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Analysis of the Balanced Scorecard as a strategic controlling instrument with an example from the insurance industry

Author: Alexander Merl

Publisher: GRIN Verlag

Published: 2007-08-01

Total Pages: 109

ISBN-13: 3638784657

Bachelor Thesis from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of applied sciences, Neuss (FOM Fachhochschule für Oekonomie & Management Neuss), language: English, abstract: In view of the growing competition, the increased change in customers’ wants and the potential of new communication and information technologies, more and more companies are faced with the need to permanently adjust and further develop their processes, products and offer. To be able to exist in the market, a company must be in a position to recognise future developments early and include them in the strategy. A company should therefore use management instruments which make it able to adjust strategies quickly and communicate them transparently in the whole company. There is increasing criticism of the classical controlling instruments. It is argued that controlling is supposed to provide management relevant data for the management which do not only include financial historical information as so far, but also include future related non-monetary figures. Against this background the Balanced Scorecard (BSC) is becoming more important. It extends the previous focus on finance issues to assess the performance of a company with a range of other aspects and ratios. The customer perspective, the internal process perspective and the learning and development perspective are supposed to be considered equally next to the financial perspective in the BSC. The targets of this thesis are split into a main target and a sub target. The main target of this paper is split again into two parts: The first part of the main target is to show and to explain the relevant theoretical framework of the BSC, in particular to strategic controlling. The second part of the main target is to analyse the BSC as a strategic management system and to give an overview about this strategic controlling tool as it is seen in academic literature. The sub target of this paper is to provide a link between theory and practice by applying the theory to a current example taken from the insurance industry. The result is a recommendation for a BSC as a strategic controlling instrument for that specific insurance company. With this specific BSC for an insurance company comes also a tool for a well structured evaluation of the chances and risks involved with its application.

The Balanced Scorecard as Strategic Controlling Instrument. Introducing the Indicators-based BSC for Implementation of a Corporate Strategy from Four Different Perspectives

Author: Christoper Dewangga Pramudita

Publisher: Anchor Academic Publishing

Published: 2016-05-10

Total Pages: 68

ISBN-13: 3960675410

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Nowadays, many companies should not only discuss about how to obtain profits from their products. They should also be forced to use any other aspect that has the ability to increase the impact for their long-term success. Examples are: discussing about the quality of their products, the relationship between them and their customers and employees, the production process as well as marketing. Those are the challenges for all managers who are not only struggling to achieve their company’s targets - high profits - but also to achieve customers', employees' and stakeholders' satisfaction. Therefore, managers need to seek out an approach which is able to help them finishing their tasks and involves all the aspects mentioned. Nevertheless, it is not easy to reconcile conflicting demands of individual interest groups. The concept of the balanced scorecard (BSC) is one of the modern approaches to handle these challenges. The balanced scorecard is the main topic of this book. More precisely, it explains the benefits of introducing the indicators-based balanced scorecard as a strategic controlling instrument for implementation of a corporate strategy from four different perspectives: financial, customer, internal business process as well as learning and growth perspective.

Benefits of Introducing the Indicators-based Balanced Scorecard as Strategic Controlling Instrument for Implementation of Corporate Strategy from Four Different Perspectives

Author: Christoper Dewangga Pramudita

Publisher: GRIN Verlag

Published: 2016-03-15

Total Pages: 71

ISBN-13: 3668173680

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Bachelor Thesis from the year 2015 in the subject Economics - Other, grade: 2,1, University of Applied Sciences Bremen, language: English, abstract: Nowadays, many companies should not only discuss about how to obtain profits from their products, which are successfully sold to their customers, but also they should be forced to use any other aspects that are able to give more impact for their long-term success. For examples, discussing about quality of their products, relationship between them and their customers and employees, and the production process as well as marketing. Those are the challenges for all managers who are not only struggling in achieving company’s targets - high profits but also in achieving customer, employees and stakeholders satisfaction. Schermerhorn (2011, p. 16) generally sees the role of managers in a company and stated that all managers, regardless of their titles, levels, types, and organisational settings, are responsible for the four primary management functions which are defined by Lewis, et al. (2007) as planning, organising, leading, and controlling. a) Planning should be described that managers have tasks in setting targets and in defining actions that are necessary to achieve the targets of their companies. b) Organizing involves determining the assignments to be done and how those assignments would be managed and coordinated to reach the company's targets. c) Leading should be defined that managers should be able to guide, to motivate, and to lead the employees in order to effectively and efficiently achieve company’s targets. d) Controlling requires the managers to monitor process of planning, leading and organising whether its process may be able to help reaching the targets, targets have been achieved as expected and applied strategies have been effective or not. It is difficult for managers to accept the challenges. Therefore, managers need to seek out an approach which is able to help them finishing their tasks and involves not only one aspect but any other aspects, such as customers, shareholders, internal business processes and employees. For other aspects, Tesarovicova (2008) clarified that a higher return on the funds and an increase of the company value is expected by shareholders and owners since customers expect a higher value and quality of products. Nevertheless, the problem appears where to reconcile conflicting demands of individual interest groups are not easy. [...]

