems by law must include secure servers and authenticated certificates regarding transactions from the Federal Deposit Insurance Company and the Federal Reserve Board. Customers who choose to bank online can access their account through a web interface, which integrates with the main computer. A customer's credentials -- user ID and password -- pass through several checkpoints before entering the main system to perform a web-based transaction.
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