Mr. Bhavin Shah – C.E.O Metavision Technology Pvt. Ltd. and
CA. Anand Pauranaa, Chief Strategist, ASAP Advisors
Q. MIS plays a very pivotal role in organization’s decision making. Can you tell us the role of MIS specially from an SME owner or decision maker’s perspective?
A. Yes. MIS plays a very important role in decision making for any SME. Having a Quick, Dynamic, Accurate and Flexible MIS reporting system will help SME to take crucial decisions based on real business data. Like Analyzing customer purchasing behavior, month on month growth in sales & profitability, monitoring budgeted expenses v/s actual, Age wise outstanding, Year wise top customers, top products, and services, etc. these are some of the M.I.S. reports that a SME owner should look upon as a minimum KRA. Further MIS should be and can be designed based upon their nature of business.
Q. Why is MIS so important for SMEs?
A. It is important to have a systematic MIS in place to analyze and make decisions that will help SMEs grow and take preventive measures avoiding any losses. Appropriate MIS will help increase in sales and thus growth in profitability. Predictive Analysis is crucial to chase the goals and compare expenses against budgeted.
Q. What types of MIS should be implemented for SMEs? Or how should SMEs design their MIS for their organizational goals?
A. Based on the nature of business a SME needs to design the MIS that gives a clear vision on their current business achievements and forecast. Like Sales Analysis giving periodical comparisons with various key performance indicators. Budget v/s Actual Expenses, Order Date to Delivery date analysis, Vendor Performance Analysis, Cash Flow Management etc. Periodical review with MIS in place will help SMEs meet the Goals.
Q. In designing such MIS, what kind of challenges do you foresee?
A. The basic challenge is having a right system in place that captures the crucial business data while transactions are being done, disciplined data entry and timely information in hand. The legacy systems capture this information but fail to demonstrate a robust reporting that will help SME.
Q. As I Understand, your company Metavision technology has developed MIS software for SMEs? Can you throw more light on the same?
A. Yes, we at Metavision Technology are focused on building a robust and reliable MIS solution. Our flagship product F-1 MIS is driven by the vision to bring in the seamless and easiest way to have a Quick Dynamic Accurate Flexible MIS reporting. F-1 MIS is primarily capable of reading Tally.ERP 9 and TallyPrime Data which is widely used by SMEs. It gives a ready set of M.I.S. and it also is capable of reading the various Customizations done as per the needs of their business process. Further F-1 M.I.S. can also connect to any RDBMS database on which we can provide robust and reliable MIS reports, other ERPs or legacy software used by SMEs.
Q. Can you let us know your vision for MIS in SMEs?
A. Future of System driven MIS is very promising as the old ways of decision making are changing very fast. In the coming days, you will find a lot of innovations and automations in the process of MIS reporting and its utilization will be increased.
In current times as where the world over is facing a Pandemic, businesses that have quick and easy access to the information or data in their business have been able to manage the crisis well. Post Pandemic the organizations will rely on the MIS reporting system which will help them prepare great business strategies and increase their pace towards the growth.
Now SMEs have already started making decisions based on the data and the need for quick dashboards, KPIs and KRAs will be looked upon by SME owners. A good MIS system needs to be implemented in the right time so that while the market and business revive the SME is ready to take the right decision for the growth of their business.