Decision-making is an integral part of the functioning of any organization. For optimal decision-making, it is imperative that managers be able to access the right information at the right time to bridge the chasm between need and expectation. Management information systems (MIS), facilitate and actuate better flow of information and data between business units and critical stakeholders. A management information system collects, stores, processes data, and offers it to key decision-makers, managers and stakeholders. The intelligence is used for forecasting, modelling, planning, implementation and control. MIS reports are used to make decisions, monitor performance, forecast business growth and anticipate and factor in perceived risks. In the intervening decades, the technology powering MIS has evolved from key punching machines and batch processing in the sixties and seventies, from the IBM 1401, to top-of-the line server and database technology, to online, cloud-based applications and systems.
Management information systems aid organizations and their constituent sub-systems to integrate business functions in an effective and efficient manner, so that a lasting and effortless synergy is built between the interactions of people and information systems. MIS facilitates management decisions at the strategic and operational levels in an organization. A successful alignment of information systems with the overall strategic goals of the organization will offer you exponential improvements in metrics, costs and efficiencies. Organizations can use MIS as a potent tool to streamline management activities while, simultaneously, ensuring that customers and internal stakeholders are offered diversified services and easily accessible information. In the process of collecting and integrating data with the appropriate functions of an organization, the role of MIS systems has been crucial. The uniqueness of MIS systems lies in their ability to integrate the external and the internal information influencing functions within an organization. Information-focused organizations lay a strong foundation in integrating internal and external processes, and aligning these to customer and stakeholder needs.
AscentHR solutionizes payroll MIS functions across industry sectors; across the gamut of large cap to small and medium-sized companies, from complex, old economy, hierarchical chains of command, to the egalitarian and flat lateral structures of new economy start-ups and trailblazers. Our MIS solution is designed to suit the needs of every industry, every organizational philosophy, and every business function. Our clients have ranged from pioneering retail behemoths, to established, century-old manufacturing and core sector players. We have customized MIS reporting for organizations with a single office seating hundreds, to organizations with hundreds of offices pan-India, with staff strengths ranging from a handful, to several hundreds.
Businesses with massive geographical spread and reach, struggle with optimizing and making the most of the goldmine of data that their organizations generate. Capitalizing on their scale, reach and depth, these old economy players know that their access to a mind-boggling amount of data, of stellar quality and veracity, is their unique selling proposition in a world where data forms the bedrock of success, growth, innovation and scalability. For modern businesses, decisions are anchored by not so much “show me the money”, as “show me the data”.
A client with multiple locations was scouting for new ways to build, model and sort the metrics it needed for organizational-level governance and compliance. In ironic contrast, another client had this in abundance, but struggled with recurrent issues around consolidation – with comparing and benchmarking data parameters. The resultant delays and inaccuracies, as well as incorrect data gathering, entry and collation by stakeholders, led to recurring errors and data integrity breaches. Core challenges lay in arriving at real-time MIS data, which covered, and took into account, information at various levels of granularity – regional, state and national level data-analysis. The two organizations also struggled to compare and map parameters and data points between constituent entities. No workable standards for bench-marking existed, which caused routine delays in the finalization of MIS data for scrutiny by senior management and stakeholders. Inaccurate, manually generated MIS data resulted in inaccurate, sub-optimal decision-making and delivery.
Ascent HR took stock of the multifarious issues and challenges that these two industry veterans were struggling with and created functionalities and features that generated smart reports that encompassed various aspects of payroll and organization-level reports that were published and made available online. AscentHR also engineered organization-wide access to uninterrupted, easily sortable data from payroll, which helped stakeholders to generate strategic, focused reports at various levels of granularity and views. Information could be easily accessed during audits and reviews. Additionally, the smart report feature incorporated uninterrupted, processed and verified payroll data that could be sourced to create strategic reports. These reports could also be customized according to specific user permissions, clearances, and business unit-level focus.
Consequently, the organizations could not only access handy information with high levels of integrity, and reliability, they could also abstract learnings, business strategies and dashboard-level data about overall organizational health and problem areas. Compliance, hitherto a tedious and arduous exercise replete with errors and duplication, became simplified;s easy-to-access and implement. The organization created compliance score cards at the regional, state and national levels that were immensely helpful with assessing regulatory compliance and adopting corrective measures.
Highly leveraged and well-designed MIS systems propel organizations onto a trajectory of efficient decision-making, risk assessment, lowered costs and increased overall organization health.