What metrics would you use to evaluate IHS Markit's Purchasing Manager's Index (PMI) service?

Introduction

Evaluating the success of IHS Markit's Purchasing Manager's Index (PMI) service requires a comprehensive approach to product metrics. I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

The PMI service is a critical economic indicator produced by IHS Markit. It provides monthly data on the manufacturing and services sectors, offering insights into economic trends and business conditions. Key stakeholders include:

1. Financial institutions using PMI data for investment decisions
2. Government agencies for economic policy-making
3. Businesses for strategic planning and forecasting
4. Academic researchers studying economic trends

The user flow typically involves:

1. Data collection: IHS Markit surveys purchasing managers across various industries
2. Data analysis: Responses are compiled and weighted to produce the index
3. Report generation: Comprehensive reports are created with index values and analysis
4. Distribution: Reports are disseminated to subscribers and media outlets

The PMI service fits into IHS Markit's broader strategy of providing high-value economic data and analytics. It competes with similar indices like the ISM Manufacturing Index, but IHS Markit's global reach and sector-specific breakdowns differentiate it.

In terms of product lifecycle, the PMI service is in the maturity stage. It's well-established and widely recognized, but faces challenges in maintaining relevance and accuracy in a rapidly changing economic landscape.