Balanced Scorecard BSC. More management than measurement
A PREVIOUS STORY
Years ago, I was talking with my mentor at the Management Consulting firm in which I worked, about the design of a comprehensive system of management indicators - linked to each other - that would be useful to report on different aspects of our clients' business management. to different stakeholders. It seemed to us that it was imperative that this system unambiguously reflect the hierarchy of strategic objectives of the company and at the same time make it possible to carry out -through graphically explaining means / ends relations- management planning aimed at achieving these objectives and that - through identifying cause / effect relationships - allow monitoring, analysis, evaluation, and management control (in the cybernetic sense of permanent feedback and adjustment).
From then on, I began the design of a non-traditional system of objectives and indicators that linked to each other, which through logical interconnection trees would allow measuring success in the commercial (customers), operational (processes), and financial (shareholders). From the indicators, indices that a priori reflected what was planned, programmed or budgeted were calculated, tabulated and graphed, configuring them in a way that allowed them to be compared -on the same page- with the indices that subsequently reflected the results of management: this not only did it facilitate the visualization - as a function of time - of the deviations between the results achieved and the planned goals, but it also facilitated “following the upstream trail to look for probable endogenous causes,exogenous or strategically designed ”and -from there-“ simulate different scenarios or new strategies ”or“ formulate and compare corrective actions downstream ”or“ modify goals ”(re-observation of the situation and the observer or dual-loop learning: Argyris).
The system was progressively more sophisticated and automated, giving rise to the different versions of P & CIS © ®2 (Planning & Control Integrated System / SIPyC © ® (Integrated Planning and Control System), used by the undersigned -since 1981- in many courses, workshops and consultancy interventions: from the multiple applications or options presented to each new participant, we obtained comments and ideas that were incorporated, so that the benefits of the comprehensive indicator system were increasing and becoming more popular, in line first with the progress in improvement continuous and total quality, and then with those of competitive advantages, benchmarking and reengineering, and more recently with those of competing for the future (core competencies) and human and intellectual capital.
This is how different business models were developed and distinguishing, detailing and linking the driving variables (driver) or determining input factors of Competitiveness, Productivity and indebtedness) with the driven or exit variables (Profitability, Liquidity, risk and VALUE), due consideration of the management of net working capital and other value levers.
Later, the Net Present Value of the Free Cash Flow was incorporated into the tabulation and graphing, regarding the Net Present Value of the Economic Added Value (MVA4 of the EVA © 3): for the discount rate, we initially only worked with CAPM51 and later WACC62 was also incorporated.
In parallel, tools for Sensitivity Analysis, Nonlinear Optimization (Maximum, Minimum and Goal Search) and Monte Carlo Simulation were added, and the filling of the Strategic Planning and Management Control Tables (in the sense of Management Assurance) was automated: search for governance).
Currently, work is being done to incorporate indicators that explicitly account for both the formation and accumulation of Human and Intellectual Capital and the satisfaction of workers, with special emphasis on the design of indicators that reflect the increase and use of skills or expertise - human and technological- leading to high levels of excellence in the competitive processes that generate commercial success (customer preference derived from the perception of the greater value delivered to them) and financial and non-financial satisfaction of the shareholders.
Our joy was great when through the HBR we got to know the BSC1 of Drs. Kaplan and Norton of the Harvard Business School and Renaissance Solutions Inc., because -as it usually happens in our environment- the existence of an excellent “gringo” product ”He highlighted the merits of our creation in front of the connoisseurs of our system: he presented us with the challenge of synergistic complementation, after deepening the concepts and techniques on which the BSC is based.
Our mission as teachers and consultants is to eclectically integrate all new findings that enrich our wealth of useful knowledge, in order to facilitate their knowledge, understanding and management to all those whom we try to serve.
THE BSC OR BALANCED SYSTEM OF INDICATORS
According to the book "The Balanced ScoreCard1: Translating Strategy into Action", Harvard Business School Press, Boston, 1996: "The BSC is a revolutionary tool to mobilize people towards the full fulfillment of the mission, through channeling the energies, specific skills and knowledge of people in the organization towards the achievement of long-term strategic goals. It allows both to guide current performance and target future performance. It uses measures across four categories - financial performance, customer insight, internal business processes, and learning and growth - to align individual, organizational, and cross-departmental initiatives, and identifies entirely new processes to meet customer and shareholder goals. The BSC is a robust learning system to test,obtain feedback and update the organization's strategy. It provides the management system for companies to invest in the long term - in customers, employees, development of new products and systems - rather than in managing the last line to pump short-term profits. It changes the way a business is measured and managed. ”
A basic rationale for the BSC approach - properly argued - is that purely financial measures are not sufficient to measure the overall performance of a business, and neither are the four proposals, but it is around them that one can have a overview, without turning them into a straitjacket.
Below -among other alternatives that the BSC offers- we will summarize our understanding -first- of the essence of each of the four perspectives and -finally- of the essence of the dynamics of use of the BSC.
