Our Digital CFO's have a wealth of experience in producing and reviewing Management Information.
Timely, accurate and relevant reporting helps to drive the accountability of staff, increase the visibility of performance, and support informed management decision making. Good quality management information is a fundamental part of our service to our clients, as it ensures you know exactly what we have been working on for you.
Having visibility of all the numbers in your business, in one place allows you to make better and faster decisions about both the short and long term future of the business.
If this is something you feel is lacking from your business then we can help. Our Digital CFO's are skilled in setting up appropriate Management Information Reports to enable the senior management to make effective decisions relating to the business.
How can Management Information be used?
Management Information is information that is collected during a period of business activity. It can be about customers, staff, calls, visits, meetings, sales, opinions, parts of a process, or predictions.
This information is not just based on numerical (quantitative) data. Comments or opinions (qualitative data) are also considered Management Information.
Combined quantitative and qualitative data can provide a comprehensive, balanced view of the company's performance. All information relevant to an organisation, regardless of the type of data or source, can be described as Management Information.
Management Information is a very helpful way to analyse trends, which helps businesses to forecast the future and solve any problems before they occur
The principles of good Management Information
For Management Information to be effective, it must be accurate, relevant, timely and consistent. The set of principles that businesses should use to ensure that management makes good decisions about the way that customers are treated is outlined below.
A useful acronym to help you to remember the principles of Management Information is CART:
Consistent: This means evaluating Management Information on a period-to-period basis, allowing managers to spot trends and make sound decisions
Accurate: Management Information data must be accurate, with commentary contributed by the right people. For example, a report on the number of sales for a product could include commentary from the sales manager. This would provide additional information, such as how the data was collated and key considerations when reviewing the data i.e. putting the data into context.
Relevant: It's also important the Management Information is relevant to what a manager can directly influence, or escalated to someone else who can take the relevant action.
Timely: Finally, Management Information should be available promptly after the relevant business activity to enable managers to act efficiently.
Why is Management Information important?
Management Information is an efficient and effective way for businesses to identify potential issues before they cause problems for the business. This forward-looking approach saves businesses time and money, as they do not need to waste as many resources on resolving problems or remedying customer complaints.
In this way, Management Information measures should be integrated into companies' working culture. This will ensure that staff fully understand how to use Management Information, including how to implement plans and processes to mitigate potential problems. Effective Management Information is also important for a business to determine whether their customers are receiving fair treatment.