What is Management information?
Management information (MI) is data or statistics collected and used to analyse trends, measure performance, forecast the future and solve problems in given areas of a business.
The objective of management information (MI) is to design and implement procedures, processes and routines that provide suitably detailed reports accurately, consistently and timely to provide efficiency and effectiveness of strategic decision making.
People, Process and Systems Considerations – These three elements need to be considered and the answers to the following questions can assist in forging an approach to MI:
- What defines business success and what is important to management and external stakeholders?
- Do KPI’s align with strategic business priorities?
- What input is required for each KPI?
- Who creates this information?
- Where is the information stored; in what format/structure and how often is new data added?
- How can data be integrated to establish a one-source-of-truth approach?
- What current systems are in place?
- Reporting frequency – daily, weekly or monthly?
- How effective is the MI in making decisions?
- Are tolerances defined to support “manage-by-exception”?