LASABusiness Analytics Implementation Plan Part 2
Management Information Systems Section 3
Importance of MIS 3
Techniques and Tools Utilized to Manage Data 4
How the Techniques and tools can be used to Present Data 4
BusinessAnalytics are skills, knowledge, ideas, practices, and technologiesthat are used within an organization for continuous investigation ofthe past performance of the company in order to gain insight of thefirm and help in the strategic planning of the business. It mainlyfocuses on innovations and insights that can be used to analyze andunderstand the performance of the business. When we compare businessanalytics and business intelligence, the latter focuses on a set ofmetrics that is consistent and could be used to measure theperformance of the organization and guide in overall strategicplanning. This essay discusses the Management Information Systems(MIS), its importance, and the value it adds to an organization(Isson,& Harriott, 2013).
Inthis section, we will consider the methods of developing a rationalein support of the implementation of business analytics in thecompany. First, management must collect data that could support theimplementation. They can decide how much time and resources they arewasting when they have not installed a business analytics system or amanagement information system. If they are wasting a lot of time andresources, this could be a reason to implement a database system.They can also look at customer satisfaction and employee satisfactiondata. If both the employees and the customers were satisfied with theimplementation, then this would provide a basis for supporting it.For example, if the customers are satisfied with the CustomerResource Management System, and they are able to navigate it easilythen this should form a basis for implementing business analytics inthe organization. To develop a rationale to supporting theimplementation plan, management can use both quantitative andqualitative factors. Quantitative factors are the numbers that couldsupport implementation like how many customers and employees would besatisfied with the system, how much resources and time would havebeen saved, and the cost that would have been minimized. Qualitativefactors, on the other hand, involve factors like customersatisfaction, employee satisfaction, quality of products, the moraleof the employees and so forth.
ManagementInformation Systems SectionImportanceof MIS
ManagementInformation Systems are computerized database systems that generateorganized reports to aid in efficient and effective strategicdecision-making of the firm. It is important for several reasons.First, it satisfies the needs of other systems within theorganization like the query system and the decision-support system.This implies that the Management Information System (MIS) ensuresthat feedback is processed, questions are answered, and complaintsare handled. It also supports the overall decision-making (Lucey,2005).
Second,Management Information System helps the organization in strategicplanning, control, organizing, management, and processing oftransactions. Here, clerks can record data, manage the inflow andoutflow of data, process the data, make a decision, plan, and controlthe operations of the firm. Third, Management Information Systemhelps management to set goals and targets in order to increaseperformance and achieve the success of the organization. Lastly, itis important for every enterprise to set up a Management InformationSystem within the business to aid in effective communication,generate information, and identify problems and issues within theentire organization. With the MIS in place, operations would besmooth, better decisions would be made, and operations would beefficient (Adeoti‐Adekeye,1997).
Techniquesand Tools Utilized to Manage Data
Severaltechniques are used to manage data. They include data collection,data validation, and data entry. Data collection is the process ofgathering information based on certain principles and factors. Datavalidation is a way of ensuring that the data is correct andmeaningful while data entry is a process used by data entry clerks toupdate data in a database (Kordon,& Lemoine, 2004).
Thereare three tools used to manage data: statistical packages,specialized software packages, and custom applications. Statisticalpackages are software used to perform statistics. They include SASand SPSS. Specialized software packages are computer software thataid data users and professionals in specific functions. They includeQuickBooks, Sage, Pastel, MATLAB. Lastly, custom applications arecomputer software that are simple to use. They aid in the normaloperations like typing, preparing presentations, performing an excelanalysis et cetera. They include Microsoft Word, Microsoft Excel,Microsoft Access, Microsoft PowerPoint and so forth (Kordon,& Lemoine, 2004).
