crusher related mis system key field idea

management information systems (mis)

management information systems (mis)

A management information system (MIS) is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of management in a company. It is usually also possible to obtain special reports from the system easily. The main purpose of the MIS is to give managers feedback about their own performance; top management can monitor the company as a whole. Information displayed by the MIS typically shows "actual" data over against "planned" results and results from a year before; thus it measures progress against goals. The MIS receives data from company units and functions. Some of the data are collected automatically from computer-linked check-out counters; others are keyed in at periodic intervals. Routine reports are preprogrammed and run at intervals or on demand while others are obtained using built-in query languages; display functions built into the system are used by managers to check on status at desk-side computers connected to the MIS by networks. Many sophisticated systems also monitor and display the performance of the company's stock.

The MIS represents the electronic automation of several different kinds of counting, tallying, record-keeping, and accounting techniques of which the by far oldest, of course, was the ledger on which the business owner kept track of his or her business. Automation emerged in the 1880s in the form of tabulating cards which could be sorted and counted. These were the punch-cards still remembered by many: they captured elements of information keyed in on punch-card machines; the cards were then processed by other machines some of which could print out results of tallies. Each card was the equivalent of what today would be called a database record, with different areas on the card treated as fields. World-famous IBM had its start in 1911; it was then called Computing-Tabulating-Recording Company. Before IBM there was C-T-R. Punch cards were used to keep time records and to record weights at scales. The U.S. Census used such cards to record and to manipulate its data as well. When the first computers emerged after World War II punch-card systems were used both as their front end (feeding them data and programs) and as their output (computers cut cards and other machines printed from these). Card systems did not entirely disappear until the 1970s. They were ultimately replaced by magnetic storage media (tape and disks). Computers using such storage media speeded up tallying; the computer introduced calculating functions. MIS developed as the most crucial accounting functions became computerized.

Waves of innovation spread the fundamental virtues of coherent information systems across all corporate functions and to all sizes of businesses in the 1970s, 80s, and 90s. Within companies major functional areas developed their own MIS capabilities; often these were not yet connected: engineering, manufacturing, and inventory systems developed side by side sometimes running on specialized hardware. Personal computers ("micros," PCs) appeared in the 70s and spread widely in the 80s. Some of these were used as free-standing "seeds" of MIS systems serving sales, marketing, and personnel systems, with summarized data from them transferred to the "mainframe." In the 1980s networked PCs appeared and developed into powerful systems in their own right in the 1990s in many companies displacing midsized and small computers. Equipped with powerful database engines, such networks were in turn organized for MIS purposes. Simultaneously, in the 90s, the World Wide Web came of age, morphed into the Internet with a visual interface, connecting all sorts of systems to one another.

Midway through the first decade of the 21st century the narrowly conceived idea of the MIS has become somewhat fuzzy. Management information systems, of course, are still doing their jobs, but their function is now one among many others that feed information to people in business to help them manage. Systems are available for computer assisted design and manufacturing (CAD-CAM); computers supervise industrial processes in power, chemicals, petrochemicals, pipelines, transport systems, etc. Systems manage and transfer money worldwide and communicate worldwide. Virtually all major administrative functions are supported by automated system. Many people now file their taxes over the Internet and have their refunds credited (or money owning deducted) from bank accounts automatically. MIS was thus the first major system of the Information Age. At present the initials IT are coming into universal use. "Information Technology" is now the category to designate any and all software-hardware-communications structures that today work like a virtual nervous system of society at all levels.

If MIS is defined as a computer-based coherent arrangement of information aiding the management function, a small business running even a single computer appropriately equipped and connected is operating a management information system. The term used to be restricted to large systems running on mainframes, but that dated concept is no longer meaningful. A medical practice with a single doctor running software for billing customers, scheduling appointments, connected by the Internet to a network of insurance companies, cross-linked to accounting software capable of cutting checks is de facto an MIS. In the same vein a small manufacturer's rep organization with three principals on the road and an administrative manager at the home office has an MIS system, that system becomes the link between all the parts. It can link to the inventory systems, handle accounting, and serves as the base of communications with each rep, each one carrying a laptop. Virtually all small businesses engaged in consulting, marketing, sales, research, communications, and other service industries have large computer networks on which they deploy substantial databases. MIS has come of age and has become an integral part of small business.

But while virtually every company now uses computers, not all have as yet undertaken the kind of integration described above. To take the last step, however, has become much easier-;provided that good reasons are present for doing so. The motivation for organizing information better usually comes from disorder-;ordering again what has already been ordered, and sitting in boxes somewhere, because the company controls its inventory poorly. Motivation may arise also from hearing about others who are exploiting some resource, like a customer list, while the owner's own list is in sixteen pieces all over the place. There are sometimes also reasons for not automating things too much: in modern times a business can grind to a dead halt because "the network is down."

