Balanced Scorecard For Small Scale Industry Project Report

BALANCED SCORECARD FOR SMALL SCALE INDUSTRY
BABASAB PATIL
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY EXECUTIVE SUMMARY

Every organization, regardless of type, needs a clear and cohesive performance measurement framework that is understood by all levels of the organization and that supports objectives and the collection of results. Leading organizations agree on the need for a structured methodology for using performance measurement information to help set agreed-upon performance goals, allocate and prioritize resources, confirm or change current policy or program directions to meet those goals, and report on the success in meeting those goals. The balanced scorecard is a framework for translating an organizations strategic objectives into a set of performance indicators distributed among four perspectives: Financial, Customer, Internal Business Processes, and Learning and Growth. Through the balanced scorecard, an organization monitors both its current performance (finance, customer satisfaction, and business process results) and its efforts to improve processes, motivate and educate employees, and enhance information systemsits ability to learn and improve. Historically is said that the Strategy Map and Balanced Scorecard (BSC) are exclusively for Large Scale Industries. Hopper G.C. said that one accurate measurement is worth more than a thousand expert opinions. This as motive and to prove that BSC can be implemented in small scale industries this research work was initiated. This research work is an attempt to develop a Balanced Scorecard for Small Scale Industry (SSI).
To develop a BSC, a mineral water plant in northern Karnataka is considered as case for the study of SSI. During the course of study I had a personal interview with the managing partners of the firm .Then identified the main objectives, problems of the organization. On the basis of the interviews the programs and measurements are formulated. The interviews and interactions have convinced the Managing Partners to initiate the implementation process on the basis of this report.
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY Contents

CHAPTER I .................................................................................................................................... 5 INTRODUCTION .......................................................................................................................... 5 1.1 The Theme ............................................................................................................................ 5 1.2 Balanced Scorecard Mechanics ............................................................................................. 5 1.3 Background of the current work............................................................................................ 5 1.4 Objectives of the work .......................................................................................................... 6 1.5 Scope of the work .................................................................................................................. 6 1.6 Methodology ......................................................................................................................... 6 CHAPTER II................................................................................................................................... 7 LITERATURE REVIEW ............................................................................................................... 7 2.1 Christian C. Johnson. ............................................................................................................ 7 2.2 BSC Designer ........................................................................................................................ 7 2.3 Steve Barclay......................................................................................................................... 7 2.4 Robert S. Kaplan and David P. Norton ................................................................................. 7 CHAPTER III ............................................................................................................................... 13 PROJECT TASK .......................................................................................................................... 13 3.1 Introduction ......................................................................................................................... 13 3.2 Objective of the Project ....................................................................................................... 13 3.3 Data Requirement Analysis ................................................................................................. 13 3.4 Data collection..................................................................................................................... 13 3.4.1 Primary data .................................................................................................................. 13 3.4.2 Secondary data .............................................................................................................. 13 CHAPTER IV ............................................................................................................................... 14 BALANCED SCORECARD FOR SMES .................................................................................. 14 4.1 Balanced Scorecard: ............................................................................................................ 14 4.2 Characteristics: .................................................................................................................... 14 4.3 Design: ................................................................................................................................ 15 4.4 Perspectives: ........................................................................................................................... 16 4.4.1 The Learning & Growth Perspective ............................................................................ 16 4.4.2 The Business Process Perspective ................................................................................ 16
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4.4.3 The Customer Perspective ............................................................................................ 16 4.4.4 The Financial Perspective ............................................................................................. 17 4.5 How to Measure Small Business Success Effectively: ....................................................... 17 4.6 Formulating Balanced Scorecard Objectives ...................................................................... 18 4.7 Steps in Building a Balanced Scorecard ............................................................................. 20 4.8 Good Performance Measures .............................................................................................. 20 4.9 Building & Implementing a Balanced Scorecard ................................................................ 21 CHAPTER V ................................................................................................................................ 22 ANALYSIS AND INTERPRETATION ...................................................................................... 22 5.1 Organizational Study ........................................................................................................... 22 5.1.1 Introduction .................................................................................................................. 22 5.1.2 Organization Structure .................................................................................................. 22 5.2 Research Matrix .................................................................................................................. 22 5.2.1 Summary of Interview with Managing Partner ............................................................ 22 5.2.2 Summary of Interview with Advisor ............................................................................ 24 5.3 Suggested Balanced Scorecard for M/s. Deepa Aqua Minerals.......................................... 25 5.4 Linking each perspective to the unit ................................................................................... 29 5.4.1 Financial performance .................................................................................................. 29 5.4.2 Customer Service .......................................................................................................... 31 5.4.3 Internal Process............................................................................................................. 34 5.4.4 Learning and growth ..................................................................................................... 38 CHAPTER VI ............................................................................................................................... 40 FINDINGS AND SUGGESTIONS .............................................................................................. 40 6.1 Major Findings .................................................................................................................... 40 6.2 Suggestions.......................................................................................................................... 41 6.2.1 Framework for implementing programs ....................................................................... 41 6.2.3 Framework for implementing the balanced scorecard stage wise ................................ 42 CHAPERTER VII ......................................................................................................................... 44 SCOPE OF THE FUTURE WORK ............................................................................................. 44 REFERENCES: ............................................................................................................................ 45
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPTER I INTRODUCTION

1.1 The Theme: The concept of the project is to develop the Balanced Scorecard. This concept was arrived because the implementation of Balanced Scorecard is only limited to large scale industries. This project aims at developing the Balanced Scorecard which can be implemented in Small scale industries. 1.2 Balanced Scorecard Mechanics: The balanced scorecard (which saw its initial development during the years of 1987 - 1992) links performance measures by looking at a business's strategic vision from four different perspectives: financial, customer, innovation and learning, and internal business processes. These four perspectives do not eliminate, but instead support the goals of various management techniques (such as Strategic Planning, Total Quality Management, and Core Competence) employed during the several decades surroundings the balanced scorecard's appearance. Each of the four perspectives is considered by four parameters. Those parameters are: Goals: What do we need to achieve to become successful Measures: What parameters will we use to know if we are successful Targets: What quantitative value will we use to determine success of the measure Initiatives: What will we do to meet our goals
In the original paper of 1992, Goals and Measures are the only two parameters shown on the scorecard. Since then, it is often seen with the additional two parameters, Targets and Initiatives. 1.3 Background of the current work: In current scenario we see that the Balanced Scorecard the measurement system which is mainly used in the large scale industries. It is one of the most effective measurement systems as compared to other measurement system. At present it is not used in small scale industry but it can be implemented. This project work aims to develop the Balanced Scorecard to the small scale industries under considering the parameters which are related only to the small scale industries.
