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7/31/2019 Balanced Scorecard for Small Scale Industry Project Report
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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY
BABASAB PATIL Page 1
BALANCED SCORECARD FOR SMALL SCALE INDUSTRY
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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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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 ....................................................................................................... 133.3 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 .......................................................................................................... 315.4.3 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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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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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 andautomation 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 explainedabout the balanced scorecard in their
book Translating strategy into actionThe 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.
http://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/w/index.php?title=Performance_prism&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Results_Based_Management&action=edit&redlink=1http://www.bscdesigner.com/http://www.bscdesigner.com/http://www.bscdesigner.com/http://en.wikipedia.org/w/index.php?title=Results_Based_Management&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Performance_prism&action=edit&redlink=1http://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/wiki/Performance_management7/31/2019 Balanced Scorecard for Small Scale Industry Project Report
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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 capitalemployed, and economic value added.
Customer perspective - includes measures such as customer satisfaction, customerretention, 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, whichin 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 netmargin.
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 measuresclarifies 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 translatehigh level objectives into operational objectives and communicate the strategy effectively
throughout the organization.
3. Planning, setting targets, and aligning strategic initiatives - ambitious but achievabletargets 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 whichactual achievement can be compared.
Performance measure: A quantitative or qualitative characterization of performance.
Performance measurement:A process of assessing progress toward achieving predeterminedgoals, 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 positivechange 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 areshared throughout the agency and with customers and stakeholders;
Provide a tool for assessing, managing, and improving the overall health and success ofbusiness 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 performancemanagement.
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CHAPTER III
PROJECT TASK
3.1 Introduction:
The project task is to develop the Balanced Scorecard for the small scale industry (M/s. DeepaAqua 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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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'ssuccess, 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 setting4. Feedback and learning, and adjusting the strategy accordingly.
These steps go way beyond the simple task of identifying a small number of financial and non-
financial 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 bythose 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 disciplinefocus 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 customersneeds 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 customer-
intimate 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.
http://www.measurebusiness.com/how-to-measure-small-business-success-effectively.htmhttp://www.strategy2act.com/solutions/business_strategy_excel.htmhttp://www.strategy2act.com/solutions/business_strategy_excel.htmhttp://www.measurebusiness.com/how-to-measure-small-business-success-effectively.htm7/31/2019 Balanced Scorecard for Small Scale Industry Project Report
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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 andmanagement 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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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:
5.2 Research Matrix:
Research matrix includes the interaction with the managing partner and the advisor
Managing Partner
Accounts
Department
Purchase and
Store Department
Manufacturing
Department
Dispatch
Department
Quality Control
Department
Subordinators / workers
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5.2.1 Summary of Interview with Managing Partner:
Name and Designation Questions Answers
Managing Partner Define business? Good things always sells
Who is the main competitor? Kemps
How do you distinguish with
your competitors?
Quality, Brand name
Any strategic plans are
adopted
No
Factors for the success of the
business?
Sincerity, Open Accounts, and
good intention
Any trainings programs
provided to the employees?
Only on hygiene but we are
planning more on it.
What all extra benefits you are
providing to your employees?
Yes, benefits like life
insurance and provident funds.
Any problems faced by the
company?
Transportation is the main
problem.
What is the strength of the
company?
Employees are the main
strength
Any problems related to the
operation?
There is problem of layout
design on which we are
working now
Growth rate of the company? 25% to 30% every year
How do you estimate the
demand?
By past records
Where you what to see your
company in next 5 to 10
years?
To cover whole Karnataka
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5.2.2 Summary of Interview with Advisor
Name and Designation Questions Answers
Advisor Define business? Making profit without
affecting the society
Define value system? Societal values
Should not cheat anyone in
the business
How do you distinguish with
your competitors?
Quality which means
everything
Any strategic plans are
adopted
No
Factors for the success of the
business?
Quality, common goal of all
the partners
Any trainings programs
provided to the employees?
