What is the difference between management information system ,data analytics, business intelligence Explain it in simple If possible give an example on 3 of them
The main difference between them is that MIS has a narrow range of services, BI deals with the present, and data analytics deals with the future MIS is a traditional information system used to collect and process data. BI is an umbrella term covering various processes and technologies that empower an enterprise to use data effectively and make the right decisions. It uses software tools and applications to analyze data from various sources and present it in a visual and interactive way to help with current business performance and operations. Data analytics is the process of applying statistical techniques, algorithms and tools to data to discover patterns, trends and insights that can help with future decisions and actions. Data analytics, data mining, data visualization, data tools and infrastructure, as well as best practices are put together in BI
Management Information System (MIS): This is like a digital assistant for businesses. It helps managers by organizing and presenting data about their operations, so they can make informed decisions. For instance, a retail store might use MIS to track sales, inventory, and employee performance. Data Analytics: Think of this as a detective for data. It involves examining large sets of information to find patterns and insights. For example, a social media company could use data analytics to figure out what types of posts get the most likes and shares. Business Intelligence (BI): BI is like a smart mirror for a business. It reflects the current state of the business using data visualizations and reports. A hotel chain could use BI to show occupancy rates across its locations and compare them over time.