Upgrading the information system usually begins by identifying some kind of a problem and then seeking a solution. In that process a knowledgeable resource-person brought in from the outside can provide a great deal of help. If the problem is over-stocking, for example, solving that problem will often become the starting point for a new information system touching on many other aspects of the business. The first question a consultant is likely to ask will concern how things are managed now. In the description of the process, the discovery of potential solutions will begin. It is usually a good idea to call on two or three service firms for initial consultations; these rarely cost any money. Once the owner feels comfortable with one of these vendors, the process can then be deepened.

The business owner has the option of buying various software packages for various problems and then gradually linking them into a system with the help of a value-added reseller (VAR) or a systems integrator. This solution is probably best for the small business with fewer than 50 employees. Larger companies may in addition also want to explore options offered by application services providers or management service providers (ASPs and MSPs respectively, collectively referred to as xSPs) in installing ERP systems and providing Web services. ASPs deliver high-end business applications to a user from a central web site. MSPs offer on-site or Web-based systems management services to a company. ERP stands for "enterprise resource planning," a class of systems that integrate manufacturing, purchasing, inventory management, and financial data into a single system with or without Web capabilities. ERPs are very popular with larger and midsized firms but were increasingly penetrating the small business sector as well in the mid-2000s.

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why knowledge management is important to the success of your company

why knowledge management is important to the success of your company

Managers are bombarded with an almost constant stream of data every day. According to David Derbyshire, Scientists have worked out exactly how much data is sent to a typical person in the course of a year - the equivalent of every person in the world reading 174 newspapers every single day (Derbyshire, 2011, p. 1).

This overload of data is making knowledge management increasingly more important. Three key reasons why actively managing knowledge is important to a companys success are: 1.) Facilitates decision-making capabilities, 2.) Builds learning organizations by making learning routine, and, 3.) Stimulates cultural change and innovation.

Data can offer managers a wealth of information but processing overwhelming amounts can get in the way of achieving high-quality decisions. GEs Corporate Executive Council (CEC) is an example of how one company put a knowledge management system in place to help executives cut through the noise, share information, and improve their decision-making. The CEC is composed of the heads of GEs fourteen major businesses and the two-day sessions are forums for sharing best practices, accelerating progress, and discussing successes, failures, and experiences (Garvin, 2000, p. 195). While information overload or needing knowledge from people in other parts of the company for decision-making can handicap managers, putting in place knowledge management systems can facilitate better, more informed decisions.

In his book, Learning in Action: A Guide to Putting the Learning Organization to Work, author David Garvin (2000) notes, To move ahead, one must often first look behind (p. 106). The U.S. Armys After Action Reviews (AARs) are an example of a knowledge management system that has helped build the Army into a learning organization by making learning routine. This has created a culture where everyone continuously assesses themselves, their units, and their organization, looking for ways to improve. After every important activity or event, Army teams review assignments, identify successes and failures, and seek ways to perform better the next time (Garvin, 2000, p. 106). This approach to capturing learning from experience builds knowledge that can then be used to streamline operations and improve processes.

Actively managing organizational knowledge can also stimulate cultural change and innovation by encouraging the free flow of ideas. For example, GEs Change Acceleration Process (CAP) program includes management development, business-unit leadership, and focused workshops. CAP was created to not only convey the latest knowledge to up-and-coming managers but also open up dialogue, instill corporate values, and stimulate cultural change (Garvin, 2000, p. 125). In this complex, global business environment, these types of knowledge management programs can help managers embrace change and encourage ideas and insight, which often lead to innovation, even for local mom and pop business owners.

Fortune 500 companies lose roughly $31.5 billion a year by failing to share knowledge (Babcock, 2004, p. 46), a very scary figure in this global economy filled with turbulence and change. Actively managing knowledge can help companies increase their chances of success by facilitating decision-making, building learning environments by making learning routine, and stimulating cultural change and innovation. By proactively implementing knowledge management systems, companies can re-write the old saying, Change is inevitable, growth is optional to Change is inevitable, growth is intentional.

Im a career coach, business consultant/organizational trainer and former Fortune 500 executive. Now that I've been there, done that with more than 20 years of experience climbing the corporate ladder, I'm sharing the career advice you need to excel and standout in your profession as a leader. I'm the author of "Secrets of a Hiring Manager Turned Career Coach: A Foolproof Guide to Getting the Job You Want. Every Time" and Your Career, Your Way, and I'm blogging for Forbes and The Seattle Times.

inventory management 101: helpful techniques + methods (2021)

inventory management 101: helpful techniques + methods (2021)

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When businesses dont have a handle on the activity of their inventory, or worse, track it with outdated spreadsheets and data entry, the rest of the pieces, like order fulfilment, dont fall into place.

