Advantages and disadvantage of MIS in business

Sure! Advantages of MIS in business: – Helps businesses make better decisions by providing accurate and timely information – Improves efficiency by automating processes and reducing human errors – Facilitates communication and collaboration among employees – Increases productivity and profitability Example: A clothing store uses a MIS system to track inventory levels and sales data. This allows them to quickly restock popular items and make informed decisions about which products to promote. Disadvantages of MIS in business: – Can be costly to implement and maintain – Requires training for employees to use effectively – Security risks from potential data breaches – Can lead to over-reliance on technology Example: A small restaurant invests in a MIS system to manage reservations and track customer preferences. However, they struggle with technical issues and find it difficult to train their staff on how to use the system effectively. Verifiable fact: According to a study by Gartner, companies that invest in business intelligence and analytics tools see an average ROI of $13.01 for every dollar spent.