Types of information systems used in an organisation, Management Information Sys

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Reuters Group -Providing Information and Decision Support on the Internet If information is power, then Reuters Group is one of the chief sources of that power. It is also one of the oldest information sources. Founded almost 150 years ago, the company originally was a news agency, feeding stories and information to newspapers. About twenty years ago, Reuters saw a need to provide financial information to banks, brokerage companies, and wealthy individuals. Companies and people needed information to support their investment and banking decisions, and Reuters decided to fill the need. Today, the company provides decision support for a half million users at about 60,000 companies around the world. Providing information and decision support on a wholesale basis to other companies and individuals generates revenues of $5 billion annually for the company. The average user pays $1,500 per month to get access to the vast financial information contained in Reuters's databases. In addition to financial information, Reuters still operates a news service business for newspapers, magazines, broadcasters, and Internet portals.

Unfortunately, the Internet has become the main competition for Reuters. Although the information on Internet sites may not be as complete and the decision support may not be as comprehensive as Reuters's databases, many Internet sites are free to users. Internet users have been happy to get free information, but Reuters stockholders have not. The stock price for Reuters has languished at about $50 per share, while other stock prices have generally soared. Until recently, Reuters did not have a coherent strategy for the future or a solution to its sagging stock price. The confusion ended, however, with Peter Job, the new chief executive of Reuters.

Peter Job decided that Reuters had to get on the Internet bandwagon. He decided to invest more than $800 million over four years to develop a comprehensive Internet site to sell and distribute information directly to individuals in addition to its traditional corporate customers. "Why does the individual have to get a different deal than the institution?" asked Job. The initiative has made potential individual customers andstockholders happy. The stock price of Reuters recently reached $137 a share after the announcement. Although most stockholders are happy with their new wealth, some are concerned. The move to the Internet will mean that the company can't generate the hefty fees from its corporate clients.

Questions:

(a) Identify the six major types of information systems used in an organisation. Discuss each one with relevant examples.

(b) Discuss how beneficial is the information and decision support provided by Reuters to its clients? Your answer must make reference to the case study.


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