There is no doubt that “the right information” at “the right time” at “the right place”, is crucial in decision making. The primary roles of the MIS are to capture information, create new information, store information, and convey information to the user. The two major objectives of MFIs are Outreach and Sustainability. MIS can add substantial value in achieving both the objectives:
A major advantage of MIS is that it provides easy access to accurate and up-to-date information.
Detailed information is captured on customers and their activities that can be used to assess client business and to assess impact. It is also useful in tracking historical information of clients.
Activities, such as disbursements, repayments, deposits, withdrawals and money transfers are completed faster, better controlled and with minimum opportunity for errors.
Information is produced in user-required formats, which facilitates better understanding, setting priorities, objectives and strategy.
Key performance indicators provide an overview of the organization’s performance, efficiency and effectiveness of operational procedures so that timely adjustments can be made.
Use of ICT helps make MFI services more interactive, accessible and transparent.
In terms of innovation, ICT provides full flexibility to structure products and services to the needs of its target group.
Efficiency and productivity of staff is increased, as they are able to manage more products, customers, and transactions in less time.
To meet target market needs, introduction of new products and setting procedures is easy and can be quickly applied throughout the branch network.
It can also provide the flexibility to integrate with other applications and delivery mechanisms
MIS lowers transaction cost, increases productivity, reduces risk of failure, and pushes the boundaries beyond bricks and mortar infrastructure to carryout business.