ADVANTAGES / BENEFITS OF MIS
(1) Provides updated and timely information for decision-making: MIS provides information about various aspects of marketing. Information acts as a feedback and facilitates correct decision-making by marketing managers. Likely problems are solved at the initial stage through suitable preventive measures. Thus, MIS facilitates effective decision making by marketing executives. It acts as the lifeblood of modern marketing management.
(2) Facilitates monitoring of marketing operations: Data on different aspects of marketing can be collected and stored through MIS. This facilitates easy and effective monitoring of the performance of products, markets, sales-force and so on. Thus, continuous monitoring of marketing operations is possible through MIS.
(3) Raises efficiency of decision-making: Integrated and updated marketing information may not be available easily and quickly in large companies with many departments. However, separate arrangement can be made for collection, evaluation and storage of such information on sound principles through efficient MIS. Thus/! MIS is beneficial as it raises the efficiency of decision-making process in marketing.
(4) Facilitates quick reference: Easy and quick reference to old information is possible due to MIS. Computers are now used for easy accessibility of MIS. Quick reference to old information is possible due to modem computer techniques. Thus, the use of computers facilitates easy reference to old records and this raises the utility of MIS.
(5) Provides information on changing marketing environment: MIS provides regular information to marketers about changing marketing environment much before it actually takes place. Managers can forecast the future trends with the scrutiny of updated information. This enables managers to prepare marketing plans and strategies for the future period.
(6) Promotes marketing excellence: MIS leads to marketing excellence. It is rightly said that to manage a business well is to manage its future and to manage the future is to manage information. Marketing decisions will be prompt and reasonably accurate when they are based on dependable information. Thus/ MIS gives the benefit in the form of marketing excellence.
(7) Facilitates tapping of marketing opportunities: MIS facilitates tapping of promising marketing opportunities and effective defense against marketing problems and threats likely to develop in the near future. Both benefits bring stability and prosperity to business.
(8) Provides market intelligence: MIS acts as marketing intelligence wing of a marketing firm. It provides information about new marketing trends likely to develop in future. Such trends may be related to price trends, consumer expectations, extent of market competition, new products likely to enter the market and so on. This information is useful for long term marketing planning.
The advantages (noted above) suggest the importance of MIS. No marketing organization can function effectively without the support of appropriate information system. The information system should cover every aspect of marketing – the consumer, the market, the competition and the environment. The marketing excellence of a firm has a direct ^ relationship with the MIS operated by it. Marketing excellence is the net result of correct marketing decisions and correct decisions are possible only when updated and reliable information is supplied promptly by the information system created within the organization. This briefly suggests the importance of MIS in business/marketing management.