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At present some of the big/large industries like TATA CONSULTANCY (IT/Service sector) GODREJ & BOYCE( Appliances) WALMART (Retail industry)
These above industries are using the Balanced Scorecard as measurement system and are successful in implementing it. 1.4 Objectives of the work: To apply the measurement system(Balanced Scorecard) to the small scale industry To evaluate each aspect of the organization (Financial, customer, internal business process and learning and growth of the organization) and study its importance and contribution Establish objectives for financial and nonfinancial measure on the scorecard Developing the Balanced Scorecard for small Scale Industry
1.5 Scope of the work: The scope of the work is limited only for developing the Balanced Scorecard and it is for only one industry. 1.6 Methodology: Literature Review Study of organization Establishing the objectives Setting the measurement tools Setting the programs to achieve the objectives Developing the Balanced Scorecard Finding and suggestions
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPTER II LITERATURE REVIEW

2.1 Christian C. Johnson states that the balanced scorecard (BSC) is a strategic performance management tool - a semi-standard structured report supported by proven design methods and automation tools that can be used by managers to keep track of the execution of activities by staff within their control and monitor the consequences arising from these actions. It is perhaps the best known of several such frameworks, and was widely adopted in English speaking western countries and Scandinavia in the early 1990s. Since 2000, use of Balanced Scorecard, its derivatives (e.g. performance prism), and other similar tools (e.g. Results Based Management) have become common in the Middle East, Asia and Spanish-speaking countries also. 2.2 BSC Designer has made its worth renowned due to its creative designs and robustness worldwide. Actually, this is a strategic planning and management tool that is extensively used in order to align the organizational activities and performance in a well organized and proficient manner. This software involves four general perspectives: The Financial, The Customer, The Internal Business Process, and The Learning and Growth Perspectives. The learning and growth perspective mainly focuses on job matters. The internal business process entirely focuses on the internal functions of a business organization. The customer perspective stresses upon satisfied customer service and performance. Finally, the financial perspective pertains to the growth, expansion, and development of a business organization. 2.3 Steve Barclay has stated in his one of the presentation that the scorecard is developed from the strategy map and is a way of translating the strategic objectives into a comprehensive set of performance measures and targets. This then provides the framework for the organizations strategic measurement and management system. 2.4 Robert S. Kaplan and David P. Norton had explained about the balanced scorecard in their book Translating strategy into action The Balanced Scorecard which states as below What is a Balanced Scorecard? The Balanced Scorecard (BSC) is a conceptual framework enabling an organization in clarifying its vision and strategy, thus effectively translating them into action. This performance management approach provides feedback around both the internal processes and external outcomes, essentially focusing on four indicators: Customer Perspective, Internal-Business Processes, Learning and Growth and Financials.
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The concept of Balanced Scorecard was developed in the early 1990s by Robert S. Kaplan and David P. Norton. They describe this innovation as follows: "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation." Traditional financial reporting systems provide an indication of how a firm has performed in the past, but offer little information about how it might perform in the future. For example, a firm might reduce its level of customer service in order to boost current earnings, but then future earnings might be negatively impacted due to reduced customer satisfaction. To deal with this problem, Robert Kaplan and David Norton developed the Balanced Scorecard, a performance measurement system that considers not only financial measures, but also customer, business process, and learning measures. The Balanced Scorecard framework is depicted in the following diagram:
Financial perspective
Customer perspective
Vision and Mission
Internal process perspective
Learning & growth perspective
The balanced scorecard translates the organization's strategy into four perspectives, with a balance between the following: between internal and external measures between objective measures and subjective measures between performance results and the drivers of future results
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Beyond the Financial Perspective In the industrial age, most of the assets of a firm were in property, plant, and equipment and the financial accounting system performed an adequate job of valuing those assets. In the information age, much of the value of the firm is embedded in innovative processes, customer relationships, and human resources. The financial accounting system is not so good at valuing such assets. The Balanced Scorecard goes beyond standard financial measures to include the following additional perspectives: the customer perspective, the internal process perspective, and the learning and growth perspective. Financial perspective - includes measures such as operating income, return on capital employed, and economic value added. Customer perspective - includes measures such as customer satisfaction, customer retention, and market share in target segments. Business process perspective - includes measures such as cost, throughput, and quality. These are for business processes such as procurement, production, and order fulfillment. Learning & growth perspective - includes measures such as employee satisfaction, employee retention, skill sets, etc. These four realms are not simply a collection of independent perspectives. Rather, there is a logical connection between them - learning and growth lead to better business processes, which in turn lead to increased value to the customer, which finally leads to improved financial performance. Objectives, Measures, Targets, and Initiatives Each perspective of the Balanced Scorecard includes objectives, measures of those objectives, target values of those measures, and initiatives, defined as follows: Objectives - major objectives to be achieved, for example, profitable growth. Measures - the observable parameters that will be used to measure progress toward reaching the objective. For example, the objective of profitable growth might be measured by growth in net margin. Targets - the specific target values for the measures, for example, +2% growth in net margin. Initiatives - action programs to be initiated in order to meet the objective.
