What is Management Information System ?

 
A management information system (MIS) provides information that organizations need to manage themselves efficiently and effectively.Management information systems are typically computer systems used for managing five primary components: hardware, software,data (information for decision making), procedures (design,development and documentation), and people (individuals, groups, or organizations). Management information systems are distinct from other information systems, in that they are used to analyze and facilitate strategic and operational activities. Academically, the term is commonly used to refer to the study of how individuals, groups, and organizations evaluate, design, implement, manage, and utilize systems to generate information to improve efficiency and effectiveness of decision making, including systems termed decision support systems, expert systems, and executive information systems.Most business schools (or colleges of business administration within universities) have an MIS department, alongside departments of accounting, finance, management, marketing, and sometimes others, and grant degrees (at undergrad, masters, and PhD levels) in MIS.

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What is Enterprise Performance Management ?

Enterprise Performance Management (EPM) is a management field of Business Performance Management which considers the visibility of operations in a closed-loop model across all facets of the enterprise. There are several emerging domains in the EPM field which are being driven by corporate initiatives, academic research, and commercial approaches. These include:

1. Strategy Formulation
2. Business Planning and Forecasting
3. Financial Management
4. Supply Chain Effectiveness

Based on the mission and vision of an organization, different strategic needs may drive how EPM domains are leveraged and promoted within an organization. For example a professional services firm based in Canada may view the need to have effective and transparent supply chain operations much differently than a clothing manufacturer with operations throughout the world. What is common in the EPM approach is the closed-loop EPM process model advocated by Kaplan and Norton and their management approaches to strategy formulation including balanced scorecard and strategy map techniques.
Four disciplines exist to define and cover the six stages of the closed-loop EPM process model. The four disciplines are: strategy formulation, business planning and forecasting, financial management, and supply chain effectiveness. The six stages of the closed-loop EPM process model are: strategy development, strategy translation, organization alignment, operations planning, learning and monitoring, and finally testing and adaptation.

What is Executive Information System ?

An executive information system (EIS) is a type of management information system that facilitates and supports senior executive information and decision-making needs. It provides easy access to internal and external information relevant to organizational goals. It is commonly considered a specialized form of decision support system (DSS).
EIS emphasizes graphical displays and easy-to-use user interfaces. They offer strong reporting and drill-down capabilities. In general, EIS are enterprise-wide DSS that help top-level executives analyze, compare, and highlight trends in important variables so that they can monitor performance and identify opportunities and problems. EIS and data warehousing technologies are converging in the marketplace.
In recent years, the term EIS has lost popularity in favor of business intelligence (with the sub areas of reporting, analytics, and digital dashboards).
 
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What is Business Performance Management ?

 

Business performance management is a set of management and analytic processes that enables the management of an organization's performance to achieve one or more pre-selected goals. Synonyms for "business performance management" include "corporate performance management (CPM)"and "enterprise performance management".
Business performance management is contained within approaches to business process management.
Business performance management has three main activities:

1. selection of goals,
2. consolidation of measurement information relevant to an organization’s progress against these goals, and
3. interventions made by managers in light of this information with a view to improving future performance against these goals.

Although presented here sequentially, typically all three activities will run concurrently, with interventions by managers affecting the choice of goals, the measurement information monitored, and the activities being undertaken by the organization.
Because business performance management activities in large organizations often involve the collation and reporting of large volumes of data, many software vendors, particularly those offering business intelligence tools, market products intended to assist in this process. As a result of this marketing effort, business performance management is often incorrectly understood as an activity that necessarily relies on software systems to work, and many definitions of business performance management explicitly suggest software as being a definitive component of the approach.
This interest in business performance management from the software community is sales-driven - "The biggest growth area in operational BI analysis is in the area of business performance management."
Since 1992, business performance management has been strongly influenced by the rise of the balanced scorecard framework. It is common for managers to use the balanced scorecard framework to clarify the goals of an organization, to identify how to track them, and to structure the mechanisms by which interventions will be triggered. These steps are the same as those that are found in BPM, and as a result balanced scorecard is often used as the basis for business performance management activity with organizations.


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 Cubes Corporate Performance Management