The Sustainability Balanced Scorecard as a Strategic Controlling Tool

Author: Christoper Dewangga Pramudita

Publisher: GRIN Verlag

Published: 2020-01-21

Total Pages: 49

ISBN-13: 3346100111

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Akademische Arbeit aus dem Jahr 2019 im Fachbereich BWL - Controlling, Note: 2,3, Fachhochschule Brandenburg, Veranstaltung: Finance Controlling & Accounting, Sprache: Deutsch, Abstract: The following questions are discussed in the paper: Why is it so necessary applied for sustainability of the business nowadays? How can the implementation of SBSC help the company’s financial performance? What are the benefits of implementing SBSC? This work might be helpful to assist especially managers to implement the concept of Sustainability Balanced Scorecard (SBSC) as strategic controlling for their long-term success in their sustainability strategy. During the last decade, environmental and social issues, are reflected in market transactions and have become an important issue so that many companies implemented specific environmental and social management systems. However, these systems have rarely been integrated with the general management system of a firm so that it is often not related to the economic success of the firm and the economic contribution of environmental and social management. The topic about Corporate Social Responsibility (CSR) has become familiar nowadays, where companies, especially listed companies, have disclosed their CSR-activities, which involve economic, environmental and social issue, in their annual report or in their sustainability reports to show to the public that they are also concerned about these issues. Furthermore, sustainability has increasingly become an important issue for wellbeing of human life and it is responsibility of many parties such as individuals, corporations, or governments. Nowadays, the term sustainability also has become popular among companies to implicate social, economic and environmental pillars to their strategy and management of the company. Today, companies should not only focus on their profits, but they are also forced to concern about other issues such as social, economic and environmental. Unfortunately, many companies still do not know how to implement or measure its outcomes.

Controlling and Berlin Balanced Scorecard Approach

Author: Wilhelm Schmeisser

Publisher: Oldenbourg Wissenschaftsverlag

Published: 2011-05-04

Total Pages: 286

ISBN-13: 9783486705652

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The "Harvard Balanced Scorecard model" by Kaplan and Norton wishes to make strategies communicable and more manageable for companies across all management levels within the company. To this effect, the balanced scorecard is a qualitative controlling or performance management instrument. Only the Berliner Balanced Scorecard Approach takes the quantitative step towards a definitive formula for the Balanced Scorecard. Every perspective is given its own formula in the form of a shareholder value approach, e.g. a potential or employee perspective with the aid of the Berliner Human Resources Evaluation Model. All perspectives are linked in mathematical business context and the Berlin Balanced Scorecard Approach can be made dynamic by means of the company assessment. This makes international company management possible at all management levels and, for example, personnel management instruments can be derived such as a remuneration management system, a human resources model but also evaluations of strategies, controlling calculations and approaches to innovation evaluation. The book is aimed at practitioners in controlling, financial controlling, Human Resources and at students at universities and colleges.

Making Scorecards Actionable

Author: Nils-Göran Olve

Publisher: John Wiley & Sons

Published: 2003-07-07

Total Pages: 320

ISBN-13: 0470861428

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The concept of the Balanced Scorecard has become increasingly popular in the global business world as a tool for balancing business strategy with financial concerns, customer care, internal business processes, and learning and growth. This book focuses on the hands-on experiences of companies across a broad range of organizations at both operational and board level. Drawn from cases in the UK, Europe, the United States, and Japan, the book shows that though Balanced Scorecard has been adopted widely, it is practiced in different forms and with varying degrees of success. Making Scorecards Actionable helps in creating and communicating a total comprehensive strategy to all organizational members from the top down. * Provides a long-term view of what the company's strategic objectives really are. * Shows how to make use of knowledge gained through experience. * Demonstrates the required flexibility of such a system to cope with the fast-changing business environment. * This book provides a practice-based follow on from the successful Performance Drivers by Olve, Roy and Welter (0471 986232) Readership: Operational managers, consultants, and business students.

The Balanced Scorecard as a Knowledge Management Tool

Author: Gregory Wegmann

Publisher:

Published: 2009

Total Pages: 17

ISBN-13:

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In this paper we present the Balanced Scorecard, a Strategic Control tool, which is quite famous all around the world and in European countries. Its principle objective is to articulate planning decisions with control ones thanks to non-financial indicators. The Strategic Control and the Agency Theories constitute the foundation of this tool. But in Northern Europe, some specific Balanced Scorecards have been designed within the Knowledge Management Theory framework To work, the Balanced Scorecard needs a sophisticated information system support.Using two theoretical backgrounds, the Strategic Control approach and Knowledge Management Theory, we analyse the relevance of the Balanced Scorecard. More particularly, we present the French situation. To begin, we show that French managers believe that the Balanced Scorecard is a relevant management instrument to drive the firm's objectives. Secondly, we describe the Balanced Scorecard of a semi-public French insurance company.

