Data Is The New Oil
The role of top management of a company is to provide an overall framework for different processes and functions to work smoothly. Driving overall growth and expansion is a crucial function played by the management. However, the directors/ owners of businesses cannot devote their valuable time and effort in analysing every detail relating to day-to-day transactions. What is essential is a correct summary in a precise format that will highlight the key issues relating to the company's operations.
MIS is the Lifeblood
Management Information System (MIS) and internal reporting is the lifeblood for decision making. The key to achieving this is by setting up useful formats for reporting from each department and function. Once this is done, the management needs to define the responsibilities for each HOD, together with the timelines for such reporting. Analysing and understanding the information collected and subsequent decision making is the ultimate goal.
It must be acknowledged that there is no thumb rule for MIS formats. Each company needs to arrive at its own reporting norms and procedures. Furthermore, setting up of formats is a continuous process and over a period of time modifications and improvements need to be made.