What are MIS reports: Types, examples & How to prepare?
Business intelligence and data play a critical role in helping your business make decisions. Any business owner knows how difficult it is to keep up with the day-to-day activities of their business and business health, let alone determine how well they are doing overall.
To stay on course with your goals, MIS reports help you understand how you and your business are faring against your goals and stay on track with other essential metrics.
Whether you are a business owner, manager, or employee, understanding MIS reports can help you make better decisions and drive success for your organization.
In this blog, we will explore the different types of MIS reports, provide examples, and discuss how you can easily create them.
What are MIS reports?
MIS reports, or Management Information System reports, are collections of data and analysis that provide insight into a company’s operations and performance. Business managers and executives use these reports to make informed decisions and improve their operations.
MIS reports typically include financial data, sales and marketing information, and other vital metrics relevant to a company’s performance. They are often used with other forms of analysis, such as market research and customer feedback, to provide a comprehensive view of a company’s operations.
How do MIS reports work, and who can use them?
MIS reports are generated using a combination of data from a company’s internal systems, such as its accounting ERP software and customer relationship management (CRM) system, and external sources, such as market research and industry data. This data is compiled and analyzed to provide insights into a company’s operations and performance.
MIS reports are typically prepared regularly, such as daily, weekly, or monthly, to provide up-to-date information on a company’s operations. They are then reviewed by business managers and executives, who use the information to make informed decisions and identify areas for improvement.
MIS reports can be presented in various formats, including tables, charts, and graphs, to make the information easy to understand and actionable. They are often shared with other departments and stakeholders, such as sales teams and investors, to provide a comprehensive view of a company’s operations and performance.
Types of MIS reports
Several types of MIS reports are designed to provide specific information and insights into a company’s operations. Some common types of MIS reports include:
- Target vs Achievement reports
- Sales : This report provides information on a company’s target for sales and the achievement in the given period.oods sold, and administrative expenses.
- Outstanding: This report provides information on a company’s collection targets and achievement. This helps in cash flow planning and have direct impact on working capital.
- Profitability: This report provides information on a company’s targeted profit for a specific time. It includes detailed information on each product, sales person, customer, territory and segment.
- Sales Report
- Total revenue for the month: $500,000
- Revenue by product category:
- Product A: $100,000
- Product B: $150,000
- Product C: $250,000
- Revenue by sales channel:
- Online sales: $300,000
- In-store sales: $200,000
- Number of sales for the month: 2,000
- Average sale price: $250
- Sales by region:
- Region A: $100,000
- Region B: $200,000
- Region C: $200,000
- Customer demographics:
- Territory width: 50% ( Number of Areas)
- Territory depth: 50% (Pincode wise)
- Age range: 25-34 (40%), 35-44 (30%), 45-54 (20%), 55-64 (10%)
- Inventory Report
- Quantity of raw materials in stock
- Quantity of finished goods in stock
- Inventory value by product category
- Inventory turnover ratio
- Inventory accuracy rate
- Inventory Carrying Cost – Interest Cost on paid stock
- Trend Reports
- Time-series data: This shows how a company’s performance changes over time, allowing managers to identify trends and make predictions. This data is often presented in a chart or graph format to make it easy to understand and analyze.
- Key performance indicators (KPIs): This data provides information on the most important company operations and performance metrics.
- Additional analysis and commentary: This information provides context and insights into the trends and data presented in the report. This information is often presented in the form of written commentary or summaries.
- Managers can identify changes in customer preferences and buying patterns by analyzing sales data over time. This information can be used to adjust marketing and sales strategies to better align with customer needs.
- By tracking the performance of marketing campaigns over time, managers can identify which campaigns are most effective and adjust their marketing strategies accordingly.
- Managers can make educated predictions about future sales trends and adjust their production and inventory levels using sales data.
- Budgeted and Actual Profit
- Budgeted profit: $100,000
- Actual profit: $80,000
- Variance: $20,000 (20% less than budgeted)
- Outstanding/Recievables Report
- Ageing wise outstanding
- Interest Cost on overdue
- Pattern of average payment collection days
- Automation of sending reminders to customers.
- Adding and reviewing remarks on overdue.
- Abnormal Loss / Profit Report
- Description of the loss/profit: This includes details on the cause, such as equipment failure or natural disaster or selling at lower/higher prices.
- Amount of the loss: This is the total amount, including the value of any damaged assets or lost income.
- Impact on financial statements: This includes the impact of the loss on the company’s income statement, balance sheet, and cash flow statement.
- Description of the loss: A faulty electrical system caused a fire at the company’s warehouse.
- Amount of the loss: $500,000, including the value of the damaged warehouse and lost inventory.
- Impact on financial statements: The loss reduced the company’s net income by $500,000 and decreased its cash flow by the same amount.
- Operations Report
- Identifying bottlenecks or inefficiencies in production processes.
- Benchmarking performance against industry standards or competitors.
- Identifying areas for improvement.
- Providing transparency and accountability to stakeholders, such as investors or customers.
- Tracking progress and measuring the impact of operational changes over time.
- Production output per hour
- Unit cost per product
- Employee turnover rate
- Employee satisfaction levels
- Equipment utilization rate
- Budget Reports
- The total budgeted amount for the month
- Total actual spending for the month
- The variance between budgeted and actual amounts
- Breakdown of the expenditure by department or category
- Comparison of budgeted and actual spending over time
- Cash Flow Statements
- Operating activities include the cash generated from a company’s core business operations, such as sales and expenses.
- Investing activities include the cash generated from selling or purchasing long-term assets, such as property and equipment.
- Financing activities include the cash generated from selling or purchasing company equity or debt.
- Cash generated from operating activities: $100,000
- Cash used in investing activities: $25,000
- Cash used in financing activities: $50,000
- Net increase in cash: $25,000
- Summary Reports
- Total revenue for the month
- Total expenses for the month
- Net profit for the month
- Number of new customers acquired
- Number of customer complaints received
- Details of the products sold
- Geographical sales distribution
- Predective Reports
- Forecast trends
- Identify opportunities and risks
- Make decisions about resource allocation
How can you create MIS reports easily using MagentaBi?
- Connect your Data Sources
- Select your Metrics & Dimensions
- Review your Reports your way
- Share & Collaborate
Create MIS Reports with MagentaBi
MIS reports are essential for the effective management of computer networks. Many organizations use MIS reports to format the entire organization, for which a good MIS is a must.
It’s important to adopt efficient ways to obtain MIS reports. Once you get used to using tools like MagentaBi to create your MIS reports, you can obtain such reports regularly and without fail, which will help you stay updated and make important business decisions.