To achieve this they constantly push boundaries, define new standards and ensure continuous improvements in all parts of their business. The MIS can help further this goal by supplying the company with the relevant equipment needed to constancy improve themselves, MIS brings with it the ability to collect and even analyse certain data that may be relevant to the company’s aforementioned goals.
An example of this would be data collected on customer feedback would be used to improve current product package whilst surveys done and analysed by the system could project the probability of new revenue sources, thus creating new line of product or services by the company. (Digi, unknown) The company has also set their mission as to deliver Internet for All as part of our commitment to building a connected Malaysia – enabling access to Mobile Internet services and applications by offering customers the right combination of devices and value pricing, as well as the best usage experience (Digi, Unknown).
MIS helps this goal of Digi by allowing new hardware such as fibre optics and copper wires to be used not only by the company itself but also as a service that could be offered to the public, many internet connections are now using fibre optics as the medium because of its speed. The company’s MIS could help monitor these connections and the usage of each customer, so the company can better recommend a package to the consumer. Through MSI, companies can generate essential documents such as employee evaluations, financial reports, and other relevant business reports (unknown, unknown).
Most listed companies publish their quarterly and annual financial reports on their website which is accessible to the public, this is not only in line with their obligations to publish such reports as a listed company but also to inform the public on the company’s financial wellbeing thus generating attracting more investors. It would also allow the management teams to evaluate performance of human resource and return on investments. A great example of this happening is when a company publish their quarterly or annual report, their stock price will either rise or lower according to the reports.
Also in times of economic downturn, only the most consistent workers in the company will be kept, whereas those with low evaluations are the first to be laid off. The telecommunications industry being a service oriented industry relies heavily on its customers to generate revenue, being able to fix flaws and take into account customer feedback is very useful to the companies in this industry. The information gathered by the MIS can be used to gauge the company’s’ position or performance in the public eye; this could help the companies develop themselves further.
This can be seen when companies markets or launch a new service or product, the package is usually tailored to fit the greatest amount of customers, as to guarantee the highest customer satisfaction. Therefore most of the packages offered by these companies are very similar in nature. However according to (Vitez, unknown), a disadvantage of the MIS is the ineffectiveness of it at times. MIS could be useful, but the system is only as good as its programmer and its users, a lack of knowledge or incompetent programmer may cause the MIS to reduce in effectiveness.
A great example of a system error occurring with the MIS system is in Knight Capital – a mid-size financial firm. According to (Baumann, 2013) a code in the system had gone rogue before a trading day, when the opening bell was struck for the day, the company started losing $10 million a minute due to the system firing off trades, sources from within the company had predicted the company would become insolvent within an hour if the trades continued, the code was dug up within 45 minutes.
However by then the damage was already done. This example shows that the MIS weakness is within the code itself. Implementing and modifications of a MIS is also a disadvantage because the expense is great, setting up and maintaining an effective MIS represents a significant portion of any companies expense, especially bigger organisations with many offices and spread out geographically, this leads to an even more expensive system to maintain.
What more according to (Vitez, unknown), with new technological advances being made every day, upgrading hardware or even software for that matter will be a major expense to the company as well. In conclusion, there are both benefits and drawbacks to the MIS, it is entirely up to a manager as to how or whether or not he or she wants to implement or introduce such a system into the business. However as technology is advancing every day, the cost of setting up such systems are also decreasing with each step into the future.
More and more companies are using advanced MIS to not only keep track of inventories and the like but also to project valuable proprietary information. Furthermore, as not all technological advances may be relevant to certain industries’’ MIS, it is also up to a manger whether or not to upgrade or modify existing systems. The main thing to take away is that the MIS is merely a tool, its ability is directly influenced by the person wielding the system, therefore as useful and important as a MIS is, certain jobs should never be automated.