Howthe Techniques and tools can be used to Present Data
Variousindividuals can use the techniques and tools of managing data in anorganization. An accountant within an organization can useQuickBooks, Sage, and Pastel to prepare books of accounts andfinancial statements. He can also use this software to generateinvoices, make payments, and reconcile the cashbook with the bankstatement. Second, mathematicians, financial analysts, and those whovalue property can use MATLAB to prepare time series graphs and othergraphs, to manipulate matrixes, and algorithmic data. A marketingmanager or staff can use a Customer Resource Management Software tomanage sales and to determine which products that would be able togain the company the highest market share over its competitors. Otherpersonnel within the entire organization can also use this softwarelike the debt collector accountant, and the payable accountant.Lastly, statisticians and analysts can use SAS and SPSS to performmean tests of data, t-tests, and ANOVA test, which could aid inbetter decision-making. It could also ensure that personnel withinthe organization from one department o another have effectivecommunication and organize their data to be able to prepare accurateand complete reports (Kidd,2005).AddedValue to Organization
Whena company installs and implements a Management Information System,business operations will be transparent, and they will be performedin an organized manner. The company’s management will also be ableto make informed and better strategic decisions. The probability of abudget deficit occurring would be minimal as the enterprise would beable to forecast and plan for its resources, incomes, andexpenditures. Payments would be made on time, as collections would bereceived on time (Pride,2016).
Havinga Management Information System will ensure that all servers aremanaged, and data from the servers is processed and stored on theclient computer. The system could also minimize the time wasted whileperforming the operations manually since everything is fed andprocessed in the computer. The management is able to acquireinformation, manipulate it, interpret it and use it for businesssuccess. Lastly, Management Information System acts as an internalcontrol system where on cannot access the data without directapproval and authorization. This helps prevent manipulation of dataand deals with loopholes within the organization. To add value to anorganization, middle management can feed data into the databasesystem immediately, process it, manage it, generate it, and sendreports to the top managers and Certified Executive Officers forsignature approval and authorization. They also ought to addpasswords to the database to ensure that data is not manipulated(Pride,2016).
Inconclusion, data analytics practices and technologies used to gaininsight of data and therefore make well-informed decisions. Businessanalytics may include decision analytics, descriptive analytics,predictive analytics, and prescriptive analytics. Decision analyticsreflect the reasoning abilities of individuals within anorganization. Descriptive analytics describes the trend of historicaldata and reports it. Predictive analytics helps forecast future datathat can be used in strategic planning and decision-making whileprescriptive is used to recommend optimization of decisions and toperform a simulation analysis to determine whether policies need tobe changed. Data analytics could be great benefits for the enterpriseas it will enable the business to make informed and better decisions.It is also important for management to implement database systems andapplications. This database systems and applications may be inManagement Information Systems (MIS), decision-support systems (DSS),expert systems, enterprise resource planning (ERP), and customerresource management (CRM). These systems, software, and applicationswill enable the business to run smoothly and in an orderly manner.Lastly, it will enable the organization to save on time that couldrather be used to perform normal business operations, and it ensuresthat efficient communication is made possible (Isson,& Harriott, 2013).
Lucey,T. (2005). ManagementInformation Systems.London: Thomson Learning. Retrieved on 8 July 2016.
Adeoti‐Adekeye,W. (1997). The importance of Management Information Systems. LibraryReview,46(5),318-327. Retrieved on 8thJuly 2016 from http://dx.doi.org/10.1108/00242539710178452/
Kordon,F. & Lemoine, M. (2004). Formalmethods for embedded distributed systems.Boston: Kluwer Academic. Retrieved on 8 July 2016.
Kidd,J. (2005). Knowledge Management Tools and Techniques: Practitionersand Experts Evaluate KM Solutions. KnowledgeManagement Research & Practice,3(2),117-119. Retrieved on 8thJuly 2016 from http://dx.doi.org/10.1057/palgrave.kmrp.8500047/
Pride,W. (2016). Foundationsof business.New York: Cengage Learning. Retrieved on 8 July 2016.
Isson,J. & Harriott, J. (2013). Advancedbusiness analytics.Hoboken, N.J.: John Wiley & Sons. Retrieved on 8 July 2016.