December 24, 2018

Why MIS is one of the most important thing for any Business Success!!

MIS???

Management information system or MIS is a defined set of processes that provides a monthly summary of all the essential data and information to top management to understand the overall business direction. This is highly customised and dependent of business nature and industry.

For Example:  A Lab Company has 20 Labs all over India & they are into 4 types of procedures. Now they want an MIS to understand the profitability of each & every procedure at each location. This can go beyond as to fixed as well as variable cost. In Nutshell, By MIS you can see your business through an altogether different angle.

MIS is a tool used for customised reports which can help the management in effective planning, control & decision making.

PROS OF MANAGEMENT REPORTS i.e. MIS

Betterunderstanding of Overall business direction

MIS helps in maintaining of all the information that management is planning to achieve vs actual number achieved. This helps to understand the overall business direction to achieve the numbers.

Identify Cost Centre

MIS helps in understanding the profitability of each & every product & services through which we can have a better understanding as to further expansion. We can take decisions on products and services which are becoming cost centres to the organization.

Improvement in efficiency

This helps in overall efficiency in systems & processes because when we have data that this is the pending target then management can push the respective teams to achieve the same. This really helps in overall efficiency improvements of all the departments.

Understand Trends

MIS helps in overall scenario of business. For example if you are running a retail store then you have to understand the trends on festive season so that you can plan accordingly for future years. MIS gives you a clear view & understanding on the business trends & analysis.

Plan your targets well in advance

MIS is dependent on your targets. Then this helps in overall goal setting strategy so that overall business cycle can run smoothly.

 

An organization can either hire staff for preparation of MIS reports or this can be outsourced to experts like us (www.especia.co.in). But from the cost & efficiency point of view, it’s always better to outsource this process as inaccurate statements can harm the business severely. Now I request everyone to ask yourself one question “WANT TO UNDERSTAND HOW MIS WORKS FOR YOUR BUSINESS”, Write us at hgoyal@especia.co.in.

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