Introduction to Management for Finance - MyAssignmenthelp.com

Question: Discuss about theIntroduction to Management for Finance. Answer: Introduction In the present time, companies are operating in the race for increasing their overall capacity to survive the present competition of the new age international market. This is why; companies are taking actual steps and are more agile by bringing more and more improvement in the overall decision making process to become more effective and efficient. The process also needs to be highly effective in order to meet the overall fluctuation in the market. The overall effort is to accomplish this and because of this many modern day companies mid or large scale worries with present investment in term of being progressive and also adopt a new MIS which is also called management information systems and elements (Strauss, 2016). In past decade, a very high percentage of finance based companies frequently make use of the system in order to facilitate the overall provision of all kind of services and the speed of this adoption is also expected to grow even further as the rate at which technology is rising. How Effective IT Strategy Management can lead to Greater Business Efficiency? The lot of research on different kind of approaches, technologies and techniques associated with the designs as well as development of MIS is crucial. But there is some research that claims that the overall cover related to the impact of MIS on planning based strategies and effective decision making. There is no universal acceptance and related definition of MIS and matters in literature can just be taken as prejudices of the present research. The system of MIS is considered as a process that actually provides information required for the proper management of organization in an effective manner. MIS is mainly related to the growth, usage as well as application of IT by single organization as well as society. The study also describes that the information system is considered as a system based on the network of all communication based channels utilized within the company (Christopher, 2016). The study also defines the growth, implementation as well as proper validation of important and impactful theories as well as models to mark as an attempt to motivate quality work. According to the literature, the present field of MIS has had a variegated growth in its relatively short amount of life span. MIS has also developed its own kind of theme based on studies as well as research. Initially MIS mainly based on the information which is in context with: - Electronic kind of data related processing which is based on or sometimes carries out transaction processing operations and also record detailed data of facts. Management reporting system also helps in scrutinizing the operational function of any company as well as provides proper summaries with feedback and information management (Jeston and Nelis, 2014). In past two decades, the MIS based field has moved the focus from the primary research and taken as the second kind of communication mainly based on instruction related. This has become a known fact as the main domains of expert systems are evaluated. This has become a well known process since the overall domain consists of so many expert systems. It is also an attempt to test the present studies on MIS and other kind of research on the same. MIS field has also been examined and also found a continuous change in research related to MIS from more of technical kind of attention to a technology based company and the management based social attention (Baden-Fuller and Haefliger, 2013). The attitude of the management towards different characteristics also impacts the overall quality of so many business decision and such factors also consist of information based sources along with proper analytical kind of tools and technique with participation from information technologies. It is important to pay more attention on the impact of present information available to evaluate peoples ability in the overall process and utilize information in short as well as long term planning and it is in line with proper decision making functions. It is always better to focus on the overall impact which covers efficiency as well as right information of present business decisions. There are so many key information based models along with the association in the business based decision supports system with three distinct different situations. There are so many people that have proved that international businesses are actually present well in advance because of the Enterprise Application System with modern IT techniques like ERP like enterprise based resource planning along with proper knowledge management systems also known as KMS and CRM to increase the overall efficiency as well as effectiveness of proper decision making procedures (Cassidy, 2016). To improve the present finances and organizational based capacities and increase the level of high competition in the present market with financial companies that must have more clarity on the dimensions of IT and it also further discusses as well as grow the resources specifically related to human and internal function among so many other functions and also be able to manage them properly across all organizational based boundaries. At the same time, it is also important to establish the link between the present information system management along with proper planning and decision making which in itself is a tricky process. As per the survey conducted on number of organizations, it is noticed that the present IT system is one of the most important as well as dynamic factors that relates to all the efforts and it just cannot improve the earning of the organization (Ferraro and Briody, 2017). But there are so many data or information that approves the positive kind of effect of IT base d expenses on the overall value of the business. The influence has been investigated number of time of the overall evolution of IT on the profit as well as cost based effectiveness organization. The study also shows a positive association among the present executed IT, overall productivity along with proper cost savings. Companies with no formal sharing of information practices will further fail to provide any leverage the managers of present intellectual capital for innovation of the company and associated growth. Function of MIS also make sure that there is proper exchange of so many experiences which also moves the needed information towards the management level to sustain complete competitive edge since the overall impact of the decision making is based on improving the overall quality of services (Hill et al., 2014). This is why; it is further imperative that such company constantly motivates the workforce to share all kind of valuable data so that the intellectual capital can be properly leveraged. It is important to understand that MIS will also provide banking management with newer dimensions which is based on managing the knowledge and further assist in carrying out and also increase number of management initiative in bringing harmony in all the strategies in short as well as long term planning (Law et al., 2014). The discussion presented in report can easily conclude the significance of the main role of middle as well as top management in order to maintain the consistent approach to grow, utilize and test the MIS based systems within any organization. MIS is utilized at various levels of top management with middle as well as by the functional staff as a main support for taking right kind of decision that focus on meeting the present strategic objectives. The discussion is also based on exploring the significance of MIS while providing as right decision makers with right facts which also supports and increase the complete process of decision making. I n addition, at the senior position, MIS as well as DSS provides the data and need information to help the board of directors along with management level to make right as well as on time decisions (Stadtler, 2015). It is also important to understand the concept of information technology and its significance in the organization. The information is actually an arrangement of people along with proper data process as well as IT or information technology that communicates is based collecting, processing, storing as well as also providing as a result of the information required to provide a support to the company. The system also indicates that IT is based on arranging different groups, data, process as well as technology that work together to collect as well as process and store information solutions that are required to increase the overall speed of the process of decision making. Organizations like banking system, there is a constant crisis in term of potential which also makes the company be more enduring any kind of ineffectiveness or inefficiency. This is why, an advanced based information system can also provide a support an information systems that is accomplished the much needed process (Eps tein and Buhovac, 2014). Conclusion MIS is considered as most important element to reach right as well as effective decisions in an organization. The presented and discussed literature above explains the important part of MIS and IT in the decision making process and overall existence of the company which increases day by day in company. MIS also deemed to be an integrated form of user based machine mechanism that provides data to support operations along with management as well as decision making functions at so many levels of a company. Companies are also well aware of the MIS and it is sometimes a special purpose based system which is useful for accomplishing the present management goals (Stadtler, 2015). The complete study has also highlighted as well as shown that MIS must be made more accessible in supplying right and high quality of information from the present generation for the users. MIS is also important as well as impactful with carefully conceived and with good design that is implemented on database and ex ist to interact with number of adaptive decisions (Stadtler, 2015). Reference Baden-Fuller, C. and Haefliger, S., 2013. Business models and technological innovation.Long range planning,46(6), pp.419-426. Cassidy, A., 2016.A practical guide to information systems strategic planning. CRC press. Christopher, M., 2016.Logistics supply chain management. Pearson UK. Epstein, M.J. and Buhovac, A.R., 2014.Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Ferraro, G.P. and Briody, E.K., 2017.The cultural dimension of global business. Routledge. Hill, C.W., Jones, G.R. and Schilling, M.A., 2014.Strategic management: theory: an integrated approach. Cengage Learning. Jeston, J. and Nelis, J., 2014.Business process management. Routledge. Law, R., Buhalis, D. and Cobanoglu, C., 2014. Progress on information and communication technologies in hospitality and tourism.International Journal of Contemporary Hospitality Management,26(5), pp.727-750. Stadtler, H., 2015. Supply chain management: An overview. InSupply chain management and advanced planning(pp. 3-28). Springer Berlin Heidelberg. Strauss, J., 2016.E-marketing. Routledge.