With Custom flags you can create a smart library of color tags that will be automatically flagging the pre-defined Owners, Representatives, and Goods & Services in your Watch reports:

To start using these features, please click the “Custom Flags” option at the respective column header and populate the library with necessary names/keywords using the “Save” button:

Once your saved flags are activated, automated color tags will be applied to all your reports:

For Goods and Services, you can have multiple keywords colored within one description:

A tip: to make sure the same color flags are shown in your custom reports, please tick the “Add custom flags” checkbox when configuring the Level of details: