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
A target vs achievement reports is an MIS report that helps to measure the performance against planning.
An example of Target vs Ach. report may include the following information:
- 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.
If we don’t set the target on every parameters then every achievement looks like good. Once we set the target the potential of each element can be explored and achieved. They are typically presented in table or chart format to make the information easy to understand and actionable.
- Sales Report
A sales report provides detailed information on a company’s sales performance, including revenue, number of sales, and average sale price.
Here’s an example of what a sales report looks like:
- 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%)
This sales report provides a comprehensive view of the company’s monthly sales performance, including key metrics such as revenue, number of sales, and average sale price. It also provides valuable insights into customer behavior and preferences, allowing managers to make data-driven decisions to improve sales performance.
- Inventory Report
An inventory report is an MIS report that provides detailed information on a company’s inventory levels, including the quantity and value of products in stock. An example of where an inventory report may be used is in a manufacturing company.
The inventory report may include the following information:
- 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
An inventory report provides valuable information on a company’s inventory levels, allowing managers to make informed decisions about production, purchasing, and warehousing. Creating an inventory in table or chart format with additional analysis and commentary will help present it with better context and insights.
- Trend Reports
A trend report is a type of MIS report that provides information on how a company’s performance changes over time, allowing managers to identify trends and make predictions.
A trend report typically includes the following information:
- 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.
The trend report is useful in a variety of situations, including the following:
- 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
A budgeted and actual profit report is a type of MIS report that compares a company’s planned or budgeted profit to its actual profit for a specific time. This report is used to evaluate a company’s performance and identify areas for improvement.
The budgeted profit is the amount a company expects to earn based on its financial projections and business plans. The actual profit is the amount of profit a company earns based on its revenue and expenses.
Here’s an example of how the budgeted and actual profit reports help you:
- Budgeted profit: $100,000
- Actual profit: $80,000
- Variance: $20,000 (20% less than budgeted)
This report shows that the company’s actual profit was $20,000 less than its budgeted profit. This variance may indicate that the company’s performance did not meet expectations or that its expenses were higher than anticipated. You can use the report to identify the cause of the variance and take corrective action.
- Outstanding/Recievables Report
A payment report which gives details of outstanding balances of customers is Receivables Report. You can view this report ageing wise, or sales person wise depending on your use case.
Also, interest cost on overdue amount can be calculated and one can view the impact of the same on profitability.
For example, suppose you’re giving X number of credit days. In the Receivables report, you’ll prepare information related to the following:
- 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.
With the information mentioned in the above reports, managers can make data-driven decisions about faster payment recovery.
- Abnormal Loss / Profit Report
An abnormal loss/profit report is a type of MIS report that provides information on unexpected or unusual losses incurred by a company. Equipment failure, natural disasters, or fraud are a few reasons why these losses may occur.
The abnormal loss/profit report typically includes the following:
- 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.
For example, a business that suffered a loss due to fire may prepare abnormal losses report:
- 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.
This abnormal losses report shows that the company incurred a significant, unexpected loss due to the fire at its warehouse. The loss significantly impacted the company’s financial performance, reducing its net income and cash flow.
- Operations Report
An operations report provides detailed information on a company’s operational performance, including efficiency and productivity metrics. Operations reports can be beneficial in the following situations:
- 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.
For example, an operations report may include information on the following metrics:
- Production output per hour
- Unit cost per product
- Employee turnover rate
- Employee satisfaction levels
- Equipment utilization rate
Managers can use this information to identify areas for improvement and implement changes to increase efficiency and productivity.
- Budget Reports
Budget reports are a type of MIS report that provides information on a company’s budget and spending. These reports compare actual expenditures to budgeted amounts, allowing managers to identify areas of over- or under-spending.
For example, a budget report may include the following information:
- 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
Budget reports allow decision-makers to see where the organization’s money will be going and make informed decisions about allocating its resources. Managers can also use budget reports to assess the effectiveness of an organization’s spending in achieving its desired outcomes.
- Cash Flow Statements
A cash flow statement is a financial report that provides information on a company’s cash inflows and outflows over a specific period. It is used to analyze a company’s liquidity and financial health.
The cash flow statements have three main activities: operating, investing, and financing activities.
- 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.
A cash flow statement might show the following numbers, for example:
- 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
This cash flow statement shows that the company generated $100,000 in cash from its operating activities, used $25,000 in investing activities, and used $50,000 in financing activities. The net increase in cash for the period is $25,000.
- Summary Reports
Summary reports provide a high-level overview of a company’s financial and operational performance. It highlights key metrics and trends, allowing managers to quickly identify key areas of strength and weakness.
An example of a summary report may include the following information:
- 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
- Predictive Reports
Reports that try to predict what will happen in the future for your company are called predictive reports. Predictive reports are based on statistical models that account for various factors, including historical data, current trends, and external factors. They are made by analyzing past data and finding trends and patterns.
You can use the predictive report to:
- Forecast trends
- Identify opportunities and risks
- Make decisions about resource allocation
For example, a predictive report may be used to forecast sales for a new product or to predict the demand for a new service based on changes in current market trends, like an increase in sales of certain fabrics during the winter.
How can you create MIS reports easily using MagentaBi?
MagentaBi is a powerful and easy-to-use business intelligence tool that can help you create MIS reports quickly and easily. Here are some steps you can follow to create MIS reports using MagentaBi:
- Connect your Data Sources
After you sign up and create your account, the first step is to connect your data sources to MagentaBi. You can integrate ERPs like Tally, Busy, SQL based, etc., to import data for creating MIS reports.
- Select your Metrics & Dimensions
Next, you can select the metrics and dimensions you want to include in your MIS reports. This can include financial data, sales and marketing information, and other key metrics relevant to your business.
- Review your Reports your way
After you have selected the metrics and the data, it’s time to analyze the data. You can use various options available to view the MIS reports, such as Snap view, Item view, a Map view, and three other options.
- Share & Collaborate
Once your reports are ready, you can easily share them with other departments and stakeholders within your company. You can also collaborate with your team to discuss and analyze the data and make decisions based on the reports.
With MagentaB, you can create and automate high-quality MIS reports that provide valuable insights into your business operations and performance.
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.