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.
Steps For Setting Up A Robust Management Information System
- Understanding the need for MIS and the objectives to be achieved
- Appreciating the role of different teams and operations within the company
- Defining what reports are required and to be taken from each department
- Setting up formats based on key parameters
- Fixing of timelines and responsibility for reporting
- Analysing data and developing insights
- Decision making, and actual action based on analysis
- Ongoing improvements and finetuning
Businesses worldwide are starting to understand and acknowledge the immense power and possibilities that data opens-up for them. It is through the meaningful analysis of this data that actionable insights and hypothesis can be developed for almost every aspect of business.
V. Purohit & Associates understands this need of businesses and helps entrepreneurs make the most of their internal data. Contact us to learn more about our offerings and to talk to us about your MIS and Reporting requirements. We can help you structure and streamline MIS creation and reporting processes.
We are a new-age financial accounting company, that upholds age-old values and principles of Chartered Accountancy. We offer a fairly-differentiated set of services, tailored to specific business goals and challenges.