Technology management- Management Information System

Another important external cause for change is technology. The pace of technological advancement is quickening. Jobs and organizations are changing. Manufacturing and distribution have undergone a revolution thanks to new equipment and procedures. Managers frequently need to introduce new tools, operating procedures, or equipment to accommodate new advances within a given industry. Most recent technological advancements have likely been brought about by managers' efforts to increase computerization.

Automation and computer technology have changed not only how things are produced but also how people work together and what kinds of jobs are available. Identifying the organization that will be threatened by a change in technology is a key component of the transformation. A manager structure must be established to support a technology shift and it must be integrated into the organization's overall system.

Each organization must have effective technology management. Technology management needs to be done whether the company is producing a lot of product or less than the intended amount. If the technology is correctly managed, the company will profit. When the technical equipment are managed, the daily tasks can be completed with ease. The essence of each firm is concealed in the technological world, so managing the technical equipment is crucial for the efficient operation of the organization.

All business enterprises in today's vibrant world rely to some extent or another on technology. Therefore, technology management needs to be carried out to ensure the seamless operation of the company organization. There are several approaches to manage technology.

Management information system

The computer is now an integral component of managerial activities. Information is now recognized by management as a resource. Information is more valuable and effective than other commonly used resources including materials, goods, people, facilities, and money. An organization can differentiate its goods and services with the help of information to obtain a competitive edge. Despite the fact that the idea of managing with information is not new, the development of technology has opened up new possibilities for information availability and utilization.

A "organized interesting complex of people, machines, and procedures designed to provide an orderly flow of useful information acquired from both internal and external source for the use of managerial planning and control" is what is meant by an information system. For management to operate effectively, information is essential. It gives the manager the ability to oversee and manage their business. Information is necessary for managers at all levels to do their duties. "To manage the future is to manage information, and to manage the future is to manage a business properly." This proverb effectively conveys the value of information in management.

Data and information:

Information management entails acquiring the essential data (raw facts) and turning those data into information that makes sense (finished goods). The fundamental distinction between data and information exists. Data are facts and knowledge that have been captured but haven't been examined or tailored to fit any particular need. Data are therefore unprocessed, raw data and information regarding events.

On the other hand, information is simply data that has been meaningfully organized. As they are investigated, understood, and appraised for a particular context, facts are information. Data that has been processed produces information.

The manager will benefit from being able to discern between the two and rely more on information than raw data as a result of the aforementioned data vs. information distinction. Managers' decisions would be more realistic if they processed information that was directly relevant to their work and decision-making areas.

A number of strategies can be employed in the information system to give the data meaning and transform them into information that can be used for management decision-making and corrective actions. As an illustration, take trend analysis, correlation analysis, probability analysis, linear programming, queue analysis, ratio analysis, etc. from the fields of statistics, operation research, and management. In addition to these ways, information processing technologies and procedures, such as electronic data processing, have expanded the scope of the rapid transformation of data into complete fact and information.

Sources of data:

There are two main data sources.

• Internal and external sources
  • Internal data are a byproduct of how the firm typically operates. For instance, a recording might contain static or historical data. A couple of examples include changes in the market's ethnic composition or population increase in the market a company serves.

Data can further be classsfied into:

• Qualitative and quantitative data.
  • Communication is used to manage qualitative data, either verbally or in writing. Such information is conveyed to managers by employees at regular or review meetings, and its format is semi-structured. Sales representatives provide information to the sales manager about consumer response; this is referred to as qualitative data. These facts are not routine in nature. Quantitative data, on the other hand, are more routine and structured. They are reported to the manager on a regular basis. Costs, expenses, output, profits, and market share reports are examples of quantitative data, as are inventories, injuries and accidents, capacity utilization, workforce, and others.

