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Management Information System. Questions that might come to one’s mind could be what does it mean? How does it affect me? How does it help me?
So, let’s understand this using a real life example. Imagine you go to a grocery store and you have to go around and select the products on your own. The products are unsorted and not labeled. So you have to go through each shelf and product to find your items. However, in reality the stores are well sorted and aisles are there to help you navigate easily and effortlessly. You just go to the right aisle and right shelf to pick up your product.
This is exactly what MIS does to your data. Sorts it, labels it, cleans it and displays it in the format you would understand to make meaning of your own data.
MIS is the process of capturing your business data, consolidating the same and processing it into relevant information for the right people at the right time with a goal to make better business decisions. It is visual representation of the data. Imagine you want to know the production, sales and inventory data for the year. Going through endless files and reports to consolidate the same would take time, so you would go to the experts to get the information. With MIS, you can have this data on your fingertips. You use these dashboards daily, weekly and monthly.
Making MIS is like taking a blank canvas or paper and drawing the patterns that speak to you. When you have put the charts, ratios and trends that you want to see, it is just a matter of filling those blocks with right information. So visualize and then place the content. Excel is an excellent tool to start with for making MIS.
Things required while making MIS – YOUR BUSINESS DATA. Firstly, you need to capture data. How many calls has the sales team made today, how many leads generated, leads closed by which member and so on. Once you gather this data for a period of 2 months plus, your business intelligence starts shaping up to make you equipped to make better informed business decisions.
What are your best practices in MIS? How do you make it more efficient? Are you struggling to make sense of the information overload?
No matter what stage of MIS your organization is at, the team at Big Momentum can help you make sense of your data in clean, easy to read and visual ways.
Big Momentum is a virtual CFO, accounting services and business consulting company, based in Pune, India. In case, you are looking for a partner to help you grow your business, do give us a call and we would be happy to offer our services. Call today on 9834612501 or email email@example.com to know how we can partner with you.