how management information system in business can help to attain and retain competitive edge over rivals in today's globalize economy?
A management information system (MIS) provides information that is needed to manage organizations efficiently and effectively that is especially needed to attain and retain competitive edge over rivals in today's globalized economy. Management information systems involve three primary resources: people, technology, and information or decision making.
A successful MIS supports a business' long range plans, providing reports based upon performance analysis in areas critical to those plans, with feedbacks that allow improving every aspect of the enterprise, including recruitment and training programs. MIS not only indicates how things are going, but also why and where performance is failing to meet the plan. These reports include near-real-time performance of cost centers and projects with detail sufficient for individual accountability. Thus MIS gives sustainable edge to stay competitive and gives a considerable advantage over the rivals that do not use MIS and rely only on traditional management. It’s difficult to track the performance in multiple aspects especially in global business. Using MIS of the latest era of information systems that employs networking technology to deliver applications as well as data storage independent of the configuration, location or nature of the hardware, on the contrary leads to new levels of mobility in which managers access the MIS remotely with laptops, tablet PC's, and smartphones. MIS have a lot of considerable advantages over competitors, but mobility of the managers of the company I consider the most reasonable argument towards using MIS from the point of view today's globalized economy.