Data processing system

Simply expressed, a database is a unified collection of data from several sources; the shape, capacity, and level of integration of the data depend on the uses to which the data are put. This idea, which is crucial to management, requires further explanation. The database's technical components are crucial. For data processing, factors including access time, capacity, and linkages between data items, security, and validity must be taken into account. Cost factor is also significant; the costs associated with data are as follows:

• Cost to acquire data
• Cost to maintain data
• And cost to access data

The data processing system consists of four components:

• Input
• Analysis
• Processing
• Output
• Feedback

The data processing system is concerned with the flow of data to and from the storage system, output information to the user, and follow the data to and from the storage system as well as within the data processing system. Any data processing system contains these components in one way or another.

• Input:
  • Raw data is used as the input and fed into the system. Reports, letters, observational data, published documents, etc. are typical inputs. The input data must be transformed for an electronic system so that it can be read by a computer.
• Analysis and processing:
  • The conversion of unprocessed data into the desired information is referred to as processing. Aspects covered by the component include abstracting, assembling, classifying, calculating, relating, and interpreting, among others.
• Output:
  • The outcome of the data handling process is the output. It could be presented to managers at various levels in the form of summaries, action reports, display charts, statements, etc. How quickly and precisely the system can produce an output determines how efficient it is.
• Feedback:
  • A feedback system could make sure that information and data go smoothly from one place to another without too much delay or distortion.

Characteristics of using full information

The following are some crucial aspects of utilising complete information:

• Accurate:
  • Accurate information is required. Wrong information does not aid a management in decision-making.
• Timely:
  • A crucial element in decision-making and control is the timely availability of information. If information is not accessible when needed, it is of no utility.
• Quality:
  • The higher the quality of the information, the more accurate it is. However, receiving high-quality information comes at a higher expense.
• Complete:
  • Managers cannot make advantage of incomplete information. It just offers a distorted image. Therefore, information must be as complete as possible.
• Relevant:
  • Information availability alone is insufficient. To be useful to managers, it must be pertinent to them.

Control function and information

Operational control and managerial control are the two subcategories of control function. Middle management often handles management control tasks, whereas lower management handles operating control tasks. The top management sets the organization's policies, plans, and goals. Middle management translates these into particular revenue, cost, and profit goals and targets, and then it gives operation management the exact timetables and performance metrics. The task of creating goods and services takes shape at the operational level.

The term "operational control" refers to a procedure used to monitor the fundamental goods or services that a company produces. The procedures used to transport a product from one assembly point to the next and the activities carried out at each assembly point are examples of operational control in a manufacturing firm. Cheques are physically sorted, recorded, and posted as part of the operational control of a bank. involves the actual movement of items from the store to the retailer in a retailing or distribution operation.

Every single one of these control points requires information. The next phase in the operations process is connected to every previous step. Naturally, mistakes or inefficiencies in the initial phase will result in errors or inefficiencies in the following steps. Therefore, effective and timely operation control ensures smooth and error-free operating.

information on how effectively the material is being fulfilled. Operational information is of a structured type and can therefore be coded.

Managerial control is practiced by upper level management. The tasks that make it easier to control these operations at the operational level are included in managerial control. Scheduled product manufacturing is an illustration of a management control procedure. The management is able to oversee operations thanks to the feedback from the production scheduling process. In a retail setting, the manager of the store puts orders for goods depending on how quickly items are moving through the store and anticipated future demand.

For all of these processes to be managed and tracked, information is essential. To manage these operations, there must be a consistent flow of information. Managers can make decisions to maximize the delivery of goods to customers thanks to the information that information systems give them. Information is not only structures in the managerial control system. Frequently, unplanned decisions must be taken.

Because of the increased usage of computers for handling and processing information, there should be an effective control over information systems. Computers are increasingly being used for data processing, which has increased their popularity. Back then, it was known as a management information system (MIS). The construction of a decision support system was the outcome of additional information system processes (DSS). The executive information system is a new idea in information systems that has surfaced today (EIS). This system is an advanced DSS that is made to accommodate a senior manager's needs.

Reference

Prem R. Pant, Ph. D. "PRINCIPLES OF MANAGEMENT." Kathmandu: Buddha Academic Publisher and Distributors Pvt. Ltd., 2010. textbook. 17 jun 2016.