Implementing the balanced scorecard as a strategic management system A case of Nam Truong Son ICT corporation

UNIVERSITÉ OUVERTE DE HCMV - HOCHIMINH CITY OPEN UNIVERSITY UNIVERSITÉ LIBRE DE BRUXELLES ECOLE DE COMMERCE SOLVAY – SOLVAY BUSINESS SCHOOL MMVCFB6 THE MASTER OF MANAGEMENT PROGRAM – COURSE (2005 – 2007) IMPLEMENTING THE BALANCED SCORECARD AS A STRATEGIC MANAGEMENT SYSTEM – A CASE STUDY OF NAM TRUONG SON INFORMATION TECHNOLOGY AND COMMUNICATION CORPORATION Counseling Professor: Dr Dang Ngoc Dai Student: Phi Quang Hung Ho Chi Minh City 2007 ABSTRACT Most of company’s operational and management control system are built around financial measures and targets, which bear little relation to company’s progress in achieving long-term strategic objectives Thus, the emphasis most companies place on short-term financial measures leaves a gap between the development of a strategy and its implementation (Robert S.Kaplan and David P Norton, 1996) The position of SMEs in Vietnam has further strengthened in recent years by presenting the increasing number of entrepreneurs Since Vietnam joint WTO, many challenges are coming to the business as they understood that they have to be ready with their strategies to cope with its Less protection will be available to local businesses; business game will be international and fiercely Competition and sustainability will be the most concerns of entrepreneurs and managers Surviving in new competition age, companies must use a strategic management systems derived from their strategies and capabilities Kaplan and Norton introduced Balanced Scorecard in 1992 The Balanced scorecard is a performance measurement method and also a strategic management tool having four different perspectives to the success of a company The Balanced Scorecard can be used in any size organization to align vision and mission with customer requirements and day-to-day work, manage and evaluate business strategy, monitor operational efficiency improvements, build organizational capacity, and communicate progress to all employees The scorecard allows us to measure financial and customer results, operations, and organizational capacity (Rohm, 2005) The Balanced Scorecard does not only focus on financial performance, but also includes non-financial performance measures and objectives driving towards better performance The main results of the study were that the issues of the company were identified and the corporate vision and strategic objectives were clarified Objectives and targets at corporate, departmental and technology level have been developed to increase overall performance The main conclusion of this study is that in the case of NTS to see how the Balanced Scorecard can help the company to create better performance and to manage their strategy in the business environment today Besides, the result of the study could be a practice to other companies who want to implement the Balanced Scorecard as a strategic management system KEYWORDS Strategy planning, Strategic Management, the Balanced Scorecard, Key Performance Indicators, Critical Successful Factors, Business process TABLE OF CONTENT LIST OF FIGURE CHAPTER INTRODUCTION 1.1 BACKGROUND .1 1.2 PROBLEM STATEMENT 1.3 RESEARCH PURPOSES AND POTENTIAL CONTRIBUTIONS 1.4 DELIMITATION .7 1.5 STRUCTURE OF THESIS .7 CHAPTER LITERATURE REVIEW 2.1 STRATEGIC PLANNING 2.2 MEASUREMENT OF PERFORMANCE 14 2.3 THE BALANCED SCORECARD 15 2.4 IMPLEMENTING THE BALANCED SCORECARD 22 2.4.1 Architecture of BSC 22 2.4.2 Implementing the Balanced Scorecard .25 CHAPTER METHODOLOGY 33 3.1 RESEARCH DESIGN .33 3.2 RESEARCH METHODOLOGY 34 3.2.1 Questionnaires 35 3.2.2 Structured interview 35 3.2.3 Focus Group .36 3.2.4 Data Collection 36 CHAPTER PRESENTATION OF CASE STUDY: NTS ICT CORPORATION 38 4.1 INTRODUCTION 38 4.2 CORPORATE STRATEGIES AND VISIONS 41 4.2.1 Vision and missions 42 4.2.2 Corporate strategies 42 4.3 ISSUES ON STRATEGY MANAGEMENT .46 4.3.1 Sales issues 46 4.3.2 Service issues 47 4.3.3 Support issues 48 4.4 IMPLEMENTATION OF THE BALANCED SCORECARD 49 4.4.1 Background 49 4.4.2 Linkage to the strategy .50 4.4.3 Establish four perspectives and structure of Balanced Scorecard 51 CHAPTER FINDINGS AND RECOMMENDATIONS 62 5.1 Findings .62 5.2 Recommendations 64 CONCLUSION AND FURTHER RESEARCH 66 APPENDIX 68 REFERENCES 70 LIST OF FIGURE Figure Forces driving industry competition Figure Porter's Generic competitive strategies .10 Figure Steps of strategic management process .14 Figure Translating Vision and Strategy: Four Perspectives 23 Figure Managing Strategy: Four processes 28 Figure 6: Translating a mission into desired outcomes 51 Figure 7: Developed NTS’s Strategy Map: Financial Perspective 53 Figure 8: Developed NTS’s Strategy Map: Customer Perspective 55 Figure 9: Developed NTS’s Strategy Map: Internal Business Process Perspective 58 Figure 10: Developed NTS’s Strategy Map: