eftec completed a study looking at the costs and benefits of the Marine Environmental Data & Information Network (MEDIN) activities to improve access to marine data. With delivery partners ABPmer, we were able to identify and measure the value that these services bring to the UK economy.
We worked with MEDIN to understand the scope of the work, designed and implemented a survey to understand user time savings, conducted a cost benefit analysis on these findings, and further targeted stakeholder engagement. Our study showed that MEDIN provides net benefits of over £52m for a 10 year period, with a benefit to cost ratio of 8:1. These results demonstrated the valuable service that MEDIN provides as well as indicating where MEDIN can focus future efforts to maximise this value.
“As a collaborative network that makes it easier to share and manage marine data, MEDIN had previously struggled to quantify the benefits that its services bring to the UK economy. In 2019, eftec worked with MEDIN stakeholders to carefully carry out the first ever Cost Benefit Analysis of MEDIN. eftec provided MEDIN with a professional service that they adapted to meet the needs of our specific project.” MEDIN, January 2020