Benchmarking and the balanced scorecard were presented. Benchmarking is defined as continuously measuring one's processes against competitors or best practices to improve. It involves planning, research, analysis and adaptation. The balanced scorecard provides a framework to measure performance across financial, customer, internal process and learning/growth perspectives to align activities with organizational strategy. Key factors for successful implementation include executive support, broad involvement, communication and viewing it as a long-term initiative rather than short-term project. Potential pitfalls can be addressed through a well-defined strategy and balanced set of leading and lagging metrics.
Balanced Scorecard, A Comprehensive Guide Upendra K
The Balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action.
Provides an organization with feedback of both the internal business processes and external outcomes, which allows for continuous improvement of strategic performance and results.
Nerve center of an enterprise
The term “scorecard” signifies quantified performance measures and “balanced” signifies the system is balanced between:
Short-term and long term objectives
Financial and non-financial measures
Lagging and leading indicators
Internal and external performance perspectives
The concept of the balanced scorecard was first touted in the Harvard Business Review in 1992 in a paper written by Robert S Kaplan and David P Norton.
The paper introduced the idea of focusing on human issues as well as financial ones, and measuring performance across a much wider spectrum than businesses had done before.
Kaplan and Norton published their ideas in full in The Balanced Scorecard: Translating Strategy into Action in 1996 and it became a business bestseller.
The balanced scorecard is centered on four performance metrics or perspectives:
Customers
Internal processes
Financial
Learning and growth
When implemented properly, each one of these perspectives contains four subparts consisting of
Objectives
Measures
Targets
Initiatives
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In today's business environment business owners must understand what motivates their employees so that they can reduce turnover and absenteeism, boost individual performance and create customer loyalty to ensure the long term success of the company. Jose Laurel takes an in-depth look at strategies that will help you align and manage goals, document performance and develop a plan for the Performance Management Process.
slides include basic understanding of vision, mission, core competence, business process re-engineering, enterprise resource planning, Empowerment, cyber cop and value stream management.
The case study discusses the potential of drone delivery and the challenges that need to be addressed before it becomes widespread.
Key takeaways:
Drone delivery is in its early stages: Amazon's trial in the UK demonstrates the potential for faster deliveries, but it's still limited by regulations and technology.
Regulations are a major hurdle: Safety concerns around drone collisions with airplanes and people have led to restrictions on flight height and location.
Other challenges exist: Who will use drone delivery the most? Is it cost-effective compared to traditional delivery trucks?
Discussion questions:
Managerial challenges: Integrating drones requires planning for new infrastructure, training staff, and navigating regulations. There are also marketing and recruitment considerations specific to this technology.
External forces vary by country: Regulations, consumer acceptance, and infrastructure all differ between countries.
Demographics matter: Younger generations might be more receptive to drone delivery, while older populations might have concerns.
Stakeholders for Amazon: Customers, regulators, aviation authorities, and competitors are all stakeholders. Regulators likely hold the greatest influence as they determine the feasibility of drone delivery.
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Senior Project and Engineering Leader Jim Smith.pdfJim Smith
I am a Project and Engineering Leader with extensive experience as a Business Operations Leader, Technical Project Manager, Engineering Manager and Operations Experience for Domestic and International companies such as Electrolux, Carrier, and Deutz. I have developed new products using Stage Gate development/MS Project/JIRA, for the pro-duction of Medical Equipment, Large Commercial Refrigeration Systems, Appliances, HVAC, and Diesel engines.
My experience includes:
Managed customized engineered refrigeration system projects with high voltage power panels from quote to ship, coordinating actions between electrical engineering, mechanical design and application engineering, purchasing, production, test, quality assurance and field installation. Managed projects $25k to $1M per project; 4-8 per month. (Hussmann refrigeration)
Successfully developed the $15-20M yearly corporate capital strategy for manufacturing, with the Executive Team and key stakeholders. Created project scope and specifications, business case, ROI, managed project plans with key personnel for nine consumer product manufacturing and distribution sites; to support the company’s strategic sales plan.
Over 15 years of experience managing and developing cost improvement projects with key Stakeholders, site Manufacturing Engineers, Mechanical Engineers, Maintenance, and facility support personnel to optimize pro-duction operations, safety, EHS, and new product development. (BioLab, Deutz, Caire)
Experience working as a Technical Manager developing new products with chemical engineers and packaging engineers to enhance and reduce the cost of retail products. I have led the activities of multiple engineering groups with diverse backgrounds.
Great experience managing the product development of products which utilize complex electrical controls, high voltage power panels, product testing, and commissioning.
