Especially critical in the initial development phases of the MI unit, the evaluation of the obtained results is necessary both to justify the expenses and investments as well as for the improvement process of the MI practice.
The evaluation may be carried out through a series of qualitative and quantitative indicators:
- Number of projects executed on time (Quantitative)
- User satisfaction (Qualitative & Quantitative)
- Contribution of the MI to the directors decisions (Qualitative)
- Increase of the MI queries by the directors and other users (Quantitative)
- Result of the projects (Qualitative)
- Increase in the company’s results (Quantitative)
- Profits/Expenses ratio (Quantitative)
- Reduction of the future organization costs (Quantitative)
The evaluation of the MI’s economic impact may be carried out by the following steps:
- Specification of the benefits and favorable results (p.e.: entry in a new market)
- Measurement: transformation of the intangible values of the MI and tangible representation (new tour operators programming the destination, new direct flights)
- Accounting: assigning an economic value (new revenue and profits)
Even if there may be difficulties in measuring or evaluating the MI results, not doing it may lead to perceiving the MI unit as a cost more than a profitable practice.
Would you consider any other KPI when assessing MI results?