Evaluation of the Relationship between the Implementation of Sustainability Balanced Scorecard (SBSC) and the Stock Performance

Author: Christoper Dewangga Pramudita

Publisher: GRIN Verlag

Published: 2019-12-02

Total Pages: 94

ISBN-13: 3346074919

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Master's Thesis from the year 2019 in the subject Business economics - Controlling, grade: 2,0, University of Applied Sciences Brandenburg, course: Finance Controlling & Accounting, language: English, abstract: In this paper, the goals will be emphasized on how the Balanced Score-card (BSC) can be improved towards a Sustainability Balanced Scorecard (SBSC) and used. Furthermore the correlation between the Implementation of Sustainability Balanced Scorecard (SBSC) and the Stock Performance in Study Case of DAX 30 Companies Performance between 2016 and 2018 would be theoretical evaluated and statistically tested. Nowadays, the term sustainability has become popular among companies to implicate social, economic and environmental pillars to their strategy and management of the company. Today, companies should not only focus on their profits, but they are also forced to concern about other issues such as social, economic and environmental. Unfortunately, many companies still do not know how to implement or measure its outcomes. Therefore, this academic paper might be helpful to assist especially managers to implement the concept of Sustainability Balanced Scorecard (SBSC) as strategic controlling for their long-term success. However, these issues would be a challenge for all managers who in general have role for planning, organizing, leading, and controlling so that they need a tool such as Sustainability Balanced Scorecard which might be supporting them. Moreover, having concern to other issues above and inserting them into the concept of Balanced Scorecard, which is in general consisting of four perspectives, such as finance, customer, internal process, and learning & growth, it might become a challenge because they probably need to spend extra more money for doing that and it might affect to their profit.

Implementation of an IT Balanced Scorecard

Author: Peter Hirschbichler

Publisher: GRIN Verlag

Published: 2011-01-28

Total Pages: 57

ISBN-13: 3640813022

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Master's Thesis from the year 2009 in the subject Business economics - Business Management, Corporate Governance, grade: 1, University of Salzburg (International Executive MBA General Management (Upgrade)), language: English, abstract: Information technology (IT) plays a major role in today’s companies. Although, in most firms IT does not generate the core customer value itself, it rather supports creating additional customer value or enables cost efficiency of business processes. This is why IT departments are viewed in most cases as service centres of companies, providing a defined set of services for as low costs as possible. But, service centres should still strive to provide only these services which are necessary for supporting the company’s strategy. In the beginning of information technology, IT departments defined the quality and quantity of services provided for the firm. Also, innovations concerning IT, evolved mostly within the IT department. This was because only IT-staff has known the range of possibilities IT was able to offer. A major problem of the IT department defining the quality of service was that many improvements have been made for the sake of IT only and have not been aligned to the strategy of the company. Therefore, many resources of a company have been wasted in IT departments. However, for today’s businesses it is essential that IT enables only corporate strategies in order to remain effective. Caused by the current financial crisis, uncertain times for businesses are expected. This makes strategy alignment and execution of IT departments even more significant in order to stay efficient and effective. But, a recent survey carried out by McKinsey & Company shows that there are still enormous potentials for improving the performance of IT departments. For example the survey shows that the basic services are met quite well by many IT departments, but the big challenges for supporting the business, still remain. Also, 67% of all respondents of the survey (chief information officers and senior executives) think that the business and IT strategy are not tightly integrated in their company. (cf. McKinsey 2008) Consequently, strategy alignment of business and IT as well as strategy execution are not simple tasks. Processes which are supporting the strategy effectively have to be defined and controlled constantly. Controlling tangible assets, which affect the strategy, might turn out to be fairly complex, controlling intangible assets is even more difficult. [...]

The Balanced Scorecard

Author: Robert S. Kaplan

Publisher: Harvard Business Press

Published: 1996

Total Pages: 348

ISBN-13: 9780875846514

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Here is the book - by the recognized architects of the Balanced Scorecard - that shows how managers can use this revolutionary tool to mobilize their people to fulfill the company's mission. More than just a measurement system, the Balanced Scorecard is a management system that can channel the energies, abilities, and specific knowledge held by people throughout the organization toward achieving long-term strategic goals. Kaplan and Norton demonstrate how senior executives in industries such as banking, oil, insurance, and retailing are using the Balanced Scorecard both to guide current performance and to target future performance. They show how to use measures in four categories - financial performance, customer knowledge, internal business processes, and learning and growth - to align individual, organizational, and cross-departmental initiatives and to identify entirely new processes for meeting customer and shareholder objectives. The authors also reveal how to use the Balanced Scorecard as a robust learning system for testing, gaining feedback on, and updating the organization's strategy. Finally, they walk through the steps that managers in any company can use to build their own Balanced Scorecard. The Balanced Scorecard provides the management system for companies to invest in the long term - in customers, in employees, in new product development, and in systems - rather than managing the bottom line to pump up short-term earnings. It will change the way you measure and manage your business.