You cant list items accurately online because you dont have visibility into how much inventory you have to allocate to each channel. You get stuck with too much inventory or an incorrect amount of product. The list is endless.

With new warehouses opening every day, the amount of people in need of proper inventory management processes grows in congruence with the amount of people who dont know how to manage them. The importance of inventory management simply cannot be ignored.

Unlike an ERP system, an inventory management system focuses on one supply chain process. They often come with the ability to integrate with other software systems point of sale, channel management, shipping so you can build a personalized integration stack to the needs of your unique business.

Inventory management is the fundamental building block to longevity. When your inventory is properly organized, the rest of your supply-chain management will fall into place. Without it, you risk a litany of mistakes like mis-shipments, out of stocks, overstocks, mis-picks, and so on.

Proper warehouse management is key. Mis-picks result from incorrect paper pick lists, disorganized shelf labels, or just a messy warehouse in general. Mis-shipments are a direct result of mis-picks at the beginning of the inventory process, and are also a result of a lack in quality control procedures.

Out of stocks and overstocks occur when a company uses manual methods to place orders without having a full grasp on the state of their inventory. This is a not a good predictor for inventory forecasting and results in too much stock or too little.

All of these mistakes will not only cost you money, but also cost you in wasted labor spent correcting the mistakes later. When you dont implement management tools, your risk of human error mistakes goes up by the minute. And your customer reviews and loyalty take a negative hit as well.

Its well worth the extra time and money to have inventory management set up by the experts who made the software. Work with them to make sure youre utilizing the proper techniques and features to get the most bang for your buck.

Economic order quantity, or EOQ, is a formula for the ideal order quantity a company needs to purchase for its inventory with a set of variables like total costs of production, demand rate, and other factors.

The overall goal of EOQ is to minimize related costs. The formula is used to identify the greatest number of product units to order to minimize buying. The formula also takes the number of units in the delivery of and storing of inventory unit costs. This helps free up tied cash in inventory for most companies.

On the supplier side, minimum order quantity (MOQ) is the smallest amount of set stock a supplier is willing to sell. If retailers are unable to purchase the MOQ of a product, the supplier wont sell it to you.

JIT is a great way to reduce inventory costs. Companies receive inventory on an as-needed basis instead of ordering too much and risking dead stock. Dead stock is inventory that was never sold or used by customers before being removed from sale status.

Safety stock inventory management is extra inventory being ordered beyond expected demand. This technique is used to prevent stockouts typically caused by incorrect forecasting or unforeseen changes in customer demand.

The reorder point formula is an inventory management technique thats based on a businesss own purchase and sales cycles that varies on a per-product basis. A reorder point is usually higher than a safety stock number to factor in lead time.

Batch tracking is a quality control inventory management technique wherein users can group and monitor a set of stock with similar traits. This method helps to track the expiration of inventory or trace defective items back to their original batch.

If youre thinking about your local consignment store here, youre exactly right. Consignment inventory is a business deal when a consigner (vendor or wholesaler) agrees to give a consignee (retailer like your favorite consignment store) their goods without the consignee paying for the inventory upfront. The consigner offering the inventory still owns the goods and the consignee pays for them only when they sell.

Dropshipping is an inventory management fulfillment method in which a store doesnt actually keep the products it sells in stock. When a store makes a sale, instead of picking it from their own inventory, they purchase the item from a third party and have it shipped to the consumer. The seller never sees our touches the product itself.

Lean is a broad set of management practices that can be applied to any business practice. Its goal is to improve efficiency by eliminating waste and any non value-adding activities from daily business.

Demand forecasting should become a familiar inventory management technique to retailers. Demand forecasting is based on historical sales data to formulate an estimate of the expected forecast of customer demand. Essentially, its an estimate of the goods and services a company expects customers to purchase in the future.

Cross-docking is an inventory management technique whereby an incoming truck unloads materials directly into outbound trucks to create a JIT shipping process. There is little or no storage in between deliveries.

MB Klein, a historic retailer in Maryland of model trains, train sets, and railroad accessories, is a mutual client of SkuVault and BigCommerce. Mat Huffman, digital warehouse lead at MB Klein, told us about his experience using a SkuVault and BigCommerce integration to manage the companys online store and brick-and-mortar store.

After having implemented SkuVaults system, the task of maintaining our inventory has become more straightforward and efficient. Our customer satisfaction has improved with accelerated shipping times and the ability to accurately represent our stock in real-time with the BigCommerce integration for our website, said Huffman.

The ease of only needing to upload new products into BigCommerce that migrate into SkuVault has been a tremendous advantage for dealing with workflow. One of the most beneficial aspects of utilizing SkuVault has been the ability to streamline, not only the inventory counts, but the ordering and receiving processes as well, he said. Overall, we have found the use of SkuVault to be invaluable, and the benefits have had an extensive impact on MB Kleins growth during the past year.

