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A Good Product Needs Good Communication to Succeed Ms. Wipada Soonthornsima

A Good Product Needs Good Communication to Succeed Ms. Wipada Soonthornsima IMF’s Statistics Department (STA) Work Session of the Communication of Statistics UNECE, Geneva June 29-July 1, 2001. A Good Product Needs Good Communication to Succeed. The plan of the presentation. Background

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A Good Product Needs Good Communication to Succeed Ms. Wipada Soonthornsima

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  1. A Good Product Needs Good Communication to Succeed Ms. Wipada Soonthornsima IMF’s Statistics Department (STA) Work Session of the Communication of Statistics UNECE, Geneva June 29-July 1, 2001

  2. A Good Product Needs Good Communication to Succeed The plan of the presentation. • Background • Objectives • Case Study: STA’s joint data collection initiative • Lessons from a success story • New opportunity and going forward

  3. Background: STA • Collection and dissemination of methodologically sound macroeconomic statistics. • The statistics disseminated by STA are widely recognized as reliable and comprehensive.

  4. Also other data bases: Coordinated Portfolio Investment Survey (CPIS), Coordinated Direct Investment Survey (CDIS), Financial Soundness Indicators (FSIs), Currency Composition of Official Foreign Exchange Reserves (COFER), Principal Global Indicators (PGI), etc.

  5. Background (Cont.) • STA is not the only Fund department that collects and disseminates economic data. • Area departments also collect data directly from country authorities for their surveillance work. • Better coordination of data collection and easier data sharing within the Fund are long standing issues-- requiring better collaboration across departments and a willingness to adapt work practices.

  6. Objectives of this paper. • Shares the experience and challenges STA has faced in promoting internal usage of its data and fostering more cross-departmental collaboration on data collection. • Shares some good practices in communication and collaboration that increase the chance for a successful introduction of a new product and new work processes.

  7. Case Study: STA’s joint data collection initiative in Monetary and Financial Statistics (MFS) • STA is a gate keeper of methodology for MFS and collect comprehensive source data from countries. • How to leverage data for the use of other IMF departments? • The Initiative was designed to support joint data collection with Area Departments, to facilitate an understanding of the methodological differences underlying the various analytical presentations, and to provide a consistent set of MFS.

  8. Joint data collection initiative in MFS

  9. Joint data collection initiative in MFS

  10. Benefits of joint data collection • Reduce reporting burden • Reduce number of different databases to be maintained • Enhance consistency in the data disseminated by the Fund in various reports and publications • Increase transparency of data flows and consistency with methodological standards • Potentially improve data accuracy and low cost to produce • Ensure consistent data presentation and facilitate comparison between the data that the Fund disseminates and the data that the country disseminates

  11. Experience and challenges • The adoption of the Initiative has been limited despite the good responses initially. Like others, the established corporate culture is very resistant to change and this resistance is a major roadblock for accepting a new product despite knowing its value-added. • The initial upbeat—Why? • The current stagnant –Why?

  12. Lessons from a success story—The key ingredient—Effective Communication • Data transition for government finance statistics GFSM1986 to GFSM1986. • Communication strategy: a long-lead period and a comprehensive package • Legitimacy –Why it should be done • Back-up by authorities • Comprehensive information • Sufficient outreach program—Two-ways communication. • An effective support team.

  13. New opportunity and going forward • Management’s endorsed Fund-wide data management initiative give an opportunity to improve the acceptance of joint MFS data collection. “Legitimacy.” • The new focus on data operations provides STA with official channels of communication with staff across the Fund. “Authority.”

  14. More comprehensive communication strategy • Outreach—information, training • Two-ways communication--collaborating with Area Departments to ensure that the product better responds to their needs. • Understand our market niche e.g. CBA • Establish agreements with departments governing joint data collaboration • Set up support team and follow-up mechanism

  15. Where are we? STA’s success depend on its ability to leverage the organization’s focus on improving its data management operations, to re-examine its own data Initiative and to build consensus and support within the organization to renew and expand its Initiative.

  16. Thank you.

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