Created project scope, business case, ROI for multiple capital projects to support electrotechnical assembly and CPG goods. Identified project cost, risk, success criteria, and performed equipment qualifications. (Carrier, Electrolux, Biolab, Price, Hussmann)
Created detailed projects plans using MS Project, Gant charts in excel, and updated new product development in Jira for stakeholders and project team members including critical path.
Great knowledge of ISO9001, NFPA, OSHA regulations.
User level knowledge of MRP/SAP, MS Project, Powerpoint, Visio, Mastercontrol, JIRA, Power BI and Tableau.
I appreciate your consideration, and look forward to discussing this role with you, and how I can lead your company’s growth and profitability. I can be contacted via LinkedIn via phone or E Mail.
Jim Smith
678-993-7195
jimsmith30024@gmail.com
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Artificial intelligence (AI) offers new opportunities to radically reinvent the way we do business. This study explores how CEOs and top decision makers around the world are responding to the transformative potential of AI.
3. WHAT IS BENCHMARKING?
Benchmarking is the continuous,
systematic process of measuring one’s
output and/or work processes against
the toughest competitors or those
recognized best in the Industry
4. BENCHMARKING PROCESS
•BM must for Key Business Processes
(KBPs)
–Product Development
–Customer Service
–HR Practices
–Inventory Control
–Research & Development etc
5. BENCHMARKING PROCESS
•BM must for Critical Success Factors
(CSFs)
–Cost Management
–Product Quality
–Product Design
–Organisation Image etc
7. BENCHMARKING PROCESS AND ITS 5 STAGES
Adopt
Adopt
Improve
Improve
Adapt
Adapt
ImplementAnalyse
Decide
What to
BM
Identify
BM
Partners
Gather
info
8. BENCHMARKING PROCESS
• PLAN
– Select the process
– Form Team
– Understand & document process
– Establish performance measure
• SEARCH
– Listing Criteria for partner selection
– Conduct general / secondary research
– Decide the level to Benchmark
– Identify potential partners & contact
9. BENCHMARKING STRATEGY
• OBSERVE
– Questionnaire sent to partner
– Telephone contact
– Direct observation / site visit
• ANALYSE
– Sort information & data
– Quality control information & data
– Normalise data if necessary
– Identify gaps in performance Level
– Identify causes for gaps
10. BENCHMARKING STRATEGY
• ADAPT
– Identify improvement opportunities
– Set target for improvement
– Develop implementation plan, monitor the progress
– Write final report
11. APPROACHES TO BENCHMARKING
•Internal & External Benchmarking
•Performance or Competitive
Benchmarking
•Functional and Generic
Benchmarking
•Strategic Benchmarking
•Process Benchmarking
•International Bench marking
12. INTERNAL BENCHMARKING
• Establishing good practices in the organisation
• Comparison of similar functions in different operating units
within the organisation
• Advantages
– Easier to implement
– Easier to access data
• Disadvantages
– No external ideas
– Time-consuming
13. EXTERNAL BENCHMARKING
• Comparison of organisation functions and key
processes against Good Practices
• Advantages
–Helps to measure one’s own performance
–Helps to search for best practices
• Disadvantages
–Takes time
–Requires support
–Cross-cultural differences
14. FUNCTIONAL BENCHMARKING
•Comparison of similar functions
against external best in any industry
•Advantages:
–Developing networks
–Discovering innovative practices
•Disadvantage:
–Not suitable for every organisation
15. PROCESS BENCHMARKING
•Focus on specific operations or
processes
•Examples:
–in higher education-enquiry
management, enrolment
–in Logistics- delivery, safety
–in hotels—housekeeping, customer
care,
16. GENERIC BENCHMARKING
•Comparison of functions which are
generic in nature in any industry
•Example
–Hospitals in the U.S. routinely
benchmark their patient
management against hotel’s guest
management.
–Mobil benchmark their customers
service with 5 star hotels
17. PERFORMANCE OR COMPETITIVE
BENCHMARKING
•Organizations using performance
measures to compare themselves
against similar organizations
•Example
–FMCG’s comparing with each other
for Market share, Retention rates,
profits, costs
18. STRATEGIC BENCHMARKING
• Used where organizations seek to
improve their overall performance by
focusing on specific strategies or
processes
• Example
–Benchmarking against organizations
which have won awards or some other
distinctions
24. BENCHMARKING WILL HELP YOU…..
• find who does the process best and close the
gap.
• recognize the leading organizations in a process
or activity.
• create performance standards derived from an
analysis of the best in business.
