Management information (MI) is very important in analysing trends, helping you forecast the future and solving any problems you identify. Firms should use it to monitor customer treatment, expectations and outcomes.
This information – whether anecdotal or quantified – should be active rather than merely reactive. It should address future risks rather than dealing with only known problems and should be acted on when necessary.
MI has no purpose if it is not used. You can improve your service and business performance with good MI. How you use and collect information is down to you.
For more on this topic, please read treating customers fairly - guide to management information. This was produced by the FSA in 2007 but remains relevant, as it can help firms develop their management information and includes hints and tips, along with examples of good and poor practice.
Types of MI
MI can come in many different forms. Some common types are:
- new business register
- business persistency
- training and competence records
- file reviews
- customer feedback
- compliance reports