MIS is a vital part in the success of the company. It is there to gather all the data and information available to the company and to harness this information to usable form to facilitate an efficient and wise decision making. This usually involves connecting all the people, the technologies and the procedures and applications used in the company in order to arrive at sound decision making at every part of the company.
MIS also involves having general reports available at all times. This means that financial reports would be provided routinely and when they are needed. MIS also answers what if questions which answers are needed to be prepared when some occurrences like changes in the market occur.
But in order to be truly effective, there should be information systems audit. There should always be a check and balance in every activity in the company. In the case of management information systems, the information systems in the company should be identified and assessed. The controls of the information systems should also be looked into. This way, weaknesses can be identified and corrected. It is up to the MIS audit to estimate the probabilities of certain occurrences to happen. And after all the assessments, it is up to the group to report findings to the management so proper corrections can be made.
Again, it is for information systems audit to check that everything is going as it should. If information systems audit is done well, MIS will always be efficient in delivering its function. Wise decision making will be facilitated and competitive advantage will be achieved by the company.