Management Information (MI)
MI is information that is collected during the course of day-to-day business. It may be about customers, staff, calls, visits, meetings etc and may provide an on-going record of key aspects of the business, for examples sales/meeting records.
But it may also be information that requires some periodic review. For example data relating to complaints, where lessons may only be learned, and remedial action taken once trends are identified and analysed.
We have published a Treating customers fairly - guide to management information [PDF] which will help you make better use of the information you already hold. The paper includes a number of simple case studies which illustrate the uses and benefits of MI in different size firms.
Each case study can be adapted to any size firm but very small firms (a sole trader or a firm employing one or two advisers) may find case studies 1 and 4 particularly helpful.
You may also find these MI tools helpful – even though they have been designed for small financial adviser firms they can easily be adapted to firms operating in different sectors.