MIS Reports - All You Need to Know
MIS – How many of us have heard or seen this name time and again and yet have ignored it as if it’s some nomenclature totally unrelated to us as an individual engaged in some sort of business? How many of us are aware of the fact that a “MIS Report” is an indispensable element for Startups and MSMEs? Yet, it is surprising to note that it’s being ignored mostly by Startups and MSMEs in comparison to the bigger players in the market! In this article, let us discuss in depth about MIS Reports and their scope in business management.
MIS stands for Management Information System. It aids in decision making process and in fact could be considered as a necessary or must have tool for any organization. It involves both technology and human along with Data and Processing. Earlier days, it sought a lot of human interventions. But nowadays with Technology, it has become more software dependent.
The words ERP, CRM are all part of various MIS. MIS involves gathering data pertaining to various fields, departments, products, process, operations and various verticals of the organization and analysing them and presenting them in the form of reports. MIS enables the management to know where the company is, where it is heading, what needs to be done to improve upon etc. It facilitates both internal and external communication.
There is no limit to the types of MIS reports you can create based on management needs. Some of the most important one are discussed below:
Financial Reports - Income and expenses report, Balance sheet, Monthly Profitability Report, Cash Flow Statements are few which directly relates to Accounts and Finance of an organization and used by organizations to gauge the financial condition.
Inventory Reports – Provides all sort of information related to Inventory. The slow moving/nonmoving reports are some of the inventory reports. Analysis of various inventory reports always helps the management in reducing inventory carrying costs, effective utilization of inventory, improving inventory turnover so on and so forth.
Sales & Purchase Reports – Reports analysing various aspects of sales and purchase comes in this segment. Number of units sold/purchased, reports showing the price, seasonal variations of sales/purchase are few of the reports under this category. When running an analysis on the basis of this report, it helps us identify the types of products that need to be done away with, those products that are moving well, and those that need be stopped either temporarily or permanently.
Budget Reports – Presents and analyses the Actuals Vs Budgets in terms of revenue, expenditure, quantity produced and sold etc. Mostly these reports shall be of monthly, quarterly and yearly in nature.
CRM Reports – A highly resourceful and Key report among the MIS Reports. CRM means Customer Relationship Management. CRM reports helps the management to understand more about their customers, their behavior, what they are buying, what is their preference etc.
The range of MIS reports you can develop can be very exhaustive and would require time and effort analysing your business to develop the right kind of reports. The ones given above are only indicative but can serve as pointers to developing your own. The Key to any good system of MIS depends on the accuracy with which the data is captured, processed how the data is analysed and also depends on the right reports. One needs to put in thought and time in developing MIS. It is a continuous and evolving system. But the effort is worth for MIS’ potential in aiding the organization growth and achieving organizational objective is immense. For any query, or to to create MIS reports for your business, feel free to get in touch with our experts at +91 093877 77665 or +91 98474 57527 anytime.
