WHAT IS AN 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 customized and dependent on 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 a variable cost. In Nutshell, By MIS you can see your business through an altogether different angle.
MIS is a tool used for customized reports which can help the management in better & effective planning, control & decision making.
PROS OF MANAGEMENT REPORTS i.e. MIS
Better understanding of Overall business direction
MIS helps in maintaining 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 centers 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 in all the departments.
MIS helps in the overall scenario of business. For example, if you are running a retail store then you have to understand the trends in the 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 the 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 for the Company's overall growth & Success, 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”, You can use our CFO Services or Write us at email@example.com.