January 27, 2024

A management information system (MIS) is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. The study of the management information systems involves people, processes and technology in an organizational context. In a corporate setting, the ultimate goal of using management information system is to increase the value and profits of the business. What is Management Information System? Management information systems (MIS) are integrated computer-based networks and applications that collect, store, and analyze data to help business leaders and managers make informed decisions.  Management information systems consolidate raw data from multiple sources, turn it into useful information through analysis, and distribute customized reports to stakeholders. Well-designed MIS can improve efficiency, align business operations, and help drive overall company performance. Management information systems (MIS) are an organized method of collecting information from various sources, compiling it, and presenting it in a readable format. It helps business leaders and managers make strategic management decisions.  Types of MIS 1 Process Control Gather data to create reports based on the performance of systems and processes. 2 Management Reporting System Generate reports for the company’s operations. 3 Inventory Control Allow tracking of the current inventory state within a department or the company. 4 Decision Support Systems Gather information from internal and external resources and help team management make efficient business decisions. 5 Expert Systems Use Artificial Intelligence to simulate the judgment and behaviour of a person or organization with expertise and experience in a specific field. 6 Executive Information System Report company data to top management directly in an easy-to-read format.  7 Transaction Systems Automate business processes and collect data on a company’s daily transactional activities. 8 Accounting & Finance Systems Track a company’s assets and investments and processes financial and accounting-related operations. 9 Sales & Marketing Systems Facilitate tracking of a company’s sales and marketing efficiency.  10 HR Systems Allows control of organizational information circulating within the company and oversees tasks like recruitment and daily administration, ensuring all employees comply with company standards. 11 School Information Management Systems Help educational institutions manage daily activities like attendance, payroll, and employee schedules. 12 Local Databases Offer information about the residents of a given locality. Functions of management information systems Data collection and storage- Management information systems gather and store data from various sources, such as sales figures, stock levels, financial statements, and employee records. MIS serves as a repository of information, ensuring all relevant data is accessible to decision-makers. Data processing- MIS processes raw data into a more usable form by sorting, classifying, calculating, and interpreting. By turning vast amounts of raw data into meaningful information, MIS can make it easier to identify trends and insights. This involves the creation of reports, visualizations, and summaries that aid managers in understanding the current state of the business and forecasting future scenarios. Data management- These systems organize and maintain data systematically, ensuring accessibility and regular updates. Effective data management keeps information relevant and reliable for business planning. Company Projections – These management information systems come with trend analysis features that will allow you to project how a business will perform in its current configuration and how it will be affected once you have implemented the changes you are considering.  Even the ones without the trend analysis function will still offer sufficient information to carry out the analysis accurately using external tools.   Features of MIS Data integration: MIS integrates data from various departments and functions, giving decision-makers a comprehensive view of the organization’s data. Data storage: MIS stores vast data in databases, making it accessible and retrievable when needed. Data processing: MIS processes data to generate meaningful information. It can perform calculations, comparisons, and other data transformations to produce reports and insights. User-friendly interface: MIS systems typically have user-friendly interfaces that allow non-technical users to access and interact with data easily. Customization: MIS systems can be customized to meet an organization’s needs. Users can define the type of information they want to access and how it is presented. Real-time information: Many MIS systems offer real-time or near-real-time data updates, ensuring decision-makers can access the most current information to make timely decisions. Report generation: MIS generates various reports, including standard reports, ad-hoc reports, and exception reports. These reports help managers monitor performance and make informed decisions. Security: Access to sensitive information is restricted, and measures are in place to protect data from unauthorized access or breaches. Accessibility: MIS can be accessed remotely, allowing decision-makers to retrieve information from various locations. Integration with other systems: MIS systems can integrate with other software and systems of the organization, such as ERP (Enterprise Resource Planning) systems, Customer relationship management (CRM) systems, Human capital management (HCM) systems, etc. Mobile compatibility: Many modern MIS systems are compatible with mobile devices, allowing users to access critical information on the go. Data analytics: Advanced MIS systems may incorporate data analytics and business intelligence tools to provide deeper insights and support predictive analytics. Benefits of MIS Allows company management access to a single database to manage all transactions and planning processes. It saves time and increases work effectiveness considerably. Ensures improved data analysis and decision-making. Maintains an accurate record of the system’s inputs and outputs and tracks employee performance. Critically analyze a