What is MIS Reports
MIS Reports or Management Information System Reports provide important information for the management of a company. These reports are created internally with an aim to describe how the relationship with other organizations and people affect the company.
To cite the relevance of MIS reports in a startup, take a look at this example.
If a new product is to be launched, the MIS report will provide insights into current market trends and personae. These data points will help make better decisions and improve the company’s performance in both short-term and long-term.
Use of MIS Reports
MIS reports are prepared by various departments within the organization and presented to the company’s management team. These reports highlight day-to-day business activities and provide critical insights into decision making, enabling the core team to make informed decisions, pinpoint and avoid problems, capitalize on current market trends, monitor progress & business management, and external communication.
Basically, MIS reports focus on raw data, trends, patterns within datasets, and relevant comparisons.
Importance of MIS Reports
- Used to collect data from various sources, including employees, management, and executives. Also, data is collected from business sales. These data points are crucial for identifying and solving internal problems, and scaling growth
- Help in making informed managerial decisions
- MIS Reports that are visualized in the form of bars, graphs, and charts provide ease of analysis
- Help to track a company’s financial growth and health, which can further be leveraged to track, analyze, and report business income.
- An effective tool for communication between employees and their employers
Features of MIS Reports
An MIS report is not a stand-alone entity; rather It includes several components that interact with each other in a meaningful way.
- Users: Users of an MIS system include the company employees, managers, executives, and people who indirectly interact with your organization
- Data: Data collected from varied sources within an organization is used for making critical business decisions, marketing analysis and target predictions
- Business Procedures: Business procedures specify how the data is collected, analyzed and stored within the organization. They outline the implementation of company policies in a step-by-step manner
- Software: Software components include programs that are used to process and handle the data in the organization. These may include spreadsheets, database management systems and data visualization tools
Types of MIS Reports
MIS reports range from company to company, depending on the requirement. Different data points are aggregated and presented in a format that provides clear insights and conclusions.
- Summary Reports: Used to visualize aggregated data and provide a summary. This summary could be of different business units, different products, different customer demographics amongst other thing
- Trend Reports: These reports pave a way for the company to see the trends and patterns among different categories. Trend reports are generally also used to compare different products or services.
- Exception Reports: These reports are an aggregate report of exceptions that are unusual circumstances within a company. Exceptions reports are useful for catching problems and sharing solutions.
- On-demand Reports: Produced on specific demands from the management team. These reports don’t have any specific criteria or format.
- Financial and Inventory Reports: Used to determine the financial condition of an organization by aggregating balance sheets, income, and expense details, and cash flow statements. It includes financial extracts, Inventory reports, Sales and Budget reports, Production reports.
- Cash and Fund Flow Statements: These statements underline the exact amount of cash inflow versus the cash outflow in your organization. Funds flow statements give insights into the various sources of funding within the company, and how that funding is being utilized.
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