Management Information System or a MIS is a periodic analytical reporting tool used by the management to assess the financial status of their business. MIS offers data that business executives need to understand how exactly their business is performing.
An MIS collects information from various areas of an organization, including taxes, debts, expenses, accounts payable, accounts receivable, cash balances, profits, inventory control, sales and marketing, and human resources. MIS gives out the summarized outlook of the business across all these areas.
This enables the strategic planners of the business to take timely decisions, compete smarter, work more efficiently and stay healthy financially.