During my interactions with community of business owners and professionals, one common concern that comes out is Non Availability of Critical Information for decision making. There is lot of information available through reports, systems, people &but this does not prevent from nasty surprises, losses, frauds and lost opportunities.
Being flooded with information doesn’t mean we have the right information or that we’re in touch with the right people. Bill Gates
Non Availability of Critical Information on a Real Time Basis is prevalent in all Big and Small organizations. Big organizations suffer from mind set of depending too much on Formal Systems while Small organizations depend too much on Informal methods of gathering information. Further most of organizations do not have comprehensive Information Systems which tracks Macro Environment Factors as well as Intangibles impacting success of business.
Right Information is most important tool for any business owner and professional. Right Information leads to success, profits, safety, security and opportunities while wrong information or lack of information leads to failures, losses, frauds , risks and nasty surprises.Whether running a prevalent business or planning to enter & exit it , one needs:
Right Information at Right Time at Right Place in Right Form.
- Right Information : MIS Professionals need to Identify Information which is Critical for growth , safety and perpetuation of business. Filtering out of information has to be an ongoing process. Information has to align with Strategic objectives and bottlenecks of business. It has to cover both Macro and Micro as well as Tangible and Intangible factors impacting business.
- Right Time : Timing of Information is crucial. Any information which needs corrective action , has to come at early stage. For example Stocks which are slow in consumption need to be highlighted at an early stage. Similarly market information about financial position of a debtor has to be informed as soon as signals for same are available.
- Right Place & Person : Information has to provided to person only to person who has to take action on same. It has also to be given at place and time when they can take notice of that.
- Right Language and Form : Information has to be provided in a form and language which is brief, simple and easily readable. The best form of information is in form of Short Text Messages over phone or Inter company social media groups. This can be read immediately and action can be taken. Complex Excel Sheets, Text Reports, Power Point presentations etc. are be avoided or used only as a reference. Information on Emails or Printed documents are also to be avoided or used only for detailing purposes.
Dynamic MIS is vital tool to generate Right MIS for any organization. It is a system to identify, collect, present & assimilate critical information from company as well as wider Macro Environment. Dynamic MIS helps in aligning Information System with Business Strategy and helps in Better Planning, Cost Control, Timely Detection of Faults & Effective Decision Making. It tracks Information which is critical i.e. one which is really needed and helpful for taking decisions.
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