company’s and its employee’s strengths and weaknesses. The CEOs or executives can take greater company financial and operational control. Limitations of MIS While MIS may solve some acute problems, it is not a solution to all problems of an organization. Involves maintenance and employee training costs. It cannot meet everyone’s particular demands. If misdesigned, MIS does not serve the management and is irrelevant. The MIS is only good if the primary data is updated. Most information provided by the MIS is in quantitive form. Hence, it ignores qualitative information like the behaviour of an employee. FAQs Q: What are the primary functions of an MIS? The primary functions of an MIS include data collection, processing, storage, retrieval, and dissemination of information for efficient management decision-making and organizational control. Q: What is a Management Information System (MIS)? A Management Information System (MIS) is a computer-based system that provides managers with tools to organize, evaluate,

Average order value (AOV) is an e-commerce metric that tracks the average amount spent whenever a customer places an order on a website or application. AOV is considered one of the most important metrics in the e-commerce industry. Average Order Value (AOV) is an essential but eventually imperfect statistic to track as your company expands. It’s one of the first things business owners want to enhance to boost revenue or maximize the return on ad spending. Businesses want to raise their average order value, especially those in the online retail sector. This is because increased AOVs will lead to better overall revenues. This way, profits can gradually rise for a company. What is the Average Order Value (AOV)? The average order value (AOV) is the amount customers spend on average when they buy something from your website or mobile app. This metric especially helps online stores figure out how their customers buy things. AOV assists you in setting goals and strategies and evaluating how effectively those efforts perform. It aids in evaluating your total online marketing activities and pricing strategy by providing the measurements required to calculate the long-term value of individual customers. Calculation of Average Order Value (AOV) For example, let’s say that in the month of September, your web store’s sales were $31,000 and you had a total of 1,000 orders. $31,000 divided by 1,000 = $31, so September’s monthly AOV was $31. AOV is a key performance indicator that online businesses measure to understand their customers’ purchasing habits. Like other key metrics, AOV can be tracked for any time period, but most companies monitor the moving monthly average. How does Average Order Value impact business decisions? Advertising Spending: Check how much your company spends on advertising and how it relates to the average order value. If you are paying as much as your order value or more to acquire a customer, keep in mind that you are in the wrong position. Customer Behavior: Understanding and raising your AOV can effectively affect your business. For example, Halloween Day campaigns may be successful for fancy dress businesses but unsuccessful for home products businesses. This can help you determine which season is the most important to pay attention to for your business. Conversion Expenses: Your business could lose money if you have low average order values and high conversion costs. When calculating your average order value, ensure it is at least twice as large as your conversion or acquisition costs. How to Increase the Average Order Value (AOV)? Increase Product Price- The easiest way for an online seller to raise the average order value is to increase the prices of the products they sell. An increase in product prices boosts revenue and average order value. By raising the price, you may lose customers, resulting in a drop in revenue. That’s why testing the strategy’s viability before implementing it is critical. Upselling- Offering a product that is upgraded and more expensive than the one the customer wants is known as upselling. The upselling technique seeks to boost profits from every order. For example, consider smartphone plans. A customer may have selected a phone with 6GB RAM, but an 8GB RAM option is listed on the same website, and you can offer this phone by an advertisement as an upgrade. Cross-selling- Cross-selling is similar to matching. It suggests that a vendor invites customers to purchase other or related goods to the one they are now buying. For example, a set of earrings could be recommended to your customer when they’re browsing for a dress. Increased revenue per order is one of the goals of this method. Offer Discounts- Providing customers with promos and discounts when they add things to their shopping cart is another excellent approach to increase your AOV. For example, customers who order $50 or more will receive a 10% discount. People make purchases through these offers and feel they have scored the best possible deals. Be sure that the final price is higher than the average order value when you calculate it. Offer Free Shipping- You could create a limit for free shipping as an alternative to discounts. This is usually given when a certain amount is spent. It lets people spend a little more to save a little. For instance, a seller might provide free shipping to customers who buy more than $100 worth of goods. Create A Loyalty Program-Creating a customer loyalty program can be an excellent way to keep your customers because it helps build relationships with them and encourages them to return. Several ways to reward loyal customers include allowing them to earn points or discounts on purchases. With this loyalty program, you may create a more extensive customer base that will likely make more purchases by encouraging repeat sales. Your Average Order Value may rise as a result of this tactic. Why does average order value matter? Your company’s average order value helps you evaluate your overall online marketing efforts and pricing strategy by giving you the metrics needed to measure the long-term value of individual customers. As a bench mark of customer behavior, the AOV helps you set goals and strategies and evaluate how well those strategies are working. Sometimes marketers focus much of their energy on increasing traffic to a website when it would more impactful and profitable to increase their AOV. Increasing traffic typically costs money, while increasing AOV does not. Since there is a transaction cost associated with each order, increasing your AOV is a way to drive direct revenue and increase your profits when customers are already buying from your store. FAQs Q: What is Average Order Value (AOV) in e-commerce? Average Order Value (AOV) is the average amount of money spent by a customer in a single transaction on an e-commerce platform. It is calculated by dividing the total revenue by the number of orders. Q: How is AOV calculated? AOV is calculated by dividing the total revenue generated by the e-commerce business by the total number of orders received within

