MIS stands for Management Information System. Business managers at all levels of an organization, from managers to executives, rely on reports generated from the systems to help them evaluate their business' daily activities or problems that arise, make decisions, and track progress.
MIS is used by most organizations worldwide for transforming data into useful information for better decision making.
Requirements for MIS Reporting:
MIS requires ARTS to be matched to have efficient & effective outcome.
A- Accurate: It's very important that information used for MIS reporting are accurate say date, time, amounts etc. Managers and others who rely on MIS reports can't make decision with information that is wrong.
R- Relevant: MIS reports need to be specific to the business area that they address. It shall include only necessaryinformation because a report that includes unnecessary information might be ignored.
T-Timely: Managers need to know what's happening now or in the recent past to make decisions about the future. Be careful not to include information that is old.
S- Structured: Information in a MIS report might be complicated. Information shall be presented in such manner that helps management to understand what the report is saying.