Let us consider, a real life scenario at work, where two colleagues are trying to help each other:
Shalini: “Hi Gaurav! Can you please provide me an information on ‘Top selling product on quantity & value’? I will need that for streamlining the ‘Production order & planning’.”
Gaurav: “Sure, just give me a while.”
Shalini: “Request for another favor, I will also need the report on ‘Top customer for quantity & value’ for last quarter. Need this for insights on ‘Customer credit control’.
After a while, Gaurav provides all the reports as requested by Shalini.
Can you relate to the above conversation at work, when your colleague’s help is needed, to complete a task? Just like Gaurav & Shalini, MIS & ERP just as good colleagues, often complement each other for efficient business process management.
An ERP, is a business management tool that collects all the information from different departments of a business to provide a collective automated insight for better business decisions. It is a central storehouse of information, which can integrate, automate & streamline, for a systematic business operation.
MIS or Management Information System, is a planned system of evaluating, analyzing & processing business data to produce meaningful & useful information, which empowers the management to take right business decisions.
For proper functioning of an efficient ERP, i.e. automating a business process, the need of information accessibility arises. As, information processing is one of the vital requisites for any business, the need for an effective MIS comes into play, which helps ERP by providing reports & information. The system ensures that appropriate data is collected from the various sources, processed, and sent further to all the needy destinations.
Let us take a quick look at few uses of MIS in an organization:
- Planning & decision making – MIS reports are used for planning & deciding on the operation process of a business. If we refer to the above conversation, the report on “Top customer for quantity and value” can be used to plan the other process “Customer credit control”.
- Collection/Recording/Storage – For any particular transaction or event, MIS helps in collecting information, recording the same & store it for future business insights. This is crucial for any business, as the information can be fetched anytime for operational requisites.
- Controlling – MIS can be used for controlling a set of information. Filtered data can be used by the management, for efficient business planning. This ensures efficiency & effectiveness for optimum analytics. E.g. At the start, Shalini requests a report on ‘Top customer for quantity and value’ for last quarter, from Gaurav to analyze “Customer credit control“. With MIS, the report can be extracted & analyzed by applying appropriate filter.
- Measuring – MIS plays an important role in measuring the business performance by collecting & analyzing sales data, production cost & revenue earned.
So, now let us take a quick look at, how an efficient MIS collaborates with an ERP solution, to provide strategic business plan for an organization.
Few type of MIS reports for manufacturing businesses are as follows:
- Location/branch wise sales analysis for quantity and value: It provides sales analysis report, either location wise or branch wise, as applicable for any business. The report provides insight on both quantity, value of the products sold & this can facilitate in preparing a better sales plan.
- Monthly/yearly sales trend: It provides report on sales trend, either monthly or yearly. This enables a business, to study the sales analytics to make necessary forecasts & estimates.
- Top selling products for quantity and value: This helps a business, get insights on the fast moving SKU’s and help in crafting relevant strategies.
- Top customers for quantity and value: This report provides details of key customers in terms of quantity and value. Providing relevant data, to design customer focused schemes/ programs.
- Operation/work center wise production: A production analysis report of any particular operation or work center of a business helps in better planning.
- Monthly production/plan/dispatch analysis: This will help in production planning & dispatch analysis in a business. Future plans can be formulates basis this information.
In addition to the above, there are multiple reports/analytics data that an MIS can provide, which can help an ERP to bring different data points at one place. An efficient MIS, is an essential pillar for a highly effective ERP solution.
An MIS, therefore, plays a vital role in the management, administration and operations of an organization, to help facilitate in efficient decision making. However, an MIS alone cannot help to streamline the operational efficiency in your business. For this a robust, accurate & modern ERP solution is needed. The strength & performance of a team, is directly attributed, to the sync between different members & how well they collaborate with each other. Similarly this collaboration, can be seen & is essential between an ERP & MIS. An ERP solution with the offering of an MIS can be beneficial. Give your business a robust ERP solution. EPPS ERP solutions provides highly scalable, modern & mobile ERP solutions, backed by a strong MIS module, which can help in providing accurate business insights & acumen to streamline your operational efficiency. Click here for easy to use & innovative solutions, to strategize your business.