In India, MedPlus is one of the leading and fast growing healthcare retail chains which was started by the Dr Madhukar Gangadi in the year 2006. In recent years, MedPlus has grown into 1400 pharmacies throughout the country. It serves over 2,50,000 customers daily and employs over 10,000 people. MedPlus helps persons who prefers to be self-employed by helping starting a MedPlus Pharmacy franchise to attain success in the pharmacy business. MedPlus, a pharmacy chain based in Hyderabad, launched an IPO around October/November 2020. The company hopes to raise more than ₹ 700 crore through the process. In addition, MedPlus has entered into an exclusive partnership with Jamieson Wellness, one of Canada’s largest consumer health companies. Pharmaceutical Industry in India With an increase in the changing lifestyle conditions and an average lifespan and approach to healthcare facilities, there is a rising demand for healthcare and wellness products all throughout the world. As per the surveys of the pharmacy market, the recent measure of the Indian pharmacy market is around Rs 80,000 Crores and is expected to cross Rs 160,000 Crores by 2020. The retail pharmacy sector is expected to grow by approximately 20% year on year with organised pharmacies increasing their market share to about 30% of the market by 2020. MedPlus Mission and Vision The mission of  MedPlus is to be the premier choice of customers for their health and wellness by understanding their needs and exceeding their expectations, and the vision of MedPlus is to revolutionise healthcare delivery in India. Why the MedPlus Franchise? MedPlus is a highly recognized brand where there is no need for marketing. Largest retail pharmacy chain in India in the short while. Also, e-pharmacy is available here. Door-to-door delivery is available. Provides quality and genuine medicines Higher customer service and great value for money. Benefits of Owning a MedPlus Franchise Medplus serves more than 2,50,000 customers daily and employs more than 12,000 people. The company offers free home delivery in several locations near the store. MedPlus is an organized retail pharmacy chain having around 6-7% market share. The retail pharmacy industry may grow around 20% year on year. You can carry the pride of our success in your locality with an assured income. Best training, knowledge, and support for running the pharmacy will be provided. MedPlus basically has strong guidance by expertise and sourcing, technology, and execution abilities. You can avail of a credit facility or loan from the State Bank of India (SBI) under a particular scheme for about 60% of your investment requirement. You generate a volume of business that is 2 or 3 times higher than the competition and enjoy higher customer retention and repeat purchases due to our brand pull and the attractiveness of our loyalty and reward program – Flexi Rewards. Produces higher profits by having access to our high-quality private label brands with higher margins. Eligibility Criteria to become a MedPlus Franchisee Individuals were capable of working hard, diligent and dedicated. Should be able to manage the pharmacy operations rather than through employees personally. Should have the capacity to do the fundamental calculation and understand trade terms, margins, profit & loss. A pharmacist qualification is helpful. However, it is not mandatory. At a minimum, the candidate should have finished the Intermediate level education or SSC. Previous experience in a pharmacy or managing a small business will be beneficial. Area Specifications The MedPlus outlets are set-up with square feet ranging from 300 Sq.ft.-500 Sqft; and the location preferred in potential areas with excellent frontage. Financial Requirements Total expenditure expected to set up a MedPlus Franchise is of Rs 17.50 lakhs to 20 lakhs varying from the location and the size and condition of the premises. The investment includes franchisee fee, refundable security deposit to premises owner (rental advance), interiors, storage racks, furniture, computer systems and printer, branded stationery and necessary inventory (stocks). Term of Agreement The franchisee needs to sign an MOU which contains the written statement about the company terms and condition will sign a franchise agreement with selected franchise owner for certain years initially. The agreement is however renewable if both the parties agree. Regions of Operation MedPlus Franchises will become accessible over India. Though, in the beginning, franchises are being offered only in the states of Andhra Pradesh,  Telangana, Tamil Nadu and Karnataka. Any town with more than 50,000 population would be suitable for a MedPlus Pharmacy. MedPlus Franchise Training and Support Assistance in all aspects of operating the franchise. Assistance in selecting the proper location for the store. Help with store identification and lease finalisation. Support in entire layout plan, branding materials and furniture and systems required. Training for the franchise and its staff. Facilitate a bank loan if required. Supply of all products sold through the store. Operational assistance through the running of the store. providing all types of equipment to manipulate the pharmacy related purchases, sales, bank deposits, customer records without any complications. Audit support. 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