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The Use of Information Systems to Aid Communication and Financial Management in Business - Assignment Example

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The objectives of this report are: to explain what is meant by an information system, to describe how information can be used to communicate within a business organization, and to address how information can also be used as an aid to financial management for various managerial activities…
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The Use of Information Systems to Aid Communication and Financial Management in Business
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Download file to see previous pages This research will begin with the statement that information is one of the extremely important elements in a business organization because of that it serves as a support tool for business operation, decision making, managerial functions and organizational activities. Information is normally considered to be the most powerful asset in a business. Many businesses are effectively utilizing the information that is rich with and succeed in a market by achieving competitive advantage whereas many other firms fail in managing it and thus to surviving in the market as well. This piece of research work presents a brief report on how the information system can effectively be used to aid communication and financial management. No matter how small or large the business is, information is highly critical to it and it can help the business attain its goals. Information is essentially important for financial management for various reasons like decision making, and there have been efforts to bring effectiveness in approaching the information and the outcome is that an information system approach has been developed. It is important to identify, explain and evaluate how the information system is used and how it can be successfully used in communication and financial management. Stair, Reynolds, and Reynolds pointed out that information system is a set of inter-related elements or components that collect, manipulate, store and disseminate data or information and provide a corrective reaction to meet a specific objective. Information System is thus a process or system approach towards collecting the data or information as inputs, manipulating them through processes, storing them as either tacit or explicit and making use of them once they have been disseminated as outputs. An organization can be said to use information system if there is a system in which people, process, technology, and information are aligned and integrated. ...Download file to see next pagesRead More
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