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These can be organized for each perspective in a table as shown below. Objectives Measures Targets Initiatives Financial Customer Process Learning Balanced Scorecard as a Strategic Management System The Balanced Scorecard originally was conceived as an improved performance measurement system. However, it soon became evident that it could be used as a management system to implement strategy at all levels of the organization by facilitating the following functions: 1. Clarifying strategy - the translation of strategic objectives into quantifiable measures clarifies the management team's understanding of the strategy and helps to develop a coherent consensus. 2. Communicating strategic objectives - the Balanced Scorecard can serve to translate high level objectives into operational objectives and communicate the strategy effectively throughout the organization. 3. Planning, setting targets, and aligning strategic initiatives - ambitious but achievable targets are set for each perspective and initiatives are developed to align efforts to reach the targets. 4. Strategic feedback and learning - executives receive feedback on whether the strategy implementation is proceeding according to plan and on whether the strategy itself is successful ("double-loop learning"). These functions have made the Balanced Scorecard an effective management system for the implementation of strategy. The Balanced Scorecard has been applied successfully to private sector companies, non-profit organizations, and government agencies. 2.5 Performance Management Strategy: What is Performance Management? There are a wide range of definitions for performance objective, performance goal, performance measure, performance measurement, and performance management. To frame the dialog and to move forward with a common baseline, certain key concepts need to be clearly defined and understood, such as:
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Performance objective: This is a critical success factor in achieving the organizations mission, Vision, and strategy, which if not achieved would likely result in a significant decrease in Customer satisfaction, system performance, employee satisfaction or retention, or effective financial management. Performance goal: A target level of activity expressed as a tangible measure, against which actual achievement can be compared. Performance measure: A quantitative or qualitative characterization of performance. Performance measurement: A process of assessing progress toward achieving predetermined goals, including information on the efficiency with which resources are transformed into goods and services (outputs), the quality of those outputs (how well they are delivered to clients and the extent to which clients are satisfied) and outcomes (the results of a program activity compared to its intended purpose), and the effectiveness of government operations in terms of their specific contributions to program objectives. Performance management: The use of performance measurement information to effect positive change in organizational culture, systems and processes, by helping to set agreed-upon performance goals, allocating and prioritizing resources, informing managers to either confirm or change current policy or program directions to meet those goals, and sharing results of performance in pursuing those goals. Output measure: A calculation or recording of activity or effort that can be expressed in a quantitative or qualitative manner.
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Performance Management System Goals: A leading-edge organization seeks to create an efficient and effective performance management system to: Translate agency vision into clear measurable outcomes that define success, and that are shared throughout the agency and with customers and stakeholders; Provide a tool for assessing, managing, and improving the overall health and success of business systems; Continue to shift from prescriptive, audit- and compliance-based oversight to an ongoing, forward-looking strategic partnership involving agency headquarters and field components; Include measures of quality, cost, speed, customer service, and employee alignment, motivation, and skills to provide an in-depth, predictive performance management system; and Replace existing assessment models with a consistent approach to performance management.
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPTER III PROJECT TASK
3.1 Introduction: The project task is to develop the Balanced Scorecard for the small scale industry (M/s. Deepa Aqua Minerals). Balanced scorecard is measuring tool. The project mainly focuses on implementing the balanced scorecard for small scale industry. In the current scenario balanced scorecard is only used in large scale industries. The study mainly concentrates on four perspectives which are as follows: Financial Performances Customer Service Internal Process
Learning and Growth Based on these perspectives the objectives are set and tool is developed 3.2 Objective of the Project: The main objective of the project is to develop the Balanced Scorecard for small Scale industry (M/s. Deepa Aqua Minerals) 3.3 Data Requirement Analysis: Data required for analysis are journal, books, reports, industrial study i.e., industries which are adopted the balanced scorecard. These data are required for the analysis and to draw the conclusions. 3.4 Data collection: Data collection for this research work is done by the following methodology: Primary data Secondary data
3.4.1 Primary data Personal interview Observation
3.4.2 Secondary data Books Journal and websites
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPTER IV BALANCED SCORECARD FOR SSI
4.1 Balanced Scorecard: A balanced scorecard is a central list of numbers, which show each key part of an organization's success, such as financials, people, operations, suppliers, customers, and support systems. The numbers should measure not just important outcomes, but also the factors which influence, or drive, those outcomes. 4.2 Characteristics: The core characteristic of the Balanced Scorecard and its derivatives are the presentation of a mixture of financial and operational measures each compared to a 'target' value within a single concise report. The report is not meant to be a replacement for traditional financial or operational reports but a succinct summary that captures the information most relevant to those reading it. It is the methods by which this 'most relevant' information is determined (i.e. the design processes used to select the content) that most differentiates the various versions of the tool in circulation. The first versions of Balanced Scorecard asserted that relevance should derive from the corporate strategy, and proposed design methods that focused on choosing measures and targets associated with the main activities required to implement the strategy. As the initial audiences for this were the readers of the Harvard Business Review, the proposal was translated into a form that made sense to a typical reader of that journal - one relevant to a mid-sized US business. Accordingly, initial designs were encouraged to measure three categories of non-financial measure in addition to financial outputs - those of "Customer," "Internal Business Processes" and "Learning and Growth." Clearly these categories were not so relevant to non-profits or units within complex organizations (which might have high degrees of internal specialization), and much of the early literature on Balanced Scorecard focused on suggestions of alternative 'perspectives' that might have more relevance to these groups. Modern Balanced Scorecard thinking has evolved considerably since the initial ideas proposed in the late 1980s and early 1990s, and the modern performance management tools including Balanced Scorecard are significantly improved - being more flexible (to suit a wider range of organizational types) and more effective (as design methods have evolved to make them easier to design, and use).