Every expression of the understanding of something is necessarily an interpretation of what others have wanted one to understand: it does not guarantee - despite the good intention of the parties - that it is always achieved. In our opinion, the BSC is an excellent strategic tool that is added to the most modern arsenal of managerial weapons that underpins the current conduct of business after the search for very high performance.
SHAREHOLDERS PERSPECTIVE:
Although it is true that many times we consider the satisfaction of shareholders through the generation or creation of economic and financial value for them as a final objective, I think like others7 that -in terms of optimization of companies- this is rather a requirement what an end. On the other hand, the only satisfaction of the shareholders does not derive from the economic-financial value generated but also from the image vis-à-vis the community, etc.
Notwithstanding this, it is necessary to plan, carry out actions and adjust them to make viable the achievement of satisfactory levels of economic-financial value that are attractive to shareholders.
For this we require not only to decide how to measure the accumulated and aggregate value, but also to determine and link their determining factors together. Currently, we have two comparable and useful alternatives, sufficiently generalized: Net Present Value of Free Cash Flow (VANFDCL) and Net Present Value of Economic Added Value (VANEVA®).
In the following diagram we present in a more or less simplified form, a tree that shows how we could link the variables that determine these values, and from there sketch a simplified conceptual BSC.
As we can see, the financial tree should be tied with factors of commercial origin (Delivery Term, Sales, Market and Market Determinants, Market Share and Determinants of Market Participation, Customer Satisfaction and Determinants of Customer Satisfaction, Selling Expenses, Commercial Working Capital, etc.): this would allow linking the financial perspective with the commercial or satisfaction perspective of customers and business partners.
In the same way, we can appreciate that the financial tree should be tied with factors of operational origin in a broad sense (exogenous and endogenous determinants of Costs, Expenses, and Operational Assets, Excellence in Processes and their determinants, Operational Productivity and its determinants (quality, efficiency and effectiveness… and its determinants), etc.: this would allow linking the financial perspective with the operational or excellence perspective in internal business processes.
It is interesting to observe that the objectives of lower "hierarchy" ("independent" or intermediate or inductive or driving variables), which are determinants of those of greater "hierarchy" ("dependent" or result variables or key or driven), are common EVA and FDCL.
It is interesting to note also that we are not explaining or linking the actions inherent to each necessary perspective, but rather concatenating the objectives that they should allow to be achieved.
In addition, linked variables that do not represent objectives but independent exogenous variables can be observed, variables on which some objectives depend: in the BSC it is not customary to show these scenario variables, but they must be kept in mind when carrying out the global strategic design and the one associated with the corresponding perspective.
In practice, not all the objectives of the conceptual BSC - in the form of a tree - that should derive from the vision / mission are usually linked to each other, however, interconnection facilitates the understanding of interrelationships, which is undoubtedly useful, both when trying plan, regulate or computationally simulate management as when analyzing it: from any perspective or from all together.
Associated with the BSC in the form of a tree, the BSC must be elaborated in a tabular form: below we present a simplified example that partially corresponds to the previous tree.
Note that each objective may have more than one indicator (ratio or calculation formula) or one goal (dimensional or dimensionless).
Note also that each goal or set of goals should correspond to a strategy or strategic initiative, specifying "telegraphically" how it has been designed to achieve it, as a product of the parallel process of global strategic design and that associated with the corresponding perspective: the objectives and strategies corresponding to each perspective must derive -at their level- from the previously aligned corporate, business, functional and individual visions.
Perspective of Clients and Business Partners
In agreement and complement with what is visualized in the previous perspective, here the important thing is to focus on the identification of the determining factors of customer satisfaction (the main objective), which is obviously associated with their behavior in different circumstances and stimuli.
In the following diagram, we present in simplified form - and by way of example - a tree that shows how some determinants of customer satisfaction of a company dedicated to Executive Management Development could be linked together.
Associated with the tree-like BSC is the tabular BSC: the following is an example of a commercial table that partially corresponds to the tree on the previous page.
How we can appreciate is intended to point out that market share is a consequence of what customers perceive comparatively as more satisfactory for them compared to different competitors: and leads them to repeat and stay with us and not the opposite… the idea is to reach to make them the best propagandists of ours… our true business partners.
This is extensible from an operational perspective, in relation to suppliers, in terms of making them also our business partners. This of the business partners has acquired great relevance in the Venezuelan oil field, as a result of the oil opening, in which it is trying that even the community feels integrated - as a partner - to the oil business.
Perspective of Internal Business Processes
As processes obviously - by themselves - have no perspective, we refer to the perspectives that clients and process owners have regarding the excellence of internal business processes required to fully satisfy clients and shareholders of the company. business.
If in the perspective of the company's clients we identify the objectives to be achieved to satisfy them, in the design of the interconnection with the objectives to be achieved in the internal business processes, we focus our attention on the processes in which we should be excellent for achieve these objectives and specifically in the way of measuring said objectives of excellence.
In the following diagram, we present in a simplified and partial way - and by way of example - a tree that shows a possible way of linking together some determinant factors of the objectives of excellence in the processes with which the participants and clients of the Management Development company.
The following is a partial example of an operational tabular BSC that corresponds to part of the previous tree.