• ensure that comparisons are relevant.
• measure your performance, your processes, and
your strategies against best in business.
• measure business processes.
• assess performance over time.
25. BENCHMARKING WILL HELP YOU…..
• accelerate continuous process improvements
(CPI).
• establish more credible goals for CPI.
• establish actionable objectives.
• discover and clarify new goals.
• establish customer expectations of business
standards set by the best suppliers in industry.
• help your organization achieve breakthrough
improvements.
26. BENCHMARKING WILL HELP YOU…..
• create a sense of urgency for change.
• increase customer satisfaction.
• become direction setting.
• provide a positive, proactive, structured
process.
27. BENCHMARKING REQUIRES…..
• a thorough understanding of your
organization’s business processes before any
comparisons are attempted.
• planning to identify the best-in-class for
comparison and data collection.
• analysis to determine the performance gaps.
• integration to set new goals and standards.
28. BENCHMARKING REQUIRES…..
• an action plan to implement the changes to the
process.
• constant updating to keep the standard of
excellence.
• a means to measure.
• commitment by leadership.
• resources, including time.
29. BENCHMARKING WORKS BEST WHEN…..
• it supports an organization’s strategic plan.
• its done on existing processes that are well-
defined.
• the organizational leader is knowledgeable and
committed to total quality (TQ).
• it is utilized as a tool in a TQ organization.
30. BENCHMARKING IS NOT…..
• just looking for a better way to do things; it
looks for the best way.
• a mere comparison.
• only competitive analysis.
• site briefings.
• industrial tourism.
• spying.
• easy.
• quick.
31. BENCHMARKING IS NOT…..
• fool proof.
• free.
• subjective.
• a panacea.
• a program.
• a cookbook process.
• a mechanism for determining resource reductions.
• business as usual.
• a management fad.
32. BENCHMARKING DOES NOT…..
• Copy... Instead, you must adapt the information
to fit your needs, your culture, and your system.
And, if you copy, you can only be as good as
your competitor, not better.
• Steal... To the contrary, it is an open, honest,
legal study of another organization’s business
practices.
• Stop... Rather, it is a continuous process that
requires recalibration.
34. WHAT IS A BALANCED SCORECARD?
The Balanced Scorecard is a strategic planning and
management system used to align business
activities to the vision and strategy of the
organization by monitoring performance against
strategic goals.
35. BALANCED SCORECARD CONCEPT
• Was first published in 1992 by Kaplan and
Norton, a book followed in 1996.
• Traditional performance measurement that
only focus on external accounting data are
obsolete.
• The approach is to provide 'balance' to the
financial perspective.
36. WHY USE A BALANCED SCORECARD?
• Improve organizational performance by measuring
what matters
• Increase focus on strategy and results
• Align organization strategy with workers on a day-
to-day basis
• Focus on the drivers key to future performance
• Improve communication of the organization’s
Vision and Strategy
• Prioritize Projects / Initiatives
37. 4 ORIGINAL BUSINESS PERSPECTIVES
The Balanced
Scorecard model
suggests that we
view the
organization from
4 perspectives.
Then Develop
metrics, collect
data and analyze it
relative to each of
these perspectives
38. 4 BUSINESS PERSPECTIVES QUESTIONS
• Financial
– What must we do to create sustainable economic value?
• Internal Business Process
– To satisfy our stakeholders, what must be our levels of
productivity, efficiency, and quality?
• Learning and Growth
– How does our employee performance management system,
including feedback to employees, support high performance?
• Customer
– What do our customers require from us and how are we doing
according to those requirements?
40. KEY IMPLEMENTATION SUCCESS
FACTORS
• Obtaining executive sponsorship and commitment
• Involving a broad base of leaders, managers and
employees in scorecard development
• Choose the right Scorecard Champion
• Beginning interactive (two-way) communication
first
• Viewing the scorecard as a long-term journey
rather than a short-term project
• Getting outside help if needed
42. SCORECARD POTENTIAL PITFALLS &
CRITICISMS
• Lack of a well Defined Strategy
– The balanced scorecard relies on a well defined strategy and
understanding of linkages between strategic objections and
metrics. Without this foundation the implementation could fail.
• Too much focus on the lagging measures
– Focusing on only the lagging measures may cause a lack of
priority or opportunity for the leading measures.
• Use of Generic Metrics
– Don’t just copy metrics from another firm. Identify the measures
that apply to your strategy and competitive position .
• Self-serving managers
– Managers whose goal is to achieve a desired result in order to
obtain a bonus or other self reward.