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4.3 Design: Design of a Balanced Scorecard ultimately is about the identification of a small number of financial and non-financial measures and attaching targets to them, so that when they are reviewed it is possible to determine whether current performance 'meets expectations'. The idea behind this is that by alerting managers to areas where performance deviates from expectations, they can be encouraged to focus their attention on these areas, and hopefully as a result trigger improved performance within the part of the organization they lead. The original thinking behind Balanced Scorecard was for it to be focused on information relating to the implementation of a strategy, and perhaps predictably over time there has been a blurring of the boundaries between conventional strategic planning and control activities and those required to design a Balanced Scorecard. This is illustrated well by the four steps required to design a Balanced Scorecard included in Kaplan & Norton's writing on the subject in the late 1990s, where they assert four steps as being part of the Balanced Scorecard design process: 1. Translating the vision into operational goals; 2. Communicating the vision and link it to individual performance; 3. Business planning; index setting 4. Feedback and learning, and adjusting the strategy accordingly. These steps go way beyond the simple task of identifying a small number of financial and nonfinancial measures, but illustrate the requirement for whatever design process is used to fit within broader thinking about how the resulting Balanced Scorecard will integrate with the wider business management process. This is also illustrated by books and articles referring to balanced scorecards confusing the design process elements and the balanced scorecard itself. In particular, it is common for people to refer to a strategic linkage model or strategy map as being a balanced scorecard. Although it helps focus managers' attention on strategic issues and the management of the implementation of strategy, it is important to remember that the balanced scorecard itself has no role in the formation of strategy. In fact, balanced scorecards can comfortably co-exist with strategic planning systems and other tools.
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4.4 Perspectives: The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives: 4.4.1 The Learning & Growth Perspective:
This perspective includes employee training and corporate cultural attitudes related to both individual and corporate self-improvement. In a knowledge-worker organization, people -- the only repository of knowledge -- are the main resource. In the current climate of rapid technological change, it is becoming necessary for knowledge workers to be in a continuous learning mode. Metrics can be put into place to guide managers in focusing training funds where they can help the most. In any case, learning and growth constitute the essential foundation for success of any knowledge-worker organization. Kaplan and Norton emphasize that 'learning' is more than 'training'; it also includes things like mentors and tutors within the organization, as well as that ease of communication among workers that allows them to readily get help on a problem when it is needed. It also includes technological tools; what the Baldrige criteria call "high performance work systems." 4.4.2 The Business Process Perspective:
This perspective refers to internal business processes. Metrics based on this perspective allow the managers to know how well their business is running, and whether its products and services conform to customer requirements (the mission). These metrics have to be carefully designed by those who know these processes most intimately; with our unique missions these are not something that can be developed by outside consultants. 4.4.3 The Customer Perspective: When choosing measures for the Customer perspective of the Scorecard organizations must answer two critical questions: Who are our target customers? And what is our value proposition in serving them? Sounds simple enough, but both questions present many challenges to organizations. Most organizations will state that they do in fact have a target customer audience, yet their actions reveal an all things to all customers strategy. Strategy guru Michael Porter suggests this lack of focus will prevent an organization from differentiating itself from competitors. Choosing an appropriate value proposition poses no less of a challenge to most organizations. Many will choose one of three disciplines articulated by Michael Treacy and Fred Wiersema in The Discipline of Market Leaders. They are:
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Operational excellence: Organizations pursuing an operational excellence discipline focus on low price, convenience, and, often, no frills. Product leadership: Product leaders push the envelope of their firms products.
Constantly innovating, they strive to offer simply the best product in the market. Nike is an example of a product leader in the field of athletic footwear. Customer Intimacy: Doing whatever it takes to provide solutions for unique customers needs help define the customer intimate company. They dont look for one-time transactions, but instead focus on long-term relationship building through their deep knowledge of customer needs. In the retail industry Nordstrom epitomizes the customerintimate organization. 4.4.4 The Financial Perspective:
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. In fact, often there is more than enough handling and processing of financial data. With the implementation of a corporate database, it is hoped that more of the processing can be centralized and automated. But the point is that the current emphasis on financials leads to the "unbalanced" situation with regard to other perspectives. There is perhaps a need to include additional financial-related data, such as risk assessment and cost-benefit data, in this category. 4.5 How to Measure Small Business Success Effectively: Measuring small business success is by some means a tricky task but it must be carefully planned and executed. What all you have to do is to make use of key performance indicators in order to measure the activities and performance your small scale industry efficiently. In reality, these are measurement tools that will help you to define and measure progress toward the organizational goals and objectives. The amazing thing about KPIs is that these are quantifiable measures. Therefore, they will help small scale industries to reflect their organizational goals and objectives successfully. Further, these can be available in numerous forms or shapes such as business KPI, marketing KPI, and supply chain management KPI. Therefore, they can provide plenteous advantages to the small scale industry for instance timely evaluation of the business staff, customer/employee satisfaction, economies of scale, transparency, immediate assessment of overall business sales and returns, and small scale business identity development.
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The second small business measurement tool is called balanced scorecard that has ultimately four general perspectives i.e. financial perspective, customer perspective, internal business process perspective, and learning and growth perspective. In reality, the balanced scorecard designer is a robust and durable measurement tool that can help the small businesses to translate their strategy into action. In addition, these scorecard applications can help the small businesses to improve their internal and external business process effectively. Thirdly, there is customer relationship management (CRM) scorecard that can help the small business industry to manage and nurture their interactions with clients and sales prospects efficiently. This includes the usage of technology to systematize, mechanize, and harmonize business processesmainly sales related activities, but also those for promotion, customer service, and technological support. The ultimate goal of using CRM scorecard is to discover new customers and competition amongst the all business entities worldwide. Finally, the small scale business owners should mull over crisis management scorecards, because these are excellent financial measures tools and technologies which can surely do wonders regarding the prospect and prosperity of small scale industry. The most noteworthy aspect of crisis management scorecard is that it can provide plenteous benefits to the small businesses for instance timely evaluation of the companys funds and resources, immediate assessment of current and past selling trends, transparency, reimbursement of loans, availability of short term and long term small business loans, improved credit report, customer/employee pleasure, increased scope of business, financial autonomy, and improved productivity. Nonetheless, these all four tools and methods are clearly amongst the most efficient and useful methods for measuring the progress and success of small businesses worldwide. 4.6 Formulating Balanced Scorecard Objectives: Formulating balanced scorecard objectives is a must for companies that want to use the Balanced Scorecard (BSC) approach to measure company performance. Introduced by Robert S. Kaplan and David Norton through some journal articles, the BSC approach was designed to check whether both small-scale and large-scale plans are compatible with the company's overall strategy and vision. Since its introduction in 1993, this management approach had become widely popular and has been used by companies from varying industries. The Balanced Scorecard Approach promotes the need for company managers to have a full perspective of their overall performance by creating a balance between financial measures as
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well as internal processes and results measures. Kaplan and Norton famously likened the BSC to the cockpit of an airplane. To be able to fly a plane, pilots need to know about information, such as the plane's bearing, altitude, air speed, fuel level, and other indicators that monitor the predicted environment. Pilots could not afford to just rely on one instrument. Kaplan and Norton contend that the same is also true for other companies. According to them, managers need to gather relevant information from four important perspectives to effectively steer their companies toward organizational success. These perspectives include internal business perspective, customer perspective, financial perspective, and the innovation and learning perspective. The internal business perspective takes a look at the internal operations of the companies that are critical for them to be able to address customer needs. The question that must be answered in this perspective is, "What activities must we excel at?" Customer perspective, on the other hand, takes into account the perceptions of target customers of the company. Typical metrics for the customer perspective include customer satisfaction and retention as well as market share in target segments. The financial perspective, meanwhile, includes looking at financial measures that are related to profitability and market share. For both public and private sectors, these financial measures are considered to be highly important, especially for stakeholders. Common measures under the financial perspective include operating income, economic value added, and return on capital employed. Lastly, innovation and learning perspective looks into the ability of companies to be able to make improvements within the organization. This perspective answers the question, "What can be done to create and improve value of our products and services?" Measures relevant to this perspective include employee retention, skill sets, and employee satisfaction. Many company managers have been convinced of the effectiveness of the BSC approach, as they see that it is very effective in predicting their companies' future performance. In contrast, traditional financial reporting seldom takes into account what may happen to the organization in the future. Focusing only on the financial perspective will not be advantageous, as it may influence managers to make wrong strategic decisions. For example, they might decide to cut their operational costs to boost earnings by reducing customer service levels. This decision will more likely lead to reduced customer satisfaction. Therefore, when formulating balanced scorecard objectives, there is a need for companies to be decisive about what their goals and come up with strategies that are aligned with these.
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Building Balanced Scorecard: Building a balanced scorecard to measure, control and improve company performance 4.7 Steps in Building a Balanced Scorecard Process 1: Strategy formulation. Prepare vision and mission statements Process 2: Identify the Objectives of the organization Process 3: Deciding for the measurements and Targets. Creating performance indicators. 4.8 Good Performance Measures: Provide a way to see if our strategy is working Focus employees' attention on what matters most to success Allow measurement of accomplishments, not just of the work that is performed Provide a common language for communication Are explicitly defined in terms of owner, unit of measure, collection frequency, data quality, expected value(targets), and thresholds Are valid, to ensure measurement of the right things Are verifiable, to ensure data collection accuracy
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4.9 Building & Implementing a Balanced Scorecard:
Nine Steps to Success:
Nine Steps to Success, is a disciplined, practical approach to developing a strategic planning and management system based on the balanced scorecard. Training is an integral part of the framework, as is coaching, change management, and problem solving. Emphasis is placed on teaching clients to fish, not handing them a fish, so the scorecard system can be sustained. A key benefit of using a disciplined framework is that it gives organizations a way to connect the dots between the various components of strategic planning and management, meaning that there will be a visible connection between the projects and programs that people are working on, the measurements being used to track success, the strategic objectives the organization is trying to accomplish and the mission, vision and strategy of the organization.
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPTER V ANALYSIS AND INTERPRETATION
5.1 Organizational Study: 5.1.1 Introduction: M/s. Deepa Aqua Minerals is a manufacturing unit. It is unit of packaged drinking water the product name is Caribou. M/s. Deepa Aqua Minerals is decentralized organization where employees are encouraged to participate in every activity of the organization as like in decision making and other activities. It is a partnership firm. The firm was established in the year 2002 June. It started its operation by manufacturing 20 liter cans at initial stage and then started manufacturing 1liter, 2liter, liter and pouches. The unit has more than 50 distribution centers covering the area of Districts like Gulbarga, Bagalkot, Koppal, Richur, Bijapur, and Gadag. It has around 45 employees working in the organization. 5.1.2 Organization Structure: M/s. Deepa Aqua Minerals follow a very simple organization structure which is shown below:
Managing Partner
Purchase and Store Department
Quality Control Department
Manufacturing Department
Accounts Department
Dispatch Department
Subordinators / workers
5.2 Research Matrix: Research matrix includes the interaction with the managing partner and the advisor
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5.2.1 Summary of Interview with Managing Partner: Name and Designation Managing Partner Questions Define business? Answers Good things always sells
Who is the main competitor?
Kemps
How do you distinguish with Quality, Brand name your competitors? Any strategic plans are No
adopted Factors for the success of the Sincerity, Open Accounts, and business? Any trainings good intention programs Only on hygiene but we are planning more on it. benefits like life
provided to the employees?
What all extra benefits you are Yes, providing to your employees?
insurance and provident funds.
Any problems faced by the Transportation is the main company? problem. are the main
What is the strength of the Employees company? strength
Any problems related to the There is problem of layout operation? design on which we are working now Growth rate of the company? 25% to 30% every year
How do you estimate the By past records demand? Where you what to see your To cover whole Karnataka company in next 5 to 10 years?
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5.2.2 Summary of Interview with Advisor Name and Designation Advisor Questions Define business? Answers Making profit without
affecting the society Define value system? Societal values Should not cheat anyone in the business How do you distinguish with Quality your competitors? Any strategic plans everything are No which means
adopted Factors for the success of the Quality, common goal of all business? Any trainings the partners programs We are working on it and we want aspects What all extra benefits you are Yes, providing to your employees? benefits like life to bring more HR
provided to the employees?
insurance and provident funds.
