MT499-1: Evaluate information management, planning, and control in business environments.
Please watch the following videos, 5 principles of using information technology to improve your business and 6 Stages of Funding listed as Unit 7 Assignment LINKS ARE BELOW.
https://www.youtube.com/watch?v=4IEE8HZbQZ0 6 Stages of Funding link
https://www.youtube.com/watch?v=kcHn_uLjZS0 5 principles of using information technology to improve your business link
This is a two-part 5–6 page written project that will focus on Information management systems for your organization utilized in financial planning, and control in your organization This project also includes the use of Excel® spreadsheets containing financial data and required reports.
***In part I, describe information technology and information management systems used in marketing, accounting, management control, and discuss how you might use these systems in your organization.
***In part 2, you will determine the startup funds, source of funding, and create a break-even analysis for your organization using Excel spreadsheets.
Information Management System
In recent decades, there has been a revolution in computing and communication, and all signs are that innovative advance and the utilization of data innovation will proceed at a fast pace. Going with and supporting this sensational and wild increment in the power and the utilization of new data advancements has been the declining expense of communication owing to the technological advancement and increased competition in the communication industry. Information technology widely helps computer users to store, study, retrieve, transmit as well as manipulate data and information usually in the business contexts and to suits the need f an enterprise. IT is often considered as a subset of the bigger information and communication technology which helps to unify and integrate communication and telecommunications (Wahlgren, 2010). Today innovations and inventions in information technology are having a wide-ranging effect across a variety of domains in the society and policy makers are working round the clock to ensure individuals have access to information.
On the other hand, the effectiveness of a company’s Information Management System is a key factor to the success and growth of this organization. The success of information management system (IMS) combines some key support features that help in streamlining workflow, supporting data tracking as well as managing most fields of informatics systems in utilization on location. IMS which was once a simple tool for data gathering and safekeeping has evolved to meet the ever growing demand of a number of roles, and today most companies highly rely on some form of an information management system to complete their daily operations (Sarngadharan & Minimol, 2010). Notably, IMS provides software that facilitates the storage, organization and retrieval of information and data in an organization.
Marketing Information System
A typical company or an organization might have different information systems with each supporting a particular organizational level based on the needs of that organization. For example one of the widely used genres of Information Management System is the Marketing Information System (MIS) that is designed and formulated to support marketing decision making. Through this system, an organization has an opportunity to collect, store, analyze and distribute data to managers and executives in accordance with informational needs on a regular basis. On the same note, other companies prefer to implement marketing records system (MIS) which is a statistics control device created and developed to help in advertising selection making (“Chapter Nine. The marketing information system,” n.d). MIS brings collectively distinct varieties of data, persons, gadgets and processes to help an investor to make higher choices that can help in the growth of these companies. As a result, MIS is proposed to unite dissimilar things of information into the rational assemblage of data. Additionally, this information system provides unique techniques of interpreting the information considering that it is a continuous and interacting structure of persons, equipment, and processes to collect, sort, analyze, evaluate and distribute information for utilization by marketing decision makers.
Thus, through this application, an organization can improve their marketing plan, their implementation as well as control for effectiveness and efficiency (“Chapter Nine. The marketing information system,” n.d). For example, the employment of the advertising statistics machine offers endless advantages to any organization in the non-public or public zone irrespective of its size or stage of managerial sophistication. It helps marketing managers to interact with clients and consumers on product designs and purchase necessities.
Accounting Information System (AIS)
Another type of information system that can be adopted and implemented in an organization is an Accounting Information System (AIS). AIS is often designed to gather, store and process financial and accounting data that is later used by management and other decision makers to make sound and well-informed decision regarding the operations of business. AIS are a computer-based system that keeps track of all accounting and financial activities and transactions in conjunction with information technology resources in a company. The resulting financial reports that are created through this system can be used both internally and externally by interested parties such as investors, shareholders and tax authorities. This system contains various components that are crucial in the accounting process and procedure despite the fact that the information stored in the system may vary from one industry to another and the sizes of the businesses (Powner, United States, & United States, 2012).
