Goals of the business Essay Example

attaining them. Employees are also briefed on the information used for planning and controlling objectives. Each morning, small team talks take place to discuss daily targets and objectives related to sales, customer service, and credit card applications.

Barclays always stay on track and focus on both long and short term objectives. Unlike other businesses that may only set long term goals, Barclays ensures control over day-to-day operations by not neglecting short term objectives. Additionally, Barclays holds detailed weekly meetings every Wednesday to discuss long term goals and inform employees of any updates. In the banking industry, organizations continuously adapt their Management Information Systems (MIS) to meet their evolving needs and the changing environment. One such system, known as Cashmaster, is already implemented by several banks to effectively conduct business and achieve objectives.

Global Management Technologies offers a cutting-edge liquidity management software system that enhances a bank's profitability by efficiently managing and reducing cash levels in branches, ATMs, and vaults. This software provides accurate demand forecasting and customizable features to meet the specific needs of each bank. Additionally, it offers timely and valuable reporting capabilities. It is crucial for banking businesses to continuously update their systems to stay competitive in the rapidly evolving industry. In any organization, there exists a hierarchy of employees ranging from shop floor workers to top-level management.

Each group of individuals will have different needs and objectives. An Management Information System (MIS) within an organization must address the requirements of all these groups and supply them with the necessary information. A manager, in relation to the MIS, can refer to anyone who oversees the information being generated. Reports and information grant managers significant authority. They

can generate information that precisely meets the manager's specific needs at any given moment. Managers at various levels will each require department-specific information, among other things.

Barclays Bank relies on its Management Information System (MIS) to provide accurate information to all levels of management. The top management primarily focuses on monthly reports regarding profits, new accounts, loans, and other financial matters. Regular meetings are considered crucial by Barclays to ensure that every employee is informed about the MIS and the specific information required by each level of the organization. The cashiers in Barclays are considered key information managers and hold daily team briefings to review objectives and set targets based on the previous days/weeks' performance reports. They constantly strive for improvements and believe that keeping their staff motivated and valued is essential for achieving objectives.

Lower level management focuses on monthly targets and ensuring their objectives are achieved, rather than daily targets. They conduct reviews every three weeks to assess branch performance and sales. In order to maintain motivation, a prize is awarded to the highest performing branch (see appendix). The MIS supplies managers with essential information on performance, such as monthly sales and profits.

They need to be able to evaluate the firms position at the end of the month and be able to spot problems before they become major and threatening to the survival of the business.

Higher/top level management.

At Barclays, there is a three monthly review which involves all the top level managers. These managers are concerned with the long term success of the business and so the MIS is successful in providing them with both internal information on the profit accounts quarterly and also external

information which is vital for planning. In this meeting, the managers will focus more on the end of year sale and profit figures rather than weekly or daily targets. They need to ensure the smooth running of the business and Barclays MIS provides them with the correct information so that they can make informed decisions. As discovered, MIS play a huge role in every organisation and it is reasonably to say that without systems that provide information, businesses would not be able to function successfully.

Management Information Systems (MIS) are crucial in establishing the groundwork for any organization and can be found worldwide. Despite the various types of MIS available, their common objective is to supply managers with the necessary information to effectively carry out their business operations.