Any problems faced by the Transportation is the main company? problem. are the main
What is the strength of the Employees company?
strength and our simplicity
Any problems related to the Maintenance problem operation? Growth rate of the company? 25% to 30% every year
How do you estimate the Referring past records demand? Where you what to see your For the present target area we company in next 5 to 10 want years? to introduce new
products
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Based on the research matrix the Balanced Scorecard is developed. 5.3 Suggested Balanced Scorecard for M/s. Deepa Aqua Minerals: Financial Performance
Perspective Financial Performance
Objectives Increase Revenues
Measurements Increase sales by 25%
Targets
Program Increase the distribution network Increase the volume of sales Increase market share Use of appropriate vehicle Routing and scheduling Handle optimal Quantity Outsource Reach more customers where the road conditions are good Reduce idle time of vehicle and drivers Transport other materials on return journey Use fuel efficient vehicles Maintaining the schedule of vehicle properly Use economies of scale Optimum utilization of recourse Adopting new technologies (automated machines) Reduce wastage
Reduce the Reduce the Transportation transportation cost cost Re. 0.10 per liter
Operating Improvements
Reduce the manufacturing cost by 10%
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Customer Service Perspective Customer Service Objectives Measurements Targets Program By taking customer feedback every quarterly by Survey method and develop corrective measures Maintain quality standards of ISI Entering into New market area By being the price leader By building brand name in the market CRM activities (Customer Relationship Management By taking customer feedback by Survey method and improving on them Delivering the best quality and maintaining the same
Improve service Customer Quality and feedback Value
Expand customer base Customer Retention Increase of target area of market Evaluate the customer data base with past records Measure the customer retention Percentage customer satisfied of
Improve Customer Relations Maximize Customer Satisfaction
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Internal Process
Perspective Internal Process
Objectives Analyze customer needs Improve Operational Efficiency
Measurements Market study Measuring overall performance monthly
Targets
Program Attending the fairs and exhibitions Store management EOQ/EPQ (economic order quantity/economic production quantity) Reducing manufacturing cycle time Adoption of New Technology Optimum Utilization of raw material (water) Minimizing the lead time orders Maximizing the quality standards to get ISO certification Advertising through Newspapers Local cable channel Taking order well in advance On time delivery of the orders Use of efficient vehicles for transportation Checking quality every day Layout Redesign Use of automated material handling in dispatching section
Improve marketing Number of new activities distribution centers Delivery of product Evaluating number of complaints received for not delivering on time
Quality control and Comparing with improvement the quality standards of ISI Optimum Measuring the utilization of space down time
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Learning and growth Learning and Perspective Objectives Employee Satisfaction Measurements Percentage of employees are satisfied with the work environment Work efficiency of employees Targets Program Feedback from the employees Recreation activities
Training Employee
Training based on Safety Hygiene
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5.4 Linking each perspective to the unit: 5.4.1 Financial performance: Financial performance can differ considerably at each stage of a businesss life cycle. Business strategy theory suggested several different strategies that business units can follow, ranging from aggressive market share growth down to consolidation, exit and liquidation. For simplification purposes, we can identify just three stages. Growth Sustain Harvest
Financial Performance In the financial performance the organization can have the following objectives: Increase Revenues Reduce the Transportation cost Operating Improvements
The organization can achieve these objectives by following the specific program suggested in the framework and it can be measured. 1. Increase Revenues To fulfill this objective the following programs should be followed: i. ii. iii. Increase the distribution network Increase the volume of sales Increase market share
And these can be measured or said to be achieved if sales are increased by 25%. Increase the distribution network: Presently the firm has 50 distribution centers that are 50 distributors. By expand the network through entering into new market area will lead to increase in the sales and revenue. Increase the volume of sales: This program states that by increasing the sales volume the revenue can be increased. Sales volume means for the present customers we need to sale more for that we need to create the demand for the product in the market and how to create demand is explained in one of the further program.
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Increase market share: Increase market share means expanding the business in the present targeted market. It also means increasing the share of the present market over the competitors. This can be done only my quality service. 2. Reduce the Transportation cost:
To fulfill this objective the following programs should be followed: Use of appropriate vehicles Routing and scheduling Handle optimal Quantity Outsource Reach more customers where the road conditions are good Reduce idle time of vehicle and drivers Transport other materials on return journey Use fuel efficient vehicles Maintaining the schedule of vehicle properly
These all programs will lead to reduce the transportation cost and it can be measured by reducing transportation cost by Re. 0.10 per liter Here use of appropriate vehicles can be explained by the example: If an order of 100 boxes of 1 liter bottles is made by x customer who is 50km away from the factory site. For the transportation if the company uses the vehicle which as the capacity of transporting 200 boxes for the transportation of 100 boxes then the vehicle is underutilized and cost will be more so, they need to use appropriate vehicles. Routing and scheduling means the orders should be transported to many distribution centers at a time. That is before transporting goods we need to check whether any other distribution center has any orders which comes under same rout accordingly we can schedule and transport the goods to the distributors. Handle optimum quantity this program relates to the previous point that is while transporting we need utilize the vehicles appropriately and optimally. Outsource: outsourcing of vehicles is more appropriate because it reduces the maintenance cost, driver cost etc. Reduce the idle time of vehicles and drivers: To use vehicles and driver optimally the transportation of goods should be done at night time that is evening time rest of the morning time
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the vehicle can be used for the rent by this the income or revenue will be increased and transportation cost will be decreased. 3. Operating Improvements: The programs to achieve the objective are as follows: Use economies of scale Optimum utilization of recourse Adopting new technologies (automated machines) Reduce wastage
By using economies of scale we can reduce the production cost. Economies of scale state that increasing the production quantity at a time will reduce the cost of production. By using adopting new technologies we can reduce the manpower cost and can invest the same in R & D department and improve the operation. At the end we can measure whether by adopting these programs the operating improvements are achieved or not. The measurement standard took for this is Reduction in the manufacturing cost by 10% 5.4.2 Customer Service: Recent management philosophy has shown an increasing realization of the importance of customer focus and customer satisfaction in any business. These are leading indicators: if customers are not satisfied, they will eventually find other suppliers that will meet their needs. Poor performance from this perspective is thus a leading indicator of future decline, even though the current financial picture may look good. In developing metrics for satisfaction, customers should be analyzed in terms of kinds of customers and the kinds of processes for which we are providing a product or service to those customer groups.
