Transcript: Personal Balanced Scorecard A Vision for Chase Coyle Viewed as a Leader WHY Not! So One More Run Through? Family size Career Vacation Time Respect of peers Family 2 Seminars per month Purchase home Genuine interest in subject Commit first week and half of July to family vacation Private Education 3 years Support Vacation Desires External Schooling Confidence Income Initiatives Married (cc) photo by theaucitron on Flickr Overall Energy Evaluation of intsitutions based on leadership knowledge for best opportunity for children Learning Dedicate Saturday Mornings To Presentation Attendence 30% of free time dedicated to expanding knowledge base 1 major family vacation per summer season (1.5 week min duration) Hold on to current girlfriend Targets Money to Give to Wife Read texts about leadership implementation Find and Apply Leadership Materials Put away 40% of monthly income into savings Objectives Children attending private institutions Fully Support Family Needs Measures Passion Network size Participate in blogs/ research forums regarding leadership practices daily Vision: Financial 3 years Internal Attend Seminars and Webinars Willingness to further understand ideas Career earning $60,000+ Study Entrepreneur Characteristics 1 Webinar per week Have a child
Transcript: Government agencies Military units Business industry Non-profit organization HISTORY Begum Sufia: 2900071 Uddin Shakir: 2918040 Turner William: 2906336 Ahmed Shafayet: 2821197 What is balanced scorecard Strategy performance management system Balanced Scorecard Proposed in late 1980's and early 1990's Dr Robert Kaplan and Dr David Norton Trained over 5000 practitioners Consulted for hundreds of organizations from over 40 countries since 1997 By 2004 about 57% of global companies were working with the balanced scorecard History Who uses it Why companies use BSC Where does it work How to use it Developing a BSC Advantages of BSC Disadvantage of BSC WHY Introduction BALANCED SCORECARD WHO USES IT
Transcript: The Result Internal Business Process History An effective balanced scorecard will use all the information gathered from looking at the company from all perspectives and develop a proper measurement system to easily see how effective the company is at become better in all perspectives Intangible assets were accounting for more than 80% of industrial organizations' market value but no way to value it Attempts were made to incorporate these assets to the balance sheet, unsuccessfully Everyone needed a way to properly show value Introduced in 1992 by Kaplan and Norton Looking at only financial performance was proving to be inefficient Companies were searching for a way to measure their intangible assets After a company has integrated its balanced scorecard, the entire organization is able to contribute to the strategy laid out in the beginning. With identifiable goals each member can see what they can do to move the business forward Stakeholder Scorecard Covers customers, shareholders, and employees Does not say "how" to be better KPI Scorecard Internally focused Does not have anything to benefit the customers Four Perspectives of the Strategy Map Customer Learning and Growth This is the final perspective because it is how a company will react and make changes to the negatives brought to light by the previous perspectives. This piece completes the strategy map Why is it important? Philip Swanson Blake Myers Blaine Greer The Scorecard Balanced Scorecard Whether a company is looking for revenue growth or productivity, this perspective will show how to make the shareholders the most happy This perspective ties in the previous two by having a goal to build the franchise, increase customer value, achieve operational excellence, and become a good corporate citizen. Using this perspective companies will look for innovation to build the business rather than only cutting costs "Other" Scorecards 1. Financial 2. Customer 3. Internal Business Processes 4. Learning and Growth Through operational excellence, customer intimacy, and product leadership companies use this perspective to see how to better their relationships with their customers and market share Financial