We are working on it and we
want to bring more HR
aspects
What all extra benefits you are
providing to your employees?
Yes, benefits like life
insurance and provident funds.
Any problems faced by the
company?
Transportation is the main
problem.
What is the strength of the
company?
Employees are the main
strength and our simplicity
Any problems related to the
operation?
Maintenance problem
Growth rate of the company? 25% to 30% every year
How do you estimate thedemand?
Referring past records
Where you what to see your
company in next 5 to 10
years?
For the present target area we
want 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 Objectives Measurements Targets Program
Financial
Performance
IncreaseRevenues
Increase sales by25%
Increase the distributionnetwork
Increase the volume ofsales
Increase market shareReduce the
Transportation
cost
Reduce the
transportation
cost Re. 0.10 perliter
Use of appropriate vehicleRouting and schedulingHandle optimal QuantityOutsourceReach more customers
where the road conditionsare good
Reduce idle time of vehicleand drivers
Transport other materialson return journey
Use fuel efficient vehicles Maintaining the scheduleof vehicle properly
Operating
Improvements
Reduce the
manufacturing
cost by 10%
Use economies of scaleOptimum utilization of
recourse
Adopting new technologies(automated machines)
Reduce wastage
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Customer Service
Perspective Objectives Measurements Targets Program
Customer
Service
Improve service
Quality andValue
Customer
feedback
By taking customerfeedback everyquarterly by Surveymethod and develop
corrective measures
Maintain qualitystandards of ISI
Expand customerbase
Increase of targetarea of market
Entering into Newmarket area
Customer
Retention
Evaluate the
customer database with past
records
By being the priceleader
By building brandname in the market
ImproveCustomer
Relations
Measure thecustomer
retention
CRM activities(CustomerRelationship
Management
Maximize
CustomerSatisfaction
Percentage of
customersatisfied
By taking customerfeedback by Survey
method and
improving on them
Delivering the bestquality and
maintaining the same
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Internal Process
Perspective Objectives Measurements Targets Program
InternalProcess
Analyze customerneeds
Market study Attending the fairsand exhibitionsImproveOperational
Efficiency
Measuring overallperformance
monthly
Store management EOQ/EPQ
(economic orderquantity/economic
production quantity)
Reducingmanufacturing cycletime
Adoption of NewTechnology
Optimum Utilizationof raw material
(water)
Minimizing the leadtime orders
Maximizing thequality standards to
get ISO certification
Improve marketing
activities
Number of new
distributioncenters
Advertising through
Newspapers Local cable
channel
Delivery of product Evaluatingnumber of
complaints
received for notdelivering on time
Taking order well inadvance
On time delivery ofthe orders
Use of efficientvehicles for
transportation
Quality control andimprovement Comparing withthe qualitystandards of ISI
Checking qualityevery day
Optimum
utilization of space
Measuring the
down time Layout Redesign Use of automated
material handling in
dispatching section
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Learning and growth
Learning
and
Perspective
Objectives Measurements Targets Program
Employee
Satisfaction
Percentage of
employees are
satisfied with thework
environment
Feedback fromthe employees
Recreationactivities
Training Employee Work efficiency
of employees
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. Increase the distribution networkii. Increase the volume of sales
iii. Increase market shareAnd 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
Quality and
Value
Customer
feedback
By taking customerfeedback every
quarterly by Survey
method and develop
corrective measures
Maintain qualitystandards of ISI
Expand customer
base
Increase of target
area of market
Entering into New marketarea
Customer
Retention
Evaluate the
customer data
base with past
records
By being the price leader By building brand name
in the market
Improve
Customer
Relations
Measure the
customer
retention
CRM activities(Customer Relationship
Management)
Maximize
Customer
Satisfaction
Percentage of
customer
satisfied
By taking customerfeedback by Survey
method and improving on
them
Delivering the bestquality 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 correctivemeasures
Maintain quality standards of ISINow-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 thecustomers 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 Objectives Measurements Targets Program
Internal
Process
Analyze customer
needs
Market study Attending the fairsand exhibitions
Improve
OperationalEfficiency
Measuring overall
performancemonthly
Store management EOQ/EPQ
(economic order
quantity/economicproduction quantity)
Reducingmanufacturing cycle
time Adoption of New
Technology
Optimum Utilizationof raw material(water)
Minimizing the leadtime orders
Maximizing thequality standards to
get ISO certification
Improve marketing
activities
Number of new
distribution
centers
Advertising through
Newspapers Local cable
channel
Delivery of product Evaluating
number of
complaintsreceived for not
delivering on time
Taking order well inadvance
On time delivery ofthe orders
Use of efficientvehicles for
transportation
Quality control and
improvement
Comparing with
the quality
standards of ISI
Checking qualityevery day
Optimum
utilization of space
Measuring the
down time Layout Redesign Use of automated
material handling in
dispatching section
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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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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
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.
