Performance Indicators in the Tourism Sector: Comparative Analysis of the Visegrad Group

Abstract

Dynamic shifts in society accelerate the need to measure performance and use the data to identify promising areas for continuous improvement and eliminate potential risk factors. The process of measuring and analysing performance isn't anymore an essential task of strategic management only from the perspective of individual enterprises but also from the perspective of other subjects. Countries evaluate the performance of various sectors to track and record the economic benefits of industries and calculate shares of industries in the country's gross domestic product and other macroeconomic results. Considering the effects of the COVID-19 pandemic and digital transformation on global economics, the stakeholders understand the need to be aware of potential risks and opportunities in the future. Detailed measuring of industry performance is a driving force for identifying critical factors in economic systems and effective strategic planning. Countries should design and use the correct metrics and performance measurements to achieve desired outcomes. In the tourism sector, the most important performance indicators and results at the country level are presented as a part of Tourism Satellite Accounts. In this paper, we compare the current use of performance indicators in the tourism sector in Visegrad Group countries based on information from national statistical offices and other relevant sources. We investigate the processes of collecting data from economic subjects used to evaluate industry performance. The findings of this research confirm slight differences in using tourism performance indicators among analysed countries and tools used for obtaining required data. Although we identify several shortcomings in the existing conditions in Slovakia, we also formulate practical recommendations based on examples from other analysed countries to improve the current state of measuring industry performance. This paper contributes to a better understanding of the correct use and visual presentation of performance indicators. Our findings can also be applied in other countries to identify the possibilities of better monitoring for taking appropriate strategic actions and measuring the impact of activities to support tourism at the level of individual destinations or regions.