Transcript: Learning & Growth Financial • Maintain use of the FAFSA • Provide simplified version of the “Master Promissory Note" • Have high-school students be informed of amounts of federal funds given to each school Internal Business Processes • Require GPA standardization for all universities (e.g.: every school uses +/-) to improve grade fairness • Begin studies based on salaries for students on their first career job and compare to the average in the industry for entry level positions • Provide funds to students in the most effective way to ensure they are using it for actual education expenses • Disburse ALL federal funds directly to the school being attended Customers Melissa Lee, Stacey Miller, Emily Murawa • Focus on performance-based federal grants (not necessarily need-based) • Allow student loan interest to be deducted even while a dependent (to encourage repayment when possible while still in school) • Create exit exams for majors to ensure they have the minimum knowledge required for that field (similar to state testing in middle/high school) • Make automatic deductions from paychecks so payments are sent directly to the lender Balanced Scorecard: Obama's Plan to Control College Costs
Transcript: Maintain low prices Number of price matching implemented * Founded by Kaplan and Norton in 1996 * Translate the business mission and strategy objectives into performance objectives and measures * Help managers: - Integrate strategies throughout the organization - Achieve its competitive advantage and KSFs Return on Time taken to deliver order Customer Perspective Increase maintenance effectiveness Coles Balanced Scorecard Maintain Culture Internal Business Process Perspective Training Hours Sales Revenue Maintain supplier relationships Improved utilization of assets customer Flybuy Program Provide Superior Brand Image Training of the workforce Customer survey Number of reworks and scraps Learning & Growth Perspective Culture survey Number of long-term partnership agreements Market Share Deliver on Coles' promise Customer feedback reports Maintain & Increase high margin revenue Improve customer services especially post sale services Increase customer satisfaction Number of downtime customer retention Budgeted Sales Revenue Financial Perspective Customer Surveys Employee Suggestions Return on Sales Response time
Transcript: Balanced Scorecard Begum Sufia: 2900071 Uddin Shakir: 2918040 Turner William: 2906336 Strategy performance management system What is a BSC When you use it History Who uses it How to use it/strategy Dis/advantages The future of BSC 1) Develop strategy 2) Plan strategy 3) Align the organization with the strategy 4) Plan operation 5) Monitor and learn 6) Test and adapt strategy Generates an action plan Strategic Opinions Increases communication Quality Control Produces an Overall view of company performance What happens..... Introduction Proposed in late 1980’s and early 1990’s By Dr. Robert Kaplan and Dr. David Norton By 2004 about 57% of global companies were working with the BSC Constantly Evolving Types of BSC When you do use BSC When you don't use BSC Who uses it BALANCED SCORECARD Government agencies Military units Business industry Non-profit organization The best balanced scorecards reflect an organization’s strategy Meaning there are 1000’s of balanced scorecards all unique to the company using them James Creelman, Naresh Makhijani (2011)‘Creating a Balanced Scorecard For a Financial Services Organization’. West Sussex SAS(2012) Kaplan and Norton’s future vision of the Balanced Scorecard [online] Available at: http://blogs.sas.com/content/cokins/2012/04/17/kaplan-and-nortons-future-vision-of-the-balanced-scorecard/ (Accessed 25th November 2012) Excellence In Financial Management(2010) The Balanced Scorecard [online] Available at: http://www.exinfm.com/training/pdfiles/course11r.pdf (Accessed 24th November 2012) 2GC(2003) The Balanced and its Developments [online] Available at: http://www.2gc.co.uk/pdf/2GC-PMA02-1f.pdf (Acessed 22nd November 2012) Internationaler Controller Verein(2012) What is a Balanced Scorecard? [online] Available at: (http://www.controllerverein.com/Balanced-Scorecard.128144.html (Accessed 16th November 2012) Balanced Scorecard(2012) Balanced Scorecard Basics [online] Available at: http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx (Accessed 16th November 2012) IIR Middle East(2010) Balanced Scorecard Professionals [online] Available at: http://www.iirme.com/balancedscorecard (Accessed 17th November 2012) Institution for Innovation and improvement of NHS(2012) Quality Service and Improvement Tools [online] Available at: http://www.institute.nhs.uk/quality_and_service_improvement_tools/quality_and_service_improvement_tools/balanced_scorecard.html (Accessed 20th November 2012) Ehow money (2012) The