EFFECTIVE INFORMATION MANAGEMENT TOOLS IN ORGANIZATION (A STUDY OF ZENITH BANK LTD)

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ABSTRACT

Management requires factual information to deal with things like policy formulation, forecasting, planning and decision-making. Decision making by managers must be quick and flexible which implies that both time and cost factors of information must be such that it will attract minimum cost and time that would enhance profit maximization.

The objective of the study is to seek to explain the concept of what has come to be known in modern Management and Information System and its impact on decision making in a competitive and challenging banking environment. The survey research method – using questionnaire was used in eliciting data from the respondents from the selected bank for the study. The major findings from the study are as follows:

·          Respondents were of the opinion that MIS aids decision making on how to compete favourably in a competitive and dynamic banking environment.

·          MIS aids decisions on how to improve the quality of their products/services.

·          MIS aids decisions on how to make right decision among alternatives.

Hence, inadequate management information system can have negative effect on the banks strategic moves. In achieving the bank’s strategic goals and better performance, an effective and efficient management information system is required as a tool for attaining good and effective strategic planning and decision making in the banking industry.

In meeting the above challenges, the following recommendations are proposed for the banks:

i.                    Awareness is the parameter towards achieving and realizing set objectives of the organization, therefore every cadre of staff should be carried along and adequately informed of policies and strategies of the organization.

ii.                  Management should be adequately informed of changes and development in the industry by the Research and Development department and the management in turn react adequately to such changes to enhance better services and products delivery by the banks. This will help in keeping their

market share in the sector and the company as a whole. Drawing from the conclusion of the study, it is recognized that

Management Information System has definite and clear relationship with decision making in banking industry.


In spite of the uncertainties about the future, survival and growth, banks will depend on effectiveness of decision making with the assistance of management information system to achieve set out goals. It is therefore suggested that future researchers in this area could look into other sectors of the economy like insurance, manufacturing, stock broking and government parastatals etc to find out the possible ways of interaction as a body in global view in respect of Management Information System.

TABLE OF CONTENTS

Title Page
Abstract
Table of Contents

CHAPTER ONE: INTRODUCTION
1.1       Background of Study
1.2       Statement of Problem
1.3       Objectives of Study
1.4       Research Questions
1.5       Hypothesis of the Study
1.6       Scope and Limitations of Study
1.7       Significance of the Study
1.8       Brief Background of Zenith Bank Ltd
1.9       Definition of Terms
References

CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1       Introduction
2.2       Management Information System and Decision Making
2.3       Purpose of Management Information System in the Banking Industry
2.4       Qualities of a good Management Information
2.5       Importance of good Management Information System
2.6       Benefits of a Good Management Information System
2.7       Relevance of Management Information System to the Banking Industry
2.8       Attitudes of Management to Information Generation and Uses
2.9       Reasons for Information Management
2.10 High Level Management
2.11 Middle Level Management
2.12 Lower Level Management
2.13 Information System
2.14 Transaction Processing System
2.15 Management Information System
2.16 Executive Information System
2.17 Documents and Records Information
2.18 Office Information System
2.19 MIS Approach to Functions and Level of Management
2.20 Database Management System
2.21 Functions of Management
2.22 Sources of Strategic Information
2.23 Categories/Levels of Information needed within the Banking Industry
2.24 Relevance of Internet in Management Information System
2.25 Tools for Analysis and Documentation References

CHAPTER THREE: RESEARCH METHODOLOGY
3.1       Introduction
3.2       Research Method and Design
3.3       Source of Data
3.4       The Population and Sample
3.5       Profile of Sample used in the Study
3.6       Instrument for Data Collection

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1       Presentation of Data
4.2       Discussion and Analysis of Finding

CHAPTER FIVE: SUMMARY OF FINDING AND RECOMMENDATION
5.1       Summary of Finding
5.2       Recommendation
Bibliography

CHAPTER ONE

INTRODUCTION


1.1       BACKGROUND OF STUDY
This study aims at highlighting the effective utilization of management information technology and tools by most banks. This is as a result of the need to tender best services to customers and achievement of organizational goals or objective.

However, despite the various sophistication of information technology and the huge investment, many decision makers in organization is still faced with the problems of obtaining information that is reliable, relevant and up-to-date.

These difficulties have adversely affected the decision making process of most banks by hindering the decision makers through the introduction of distortion, leading to inaccurate information and creating misplaced confidence.


These particular problems are common in most banks today, the management of such banks are yet to really believe that management information system has actually justified the huge amount invested in it because most information system have foaled to meet the information requirement of the banks management.

The management of most banks had complained of unreliability, untimeliness and inaccuracy of information. Such banks include Union Bank of Nigeria Plc and MBC International Bank Ltd. Thus, there is need for the development of a vital and efficient information system which is essential for improvement in performance of the management of the bank.
The main stream of this is to show extensively the importance of Management Information System instituted within or among the three levels of management in aiding effective decision making of the bank so as to ensure their continued survival and profitability.

1.2       STATEMENT OF THE PROBLEM
In recent times, information has become the life line of most successful banks. Computerized information systems channeled at facilitating or enhancing management operations have thus been developed in several banks.
Despite the edge of technological advancement, customers are yet to experience a drastic improvement in service rendered by banks. Customers waiting time in bank is yet to reduce tremendously and transactions are still processed at a lower pace than it should be, considering the use of good and reliable Management Information System.
The Management Information System is supposed to ensure an effective internal control system but the rampant cases of fraud in banks have proved otherwise.
Also bank managers complain of lateness of reports, constant break down of computer machines and computer frauds. This has resulted in the reluctance shown by top executives of banks to make further investment in information technology as the returns on investment of previous ones have not bee too encouraging. Like a case of system hanging, while a cashier is attending to customer.
These problems have resulted in dissatisfaction among users of information system and the management of banks in general. Due to the huge investments management incurs form acquiring Management Information System, it is anticipated that a good return on investment should be realized....

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