Report (addressing the key issues surrounding financial and marketing Essay

Report (addressing the key issues surrounding financial and marketing applications of management information system - Essay Example MIS systems enable organisations to transform unmanageable volumes of data into formats that supports faster decision making. Faster decision making empowers organisations with the capability to survive in today’s rapidly changing business environment. MIS systems also enables organisations run simulations based on raw data which allows them to answer ‘what if’ questions regarding their strategy. Broadly, MIS  increase information utility across an  organization. Information availability is essential  to the decision making process at all levels of the organisation: functional, operational and strategic. In this discussion we shall look at the key issues surrounding application of MIS in two major business processes, namely: marketing and finance. Marketing management information systems (MkIS) are computerized systems designed to support the availability of information required to ensure effective marketing activities of an organization. These needs of the organization can only be met by the marketing information systems if it provides the organization with operational, analytical and collaborative functionality (Harmon 2003). The operational needs aspect is addressed by the customer management applications that focus on daily customer transactions and customer service. The analytical function is done by MkIS decision support systems that enable data analysis on factors affecting the market conditions such as customers, competition and technology. The collaborative MkIS applications make it easier for managers to share information and work together virtually. Also, it assists in encouraging organizations to collaborate with their customers on product designs and preferences. Managing marketing information by means of IT has become an indispensible element of effective marketing. MkIS offer new approaches for making better the internal efficiencies of a firm especially with