Monitor Your Business Proactively
Information is the lifeblood to Business. It has to be presented to the Management at the right time in the right form. In fact, Information available to the Top Management in real-time shall change the way business decisions are taken. Ask yourselves the following questions:
- Are you maximizing the potential of your data for growth, profitability & customer satisfaction?
- Are your reviewing your team objectively through systematic MIS Reports periodically?
- Are you adequately watching your business metrics to make the right decisions?
- Are you automated or spending the lowest amount of time in preparing your MIS Dashboards?
- Have you written a roadmap of how Analytics can impact your business future?
Loads of data is already available to senior management. Whereas properly designed MIS formats, and Dashboards, Performance Presentation can enable efficient, accurate & Timely decision making.
There are 3 ways of applying data to your business value add:
- Business Performance Summaries. Ex: Sales, Trends, Profitability, Cost Controls, Plan Vs Actual.
- Business Risk Flags. Ex: Cost overruns, Non-Compliances, Leakages
- Employee / Departmental Scorecards. Ex: Conversion Rates, Utilization Levels, Targets Vs Actual.
Transactional data is never MIS Report as it overwhelms the bandwidth of the management team to make sensible decisions. A proper summary is required to get Bird’s eye view to business information.
Use Graphical Presentations:
Powerful Visualizations can be used to replace traditional MIS Reports which have various advantages as under:
- Easy to understand
- More content in less space
- Easy Drill Down to transaction levels
Steps to design your Monitoring System / MIS Reports / Dashboards:
Step 1: Designing of Expectations: Know what to Review
- Understand the Management Information Needs & Periodicity (What is relevant)
- Identify Performance Metrics to be watched & standards as per the Industry Segment (How to measure)
- Configure the Information supply by Format & Frequency (What is the form)
- Design MIS Formats and Compile them (Care to be taken for simplicity and coverage)
Step 2: Automation: Avoid Manual Intervention
- Identify data availability & format for the generation of MIS Reports
- Implement Automated MIS Tools – Business Intelligence Tools, Dashboards
- Data may be available from dispersed systems, use Data Warehouses for consolidation
- Try to use cloud-based, cost-efficient utilities for MIS Management
Step 3: Maintenance: Keep it relevant & accurate
- Continuously monitor whether the Data from Source to MIS is accurate & hindrance free
- Identify changing priorities & update MIS Formats as needed
- Continuously strive for automation by avoiding manual data compilation / MIS preparation.
Get your Monitoring System – Health Check-Up from Experts:
- Current MIS Practices Audit
- Verification of Management Objectives vis-à-vis MIS Templates
- Usage of relevant & adequate measures for monitoring businesses
- The extent of Technology & Tools Usage Assessment
- Usage of Data Warehouse / Data Lake & their Security Assessment
- Department wise Data Availability for MIS Reporting
- Management Alignment to Monitoring Systems
- The extent of Information Usage for Decision taking
- Digital Preparedness for generating accurate and relevant data
- The efficiency of Systems, Response times, speed of delivery
Tectalik, a powerful Analytics Platform which is embedded with real business knowledge, an AI/ML-based Dashboards & RiskBots that can dive deep into data of any business identifying insights.
- Alerts exceptions via email and SMS, or as desired by the clients
- Identify fraud red-flags to bring business clarity & enabling timely, proactive, accurate business decisions
- Designed intuitively for a non-technocrat CXO to have Total Business Control
Developed and backed by Align Associate, a two decades old Management Consulting Firm that transformed numerous businesses using data-driven performance management. An open-minded and knowledgeable team with technology and finance background is ready to welcome you to know more about tools.