MIS is known as Management Information Systems. The MIS system generates reports for any organization to help it with efficient management and smart decision-making.
The complexities and challenges of operating a business have made us dependent on the latest technologies to remove any scope of errors. MIS reports are instrumental to all businesses, including transportation and logistics for smoother business operations.
The MIS reports allow seamless communication within and outside the company. This simply means that employees within your transport company can easily access the needed information for everyday operations and communicate the errorless information to the higher authorities and clients.
Let us understand how MIS reports work. These reports concentrate on past information, present data, and current trends. They are made periodically at a stipulated frequency, most commonly on monthly basis. By analyzing the business performance via MIS reports, you can make informed decisions, optimize business strategies, and avoid threats to run a business successfully in both the short and long term.
The MIS reports can be created both manually and automatically. However, automated MIS reports are more reliable than manual ones. These days, online transportation management systems come with integrated MIS systems that can get you different types of reports in seconds. These automated reports are errorless as management systems use technology to use the raw data efficiently to prepare them.
Here are different types of MIS reports that are integral for a good transportation business.
MIS Report for Goods Transportation Business
(a) Financial Business Report
One of the most important MIS reports for the goods transportation business is a financial business report.
Handling financial accounting factors of any transportation company is a complex process, particularly for multi-location companies. Now, there is a huge chance of manual mistakes creeping in while putting the freight invoice information. The income & expenses should be entered automatically with a click. There should be a way to record the complete order-related information without any mistakes.
Therefore it is understood that your transport company cannot use MS Excel to manage finances and expect cost optimization. Deploying efficient transportation accounting software is crucial for transport and logistics companies who want to be competitive all the time even when the fleet and utilization are low.
An efficient transport management system features a full-fledged accounting module that can reflect the complete and true picture of the financial health of your transport company. It includes a general ledger, due payments, a cost sheet, and other features. You can even your branches financially through a single MIS system.
Your transport software should be highly flexible to align with process modifications. Proper approval methods and configurations will ensure there is no tension owing to the data entry errors by the employees.
(b) Business Operation Report
According to research, most transportation companies lack a proper strategy and digital vision due to which they adopt low-cost, unreliable management information systems for daily operations. These organizations fail to link their operational, strategic, technological, and human resource capabilities. It further prevents them to create goodwill in the market as well as customer value. An integrated management system unifies all business operations at one stop and records end-to-end details in the order cycle. The center of the transport business operations is management control and the right MIS helps to organize and complete the freight bookings efficiently.
The business operations MIS report will provide you with a vision for your company. These reports will help you understand what is going on with your transport business, and give you a better idea of where it can go in the future. You will be able to see trends in data so you can make informed decisions about how best to proceed. You can use business operations MIS reports for anything from benchmarking against competitors or measuring ROI on new activities.
With a reliable MIS system, you can take care of all the work in your transport company competently- from gathering data to analyzing them, all the way through presenting them in an easy-to-read format. All you need to do is sit back and read! It doesn’t get any easier than this.
(c) Truck Management Report
A reliable MIS system offers complete reports for truck management. Right from the truck selection, route planning, theft, truck thefts, etc. everything can be recorded and tracked easily with truck management MIS reports.
In the current scenario, logistics and transport companies must choose certain methodologies for business improvement. One such approach is integrating a reliable MIS system that can give you all the details related to the performance of your trucks. A premium management system is outfitted with a host of consistent reports related to trips, fuel usage, missing POD, performance matrix, driver bonus, etc. Customized truck management reports can be prepared based on the user’s perception.
In the “new normal” condition, your business competitiveness relies on how well you handle the supply chain operations. And, this can be only done with proper truck management. If your fleet is in place, you will be able to deliver the ultimate customer experience.
Some of the points that are highlighted in the truck management reports include consignment booking, order quotation, order details, real-time trip updates, truck expenses like fuel, driver, and maintenance, etc.
With proper analysis of the truck management reports, you can increase truck utilization to a great extent. This would further yield more profits for your transport company.
(d) Warehouse Management Report
Managing a logistics warehouse in today’s challenging scenario is not an easy thing to do. With the help of an efficient warehouse management system, transportation and logistics companies can control their warehouse operations with efficiency and accuracy.
If you offer warehouse services to your clients, then you must have a reliable management system in place that can track every activity happening in your warehouse(s). This particular system will automatically record all warehouse-related data and output accurate reports for warehouse optimization.
With complete warehouse MIS reports, you will get insight into the warehouse operations which will allow you to take informed resolution and improve your warehouse services. The report will include everything related to inventory, orders, stock purchase, excess stock, etc. You simply have to generate informative reports with a click using your MIS system and start with warehouse performance analysis for higher profitability and productivity.
(f) Goods Booking and Moving Report
The last type of MIS reports that your freight forwarding system can generate for you is the Goods booking and moving report. The business management system can be a true companion when it comes to analyzing goods booking and moving. This software generates detailed and automated reports that specified how many bookings you have got during a certain period, completed bookings, pending bookings, etc.
With all these details, you can analyze your competitiveness for serving your clients. Every transporter has already set a goal for particular bookings in a month. If your MIS reports show you several bookings equal to or above the set goal, then you can consider yourself to be on the right track. This simply means that your strategies are working for you and you should continue with those actions only. If the number is less than the desired one, then you have to reconsider your strategies.
Apart from this, if your report shows the more successful movement of goods, you’re all set otherwise you have to improve your operations to complete the goods’ movements on time and successfully. It is essential for customer satisfaction and brand value. You should focus on your goods booking and movement MIS reports carefully to avoid loss of money as well as customers.
The MIS minimizes the probability of losing business owing to any type of uncertainty. Proper report analysis allows transporters to understand their strengths, weaknesses, foresee upcoming threats and opportunities so they can plan activities accordingly.