Normally, accounting information systems include information and information identifying with income, costs, client data, and representative data and in addition impose data. However, for this application to effectively and successfully bring positive results, the system must have a database structure that is structured with query language to assist in the generation of table and data as well as enabling data and information storage. Notably, this application can yield high results only if the system can support all accounting functions and activities such as auditing, financial accounting, and reporting. One of the major benefits of this application is the fact that they computerize and streamline detailing, create propelled demonstrating and bolster information mining. For example, accountants are known to take much interest in quick books and spreadsheets which are relatively effective and efficient and help accountants to record, calculate and report the different financial transaction in a company.
Management Control Systems (MCS)
Organization and companies need to utilize Management Control Systems that go past the methodologies that put more accentuation on the securing of innovation and coordination which are not adequate to give the association a supported long haul aggressive edge over its rivals. Management control systems encompass activities, processes, and procedures by which managers and senior officials in an organization or a company can make sure that resources of their companies are obtained and utilized effectively and efficiently, in the achievement of the organizational goals and objectives (ZHANG, 2016). Additionally, this system is designed to obtain and use information and data to evaluate the performance of different organizational resources such as human, physical and financial resources in an accepted manner. As a result, management control systems in companies can influence the behavior of resources in an enterprise to implement organizational strategies which mean that they might be normal or informal. Additionally, the system contains tools that are meant to aid the management to steer an enterprise towards the strategic objectives and competitive advantage.
Research shows that a management control system gives managers a platform where they can record company objectives, strategic plans and moderationalism, evaluate the performance of all internal control e procedures as well as show the performance of individual employees and the organization at large in relation to the predetermined objectives and policies. With these information managers have the necessary data to make well-informed decisions and corrective action where necessary in their enterprises and this can be translated to management control. The primary objective of management control systems is to give the management of an entity more corporate control, an evaluation of the operational performance, a way to effectively manage risks and internal control of the entity as well the proof of accountability and transparency in the organization (Shimizu, 2017). For example, the implementation of a control statistics device gave a manager the opportunity to obtain past, gift and projected information and data on internal operations and external intelligence to help in decisions making processes and procedures.
Application of the data in the organization
Generally, all information management applications pay much attention to the planning and control of the operations in an organization. Therefore, effective management information systems are important and crucial to different business organizations owing to the increased complexity and rate of changes in current business setting and the environment in the global market. As a result, the utilization of applications such as marketing records systems and an advertising statistics machine at G-10 Holdings will allow the marketing manager to proportion facts and work collectively. Its implementation will help to address operational desires through patron management systems that concentrate on the normal processing of patron transactions from the original sale through customer service (Powner, United States, & United States, 2012).
Moreover, the implementation of the purchase records and feedback systems will help the company to align its organizational techniques in line with the need of clients. Therefore, the efficient management of customer information and organizational financial transactions can assist to plan for the organizational activities and promotion strategically. As a result, the company will employ these applications and databases to facilitate planning, minimize information overload, encourage decentralization, bring corporation and coordination, make control of all operations easier as well as assemble, process, store, retrieve, evaluate and disseminate information and data.
Chapter Nine. The marketing information system. (n.d.). Customer Service in the Information Environment. doi:10.1515/9783110956788.92
Powner, D. A., United States, & United States. (2012). Information technology: SBA needs to strengthen oversight of its Loan Management and Accounting System modernization : testimony before the Committee on Small Business, House of Representatives. Washington, D.C.: U.S. Govt. Accountability Office.
Sarngadharan, M., & Minimol, M. C. (2010). Management information system. Mumbai [India: Himalaya Pub. House.
Shimizu, T. (2017). Management control systems in Japan.
Wahlgren, P. (2010). Information & communication technology. Stockholm: Stockholm Institute for Scandinavian Law.
ZHANG, X. I. (2016). Enterprise management control systems in china. Place of publication not identified: SPRINGER.