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Customer Service: Perspective Objectives Measurements Targets Program
Customer Service
Improve service Customer Quality Value and feedback
By taking customer feedback every
quarterly by Survey method and develop corrective measures Maintain quality
standards of ISI Expand customer Increase of target base Customer Retention area of market Evaluate customer the data Entering into New market area By being the price leader By building brand name in the market
base with past records Improve Customer Relations Maximize Customer Satisfaction Measure customer retention Percentage customer satisfied of the
CRM (Customer
activities Relationship
Management) By taking by customer Survey
feedback
method and improving on them Delivering the best
quality and maintaining the same
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Customer Service has the following objectives: Improve service Quality and Value Expand customer base Customer Retention Improve Customer Relations Maximize Customer Satisfaction
1. Improve service Quality and Value: To achieve this objective the following programs has to be followed: By taking customer feedback every quarterly by Survey method and develop corrective measures Maintain quality standards of ISI
Now-a-days the companies fail to take the customer feedback because they only concentrate on their competitor and try to compete with them without caring what customers need. So we need to concentrate on customer needs by taking their feedback which will also helps to improve the quality. According to ISI there are some specific quality standards which need to be maintained. These can be measured by taking the feedback of the customers. 2. Expand customer base: It is one of the objectives which can be achieved by following the program stated below: Entering into New market area: Entering into new market area means expanding the business that is entering into new market and introducing the product in the market. For this first we need to conduct the market study and make a research on the new market. During this particular target period whether we have entered into new market or can be measured by number of new distributors. 3. Customer Retention: To achieve this objective the following programs has to be followed: By being the price leader By building brand name in the market
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For very company it is very important retain the brand name in the market. To build good brand name the company needs to work on many aspects like it needs to develop the good relationship with the customers, it should build the CRM activities etc And it also important to be a price leader in the market. Here price leader means maintaining the same price in the market at all the time with very slight variations with respect to any environment conditions. Customer retention can measure by analyzing the customer data base with the previous years customer data base. Whether number of customer are increased or decreased can be analyzed. 4. Improve Customer Relations: To achieve this objective the company should adopt CRM activities (Customer Relationship Management) like providing education facilities to the children of workers, providing hospital facilities, conducting some awareness programs like global warming etc. It can be measured and we can say that customer relations are good if customers are retained with the company. 5. Maximize Customer Satisfaction: To achieve this objective the following programs has to be followed: By taking customer feedback by Survey method and improving on them Delivering the best quality and maintaining the same
Satisfying the customers is the most important job of the company. To check whether the customers are satisfied or not can be evaluated by taking the customers feedback by survey method and identify if any areas are to be improved. We can measure the customer satisfaction by the percentage of customers satisfied with the service. 5.4.3 Internal Process: The internal business process perspective provides a view of what the company must excel at to be competitive. The focus of this perspective then is the translation of customer-based measures into measures reflecting the company's internal operations. The highest level in this measurable should be on customer satisfaction and factors affecting such issues as cycle time, quality, employee skills, and productivity. Kaplan and Norton recommend that, "companies also attempt to identify and measure their company's core competencies, the critical technologies needed to ensure continued market leadership."
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Internal Process
Perspective Internal Process
Objectives Analyze customer needs Improve Operational Efficiency
Measurements Market study Measuring overall performance monthly
Targets
Program Attending the fairs and exhibitions Store management EOQ/EPQ (economic order quantity/economic production quantity) Reducing manufacturing cycle time Adoption of New Technology Optimum Utilization of raw material (water) Minimizing the lead time orders Maximizing the quality standards to get ISO certification Advertising through Newspapers Local cable channel Taking order well in advance On time delivery of the orders Use of efficient vehicles for transportation Checking quality every day Layout Redesign Use of automated material handling in dispatching section
Improve marketing Number of new activities distribution centers Delivery of product Evaluating number of complaints received for not delivering on time
Quality control and Comparing with improvement the quality standards of ISI Optimum Measuring the utilization of space down time
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Internal Process has following objectives: Analyze customer needs Improve Operational Efficiency Improve marketing activities Delivery of product Quality control and improvement Optimum utilization of space
1. Analyze customer needs: Fairs and exhibitions means were similar products are exhibited. By attending the fairs and exhibitions we can make the comparative study and can understand customers changing needs through which we can analyze the customers needs. 2. Improve Operational Efficiency: To achieve this objective we need to follow the following programs: Store management EOQ/EPQ (economic order quantity/economic production quantity) Reducing manufacturing cycle time Adoption of New Technology Optimum Utilization of raw material (water) Minimizing the lead time of orders Optimizing the quality standards to get ISO certification
These all programs aim at improving the operational efficiency and all are interlinked to each others. Store management means maintaining the correct stock level which is attained by applying the EOQ (economic order quantity).