PERSPECTIVE OF LEARNING AND GROWTH
If we have somehow managed to link the shareholder satisfaction objectives with the customer satisfaction objectives and with the objectives of excellence in the processes to satisfy shareholders and clients, we now need to link the objectives of excellence in the processes, with the objectives related to the perspective of learning and organizational growth: this is with the objectives pursued in relation to people who -with the competencies and technologies developed or to be developed- would allow achieving excellence in the aforementioned processes.
In the following diagram we present -in a simplified and partial way and by way of example- a tree that shows very preliminarily a way of linking together some determinant factors of the human competences required to achieve the required levels of excellence, in the Management Development processes, to satisfy participants, clients and shareholders.
The following is a partial example of a human tabular BSC that corresponds to part of the tree above.
It is worth highlighting the - in our opinion - important contributions of Sveiby and the understanding and valuation of intangible assets from a financial perspective and the strong interrelationships of its focus on human competences, internal structures and external structures with the human perspective, of processes. and from BSC clients: it should be noted that his first writings date from 1987 and that the SKANDIA NAVIGATOR based on SVEIBY is cited by Kaplan and Norton (p. 212).
Dynamics of the BSC ©
It is the suggested dynamics for strategically integrating the BSC into managerial management that can make a difference to the traditionally battered traditional systems of strategic planning and managerial control and lead to a much greater degree of business success: but this implies understanding and accepting that The BSC is more about management than measurement, but this requires the designer and user of the BSC to have a full understanding of strategic work, organizational defenses and even managerial coaching.
The authors of the BSC suggest using it as a management system to:
• clarify and update the strategy, • Communicate the strategy through the organization, • align departmental and personal goals with corporate strategy, • identify and align strategic initiatives, • link strategic objectives with long-term goals and annual budgets, • align strategic and operational reviews, and
• get feedback to learn about the strategy and improve it.
The idea is then how to use it to turn the strategy into action conducive to achieving what you want, because as Seneca said: "there is no favorable wind for those who do not know where they are going."
This is where the manager's skills as a coach are essential.
Construction of a BSC´s System
The complexity of a project for the design, implementation and start-up of a BSC system at the level of an entire corporation requires careful planning, which must necessarily start with the training not only of the managers of the corporation and of the people involved. in charge of the project but also all people directly or indirectly related to the strategic, operational and budgetary objectives to include in the BSC's for each level: is someone escaping then?
The training should not only be instrumental or focused on the tool, but conceptually sufficient for each person - at their level - to increase their capacity for strategic and systemic thinking in relation to the strategic management of the processes in charge: otherwise it is run the risk of setting and linking objectives in a mechanical way without going to the bottom of what determines the raison d'être of the management in charge and the way to measure and improve performance and reward it!
According to the authors of The BSC, a typical project to build a first system would require around 16 weeks - including 3 rounds of management workshops - to cover the following topics:
• Establishment of the objectives pursued with the BSC´s System, • Designation of the System Architect
• Global and detailed System Architecture at all levels
• Consensus on the Vision, Mission and Strategy that the BSC's would reflect, • Selection and Design of the Objectives and Indicators to be considered in the BSC's, and
• Programming and development of the System Implementation.
We allow ourselves to note that practice indicates that it is essential to consider in the implementation everything related to the computerization of the BSC, taking into account that there are new tools for the development of executive information systems with decision support: facilitating integration with systems such as SAP and the like, in an IT context.
The process of organizational transformation that involves the introduction of a BSC system in an organization, can take a few years.
Reflection
Although it is true that they have existed, there exist and coexist very different management approaches and systems that try to relate the strategic approach with the continuous monitoring and regulation of the strategy and management to make viable the achievement of the vision, objectives and goals, Within a certain context of values, the BSC encourages synthesizing the most relevant of these approaches and systems and other complementary ones:
• continuous improvement, • total quality, • benchmarking, • reengineering, • restructuring and resizing, • competitive strategy and advantage, • core competencies, capacities and resources, • scenario planning, • creation of value and added economic value, • constraint theory (TOC), • systemic thinking and learning organizations, • strategic thinking and strategic management, • organizational defenses and dual-tie learning, • leadership, emotional intelligence and managerial coaching, • change management, • cultural integration, • strategic marketing and consumer behavior, • knowledge management (knowledgist´s management)
• information systems and technology (IT), • strategic management of human resources and human and intellectual capital, • business models and governance, • etc.
In the development of all the disciplines of human knowledge, there have been periods during which notable deepening of biases of interest of specialists and only of some generalists proliferate, and periods of synthesis in which approaches that a priori are added and synthesized they would seem dissimilar and even incompatible.
For me, the BSC was born at a time when the multiplicity of management approaches - sometimes contradictory to each other - baffles executives and managers without a common thread that connects them and gives them a concrete sense of practical application: I consider one of the greatest The merits of the BSC is precisely to serve as a frame of reference, so that everyone can go even much beyond what the authors originally imagined: synthesizing their own systemic model of strategic approach and participatory leadership, guided by proactive monitoring of the environment and of the performance achieved versus the desired one, which goes far beyond traditional systems of strategic planning and management control, obsolete due to circumstances and lack of balance!
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