Management Information System
It is a term used for the entire setup of ensuring that the information is captured in the form of data and is translated in the form of information as required by the management. The head of the functions or the organizations are in constant need of information for managing the affairs of the organization. It becomes difficult to take decisions without having control and authenticity on the information. MIS ensures capturing and sharing of required information with speed and accuracy.
It is difficult to get reports manually where the data involved is high and ever spreadsheets poses a challenge sometimes hence management ensures to have a separate cell which ensures that all the data is retrieved as per the need and disseminated as fast as possible.
The word can be split as Data and Mining. This would make it understand easier. It indicates availability of data and mining it or digging through the data. Datamining is a postmortem activity of the data to find out some meaningful conclusion out of it. In case of organizations which runs on huge data such as Insurance Industry, the organization would be interested to know the highlight of the transactions of prior period, the trends, any key learning or any other useful information that can be extracted through those data and the same can be useful for the company to use in the future transactions or planning or increase the focus in some areas and avoid certain transactions etc. It is the study of history of the transactions and are generally done on huge data.
Need for the Corporation to Datamine
It provides the trends on various parameters and it helps to do the SWOT analysis and correct the course before it is too late. It is a tool which helps to dig out the meaningful information from the data which is generally a dead item as a history. This activity provides insights to the behavior of customers or the external factors or the impact of policies, decisions etc. In way is gives insight into years of action and their related outcome.
It becomes really important for the company to see the entire history at a glance in a meaningful manner converted into numbers. It is a very useful tool and most of the big corporations have a separate cell doing this activity as a regular activity.