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The total cost incurred by the organization on caps is 3, 20,000 Rs per year which includes ordering cost, carrying cost etc. If organization adopts the EOQ model the Cost is calculated as below: Economic Order Quantity (EOQ) EOQ = (2*D*Co) Cc D = 132000 per month 132000*12 = 1584000 D = 15, 84,000 Co = Rs. 400 approximate Cc = Rs. 0.012 per cap EOQ = Q = 1, 02,956.30 Order Interval = Q/D = 0.064*365 = 23.36 24days No of order = D/Q = 15.38516 orders per year Total Cost = (price *D) + [(D/Q)*Co] + [(Q/2)*Cc] (Price *D) = 190080 [(D/Q)*Co] = 6400 [(Q/2)*Cc] = 617.73 Total Cost = 1, 90,080 + 6,400 + 617.73 Total Cost = 1, 97,097.73 Organization spends is Rs. 3, 20,000 and actual cost incurred by adopting EOQ the total cost is Rs. 1, 97,097.73. Therefore organization can save up to Rs. 1, 22,902.27
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Cycle time means time period taken for conversion of raw materials to finished good that time should be very less. So that it reduces the cost of maintenance, labor etc. Here minimizing the lead time orders means minimizing the time period between . For Ex: If we order for a box of caps then it will take minimum 3 day to reach us the ordering is done when they are required (3 days includes manufacturing and transportation). We can minimize it by ordering the caps well in advance so that it reaches the organization well in time without affecting the production. At present the organization is certified by ISI quality standards. It is aiming to certify the ISO quality standards. To achieve ISO certification they have to incur some cost to increase to increase the quality and they need to invest in R & D for which organization is willing to invest. 3. Improve marketing activities: Marketing activities mainly includes branding, promotion, advertisement etc. Every product needs advertisement. It is one of the mode to compete with competitors here the company can use two media for advertisement that are News papers and Local cable channels. These two Medias because the product has local target market so, it is better to advertise with local Medias. By advertising we can increase the number of distributor. 5.4.4 Learning and growth: Kaplan and Norton underscore the importance of innovation and learning in their statement that, "a company's ability to innovate, improve, and learn ties directly to the company's value." While the financials perspective deals with the projected value of the company, the innovation and learning perspective sets measures that help the company compete in a changing business environment. Their focus for this innovation is in the formation of new or the improvement of existing products and processes. The measures in the Learning and Growth perspective of the Balanced Scorecard are really the enablers of the other three perspectives. In essence, they are the foundation upon which the Balanced Scorecard is built. Once we identify measures and related initiatives in your Customer and Internal Process perspectives, it can be certain of discovering some gaps between your current organizational infrastructure of employee skills, information systems, and organizational climate (e.g., culture) and the level necessary to achieve the results which we desire. The measures we design in this perspective will help us to close that gap and ensure sustainable performance for the future.
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Learning and growth Perspective Objectives Measurements Targets Program
Learning and growth
Improve management leadership competencies Employee Satisfaction Percentage employees of are Feedback employees Recreation activities from the and
satisfied with the work environment Training Employee Work efficiency
Training based on Safety Hygiene
of employees
Learning and growth has following Objectives: Employee Satisfaction Training Employee
1. Employee satisfaction: For every organization employees are the back bones. Company should satisfy the employees first are also known as internal customer if they are satisfied then organization will run smoothly. Every monthly we need to take feedback from the employees so that we can identify their needs and try to satisfy them. In the same way we need to provide recreation activities for their refreshment. This will motivate the employees and we can measure the percentage of employees satisfied in the organization by feedback system. 2. Training Employee: Work efficiency of the employees can measure by their performance. To improve the work efficiency we need to provide training on different aspect like safety and hygiene. Here in this organization hygiene part is most important.
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPTER VI FINDINGS AND SUGGESTIONS
6.1 Major Findings: Balanced Scorecard is a measurement tool. It can be adopted even for small scale industries M/s. Deepa Aqua Minerals presently it is not following any strategic planning or mapping. But it needs to have them because those will direct the organization to go in a right direction and helps in achieving the goals of the organization M/s. Deepa Aqua Minerals follows democratic style of leadership In this organization Quality, Employees and Society are given importance Major Key Performing Areas (Objectives) have been indentified and programs are been developed to implement. Based on past records following details are calculated during the research work: Economic Order Quantity = Q = Rs. 1, 22,902.27 Order Interval = Q/D = 0.064*365 = 23.36 24days No of order = D/Q = 15.385 16 orders per year Total Cost = 1, 97,097.73 Organization presently incurs total cost of Rs. 3, 20,000 on caps but actual cost incurred by adopting EOQ, the total cost is Rs. 1, 97,097.73. Therefore organization can save up to Rs. 1, 22,902.27
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6.2 Suggestions: Some of the suggestions for M/s. Deepa Aqua Minerals for adopting the balanced scorecard are as follows: 6.2.1 Framework for implementing programs: Objective: How Program 1: Program 2: Program 3: Program 4: Program 5: Who What When Where Why
First step is to define the objective for a particular task To achieve a particular objective we need to plan for different programs for accomplish the objective Then we need to prioritize the programs to be performed like program 1,2 so on Lastly we need to decide on 5W and H. That is o How to do? o Who to do? o What to do? o When to do? o Where to do? o Why to do?
These all steps will help in implementing the programs to achieve to objectives
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For Example: Objective: Employee Satisfaction How Program 1: As Feedback from employees Who many HR are manager top What Take feedback When Where Why the To what Percentage of employees are satisfied with work environment the know
At the end In of
every Organization
the unskilled so, we or need to take level
quarter
employees
feedback orally employee and it. document
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6.2.3 Framework for implementing the balanced scorecard stage wise: Stages Perspectives Financial Performance Reduce the Reduce the Increase sales by 25% cost Stage I Stage II Stage III
manufacturing cost by transportation 10% Re. 0.10 per liter
Customer Service
Increase of target area Get of market feedback
Customer Measure the customer retention, Percentage
of customer satisfied Internal Process Measuring overall Market study Number distribution of new centers,
performance monthly
Comparing with the quality standards of ISI, Evaluating
number of complaints received for not
delivering on time Learning and Growth Get feedback employees Percentage employees with the of Measure satisfied efficiency work employees the work of
environment
Above table will explain process of implementing the balanced scorecard Here stage I includes the time period of 5 to 6 months, Stage II includes 4 to 6 months, Stage III includes the time period of 12 months.
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY CHAPERTER VII SCOPE OF THE FUTURE WORK
This research work is limited only for developing the balanced scorecard. The scope of this research work is that it can be implemented and set the targets to measure the performance of the organization. Based on its performance the other similar small scale industries can develop the balanced scorecard and improve their performance.
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY REFERENCES:

1. Robert S. Kaplan and David P. Nortons Scorecard 2. expert_rwt Articles Balanced scorecard metrics, BSC Designer 3. Christian C. Johnson Introduction to the Balanced Scorecard and Performance Measurement Systems http://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdf 4. Wikipedia 5. Henrik Anderson Balanced Scorecard Implementation in SMES Translating strategy into action The Balanced
http://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdf 6. www.balancedscorecard.org 7. Some documents of M/s. Deepa Aqua Minerals
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY