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.

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. 4

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. 5

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. 6

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. 7

Joint data collection initiative in MFS 8

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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 10

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? 11

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. 12

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.” 13

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 14

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. 15

Thank you. 16