Perspective Objectives Measurements Targets Program
Learning
and growth
Improve
management and
leadership
competencies
Employee
Satisfaction
Percentage of
employees are
satisfied with the
workenvironment
Feedback from the
employees
Recreation activities
Training Employee Work efficiency
of employees
Training based on
Safety
Hygiene
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CHAPTER VI
FINDINGS AND SUGGESTIONS
6.1 Major Findings:
Balanced Scorecard is a measurement tool. It can be adopted even for small scaleindustries
M/s. Deepa Aqua Minerals presently it is not following any strategic planning ormapping. 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 Who What When Where Why
Program 1:
Program 2:
Program 3:
Program 4:
Program 5:
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 Who What When Where Why
Program 1:
Feedback
from the
employees
As many
employees are
unskilled so, we
need to take
feedback orally
and document
it.
HR
manager
or top
level
employee
Take
feedback
At the end
of every
quarter
In the
Organization
To know
what
Percentage
of
employees
are satisfied
with the
work
environment
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6.2.3 Framework for implementing the balanced scorecard stage wise:
Stages
Perspectives
Stage I Stage II Stage III
Financial
Performance
Reduce the
manufacturing cost by
10%
Reduce the
transportation cost
Re. 0.10 per liter
Increase sales by 25%
Customer Service Increase of target area
of market
Get Customer
feedback
Measure the customer
retention, Percentage
of customer satisfied
Internal Process Measuring overall
performance monthly
Market study Number of new
distribution centers,
Comparing with the
quality standards of
ISI, Evaluating
number of complaints
received for not
delivering on time
Learning and Growth Get employeesfeedback
Percentage ofemployees satisfied
with the work
environment
Measure the workefficiency of
employees
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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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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REFERENCES:
1. Robert S. Kaplan and David P. Nortons Translating strategy into action The BalancedScorecard
2. expert_rwt Articles Balanced scorecard metrics, BSC Designer3. Christian C. Johnson Introduction to the Balanced Scorecard and Performance
Measurement Systemshttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdf
4. Wikipedia5. Henrik Anderson Balanced Scorecard Implementation in SMES
http://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdf
6. www.balancedscorecard.org7. Some documents of M/s. Deepa Aqua Minerals
http://www.scorecardreport.com/author/expert_rwt/http://www.scorecardreport.com/category/articles-on-scorecardhttp://www.scorecardreport.com/tag/balanced-scorecard-metricshttp://www.scorecardreport.com/tag/bsc-designerhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdfhttp://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdfhttp://www.balancedscorecard.org/http://www.balancedscorecard.org/http://www.balancedscorecard.org/http://www.balancedscorecard.org/http://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdfhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.scorecardreport.com/tag/bsc-designerhttp://www.scorecardreport.com/tag/balanced-scorecard-metricshttp://www.scorecardreport.com/category/articles-on-scorecardhttp://www.scorecardreport.com/author/expert_rwt/Recommended