Your business should run like a well-oiled machine upon implementing smart inventory management techniques. And if you really want to do it right, implement inventory management software with the softwares in-house support team. Let the experts lead you in the right direction.

If you can answer yes to these, youve successfully conducted inventory management. As a result, you can expect to see better customer reviews, improved customer loyalty, and even a boost in Amazon Seller Rating Performance.

The warehouse team, warehouse manager, and inventory specialists are responsible for handling all inventory from FIFO to delegating proper stock levels in each location. This ensures less shelf wear on packaging.

The warehouse team is also accountable for the obvious inventory management tasks managing proper receiving, correct picks, and correct shipments to create an ease of movement throughout the pick/pack/ship process.

Historical sales reports from peak seasons past, and throughout the current year, should be used to determine order frequency during peak season. Look back on what you sold the most and the least in tandem with what items are popular this year to make more accurate purchasing decisions.

Sales reports can be broken down by sales channels so you get a better understanding of what items sold on each channel. This gives you a clear idea of the kind of order demand to expect and right order frequency to establish.

Peak season for a business is arguably the most important time of the year. Its the time of year when most businesses make the bulk of their revenue, so its pivotal that you have proper inventory management in place in order to succeed.

And last, but not least, implement inventory management software. Inventory management streamlines all the points above and better accommodates for high demand and fluctuation throughout peak season better than a spreadsheet ever could.

Inventory is the biggest asset to your company, so in order to save money and make money, you need to protect that asset and nurture it in the right direction. Without implementing inventory management techniques, youll never get ahead.

Sign up with an inventory management software that masters the basics of inventory management. The fundamentals are key to a sustainable business. Software should be a catalyst for your growth, not a hindrance.

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Avery Walts is an eCommerce Marketing Specialist at SkuVault. With seven years of journalism and nearly three years of marketing experience, she uses these skills to create content that engages, educates, and empowers business owners to optimize their warehouse and inventory processes. Outside of the office you can often find her in search of the next best Mexican restaurant.

is majoring in entrepreneurship a good idea?

is majoring in entrepreneurship a good idea?

Majoring in entrepreneurship can be a good idea, but it is not necessary to become a good business owner or manager. Many people succeed in business without any degree, let alone one in entrepreneurship. The real question is whether you need the extra focus on entrepreneurship. Otherwise, a degree in business or a related field may be more appropriate. It depends on your goals as a business person and as an individual, the experiences you already have,and your understanding of business and management.

First, understand that entrepreneurship is different from business as a field of study. Entrepreneurship as a major helps you develop effectual reasoning. You learn how to identify goals as they grow naturally and learn strategies for facilitating the evolution of those objectives. You learn about concepts such as bootstrapping and different marketing techniques, as well as how to start a business from the ground up. These skills have their place, but they are very different from what you learn as a business major.

In a business program, whether it is for an MBAor a business degree, your focus is on causal reasoning and relationships. You learn about business plans, but you also learn how to calculate the return on the investments a company makes and how different business models work. Within a business major, there may be different specialties, but the core curriculum focuses on developing that causal, linear focus.

Many business degree programs have entrepreneurship components or options to specialize in entrepreneurship. This way, you have the chance to learn more about effectual business matters while still developing knowledge about business theory and how companies operate. However, business degrees tend to be more corporate-focused.

Entrepreneurship degrees have their benefits. While obtaining a degree in the field does not guarantee your success, it certainly does not hurt. Having a degree in entrepreneurship can serve as a sort of validation of your business skills. When you go to get funding for a business concept or develop a partnership, a degree in entrepreneurship can add to your credibility.

In your studies as an entrepreneurship major, you will develop your business instincts. If you have not managed a business before, developing your business reasoning in this way is valuable. Likewise, if you have run a business but not had much freedom in how you approached your management style, entrepreneurship helps you learn to identify opportunities and think critically about how to take advantage of them. You also take classes with other people who are interested in starting their businesses. These people could become lifelong business connections and possibly develop into partnerships.

Getting a degree in entrepreneurship is a significant expense. In addition to absorbing the cost of your studies, you also must calculate the wages you will lose while you are in a program and unable to work full-time. Moreover, better entrepreneurship programs tend to cost more and require more of a time investment, meaning the costs are even higher. You are taking on these costs all for a degree in something that people succeed in every day without any formal training. You are also spending time in class that you could be spending on your business concept. Depending on your idea, this could mean you will miss out on the window of opportunity. Also, if your business idea is unsuccessful, a degree in entrepreneurship may not be as desirable as a more general business degree when looking for outside work.

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