Disadvantages of Balanced Scorecards [online] Available at: http://www.ehow.com/list_6630586_disadvantages-balanced-scorecards.html (Accessed 25th November 2012) Hub Pages(2012)Balanced Scorecard – Advantages and Disadvantages [online] Available at: http://tamarawilhite.hubpages.com/hub/Balanced-Scorecard-Pros-and-Cons (Accessed 25th November 2012) Thank You For Listening History Better used as an employee monitoring tool Not a tool that can be sorted in one night Does not paint a full picture Whether the balanced scorecard is applicable Does not provide firms to make external comparisons Looks at the effect as a whole History 1)Knowledge 2)Skills 3)Systems that your employees will need (learning and growth) Advantages BSC What is balanced scorecard Strategy Disadvantages of BSC 1. Vision Barrier 2. People Barrier 3. Resource Barrier 4. Management Barrier 1st generation BSC 2nd generation BSC 3rd generation BSC The Future of BSC How to use it References Strategic Supply Chain Alliances and Partners Empowering Risk Management Empowering Change Management Power of Software with BSC
Transcript: Anne MayTHREAT Boese MariTHREAT Catungal Mike AniTHREATo PRESENTS GROUP The balanced scorecard is not a piece of software, it can only help a organization with implementing it. The Customer Perspective Mapping Examples The Learning & Growth Perspective Using the Balanced Scorecard The balanced scorecard was founded back by Robert Kaplan and David Norton Added non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance. The Financial Perspective This perspective includes employee training and cultural attitudes related to both individual and corporate self-improvement. Businesses are realizing more and more the importance of customer focus and customer satisfaction in any business. 1992 By 1993 Norton (with some others) had formed Renaissance Solutions with the intention of using the balanced scorecard as a vehicle to help companies translate and implement strategy. “Translating strategy into action” was the tag line to the first balanced scorecard book. This perspective refers to internal business processes. Metrics based on this perspective allow the managers to know how well their business is doing, and if its products and services conform to customer requirements. Balanced Scorecard The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. Definition Four Perspectives 1990 Software THANK YOU! c Kaplan and Norton do not disregard the traditional need for financial data. Timely and accurate funding data will always be a priority, and managers will do whatever necessary to provide it. https://balancedscorecard.org/Resources/AbouttheBalancedScorecard/tabid/55/Default.aspx http://www.excitant.co.uk/2012/06/a-short-history-of-balanced-scorecard-design.html http://www.bizzdesign.com/assets/BlogDocuments-2/20130711_Busienss-Performance-Management Balanced-Scorecards-and-The-Decision-Model/Decision-modeling-balanced-scorecard.jpg http://www.emeraldinsight.com/content_images/fig/2610320502001.png http://balancedscorecard.org/Portals/0/PDF/Regional_Airline.pdf http://balancedscorecard.org/Portals/0/PDF/Credit_Card_Company.pdf https://www.ebsglobal.net/documents/course-tasters/english/pdf/h17pe-bk-taster.pdf http://www.cipd.co.uk/NR/rdonlyres/64B9C9FD-8168-4EDC-9B71-DD3D8B5C2B90/0/performance_management_discussion_paper.pdf http://usfweb2.usf.edu/human-resources/Talent-Management/pdfs/overviewperformancemanagement.pdf http://www.sagepub.com/upm-data/45674_8.pdf They published the "new" balanced scorecard Harvard Business Review paper in Januari 1992. This transforms an organization’s strategic plan from an attractive but passive document into the "marching orders" for the organization on a daily basis. History and Development Practice They decided it would help to expand an organisation’s scorecard to be organised around four perspectives. The Business Process Perspective 1993 1990
Transcript: Balanced Scorecard FIND A JOB Learning and Development INTERNAL Inner Peace New Experience Being Positive Health EXTERNAL Friends Family Looking for Job Oppertunity Keep working on campus Financial Schoarships Work on Campus Internship Complete MBA Knowledge Experience Results JOB (cc) photo by Metro Centric on Flickr Internet (cc) photo by jimmyharris on Flickr (cc) photo by Franco Folini on Flickr Double click to crop it if necessary Place your own picture behind this frame! (cc) photo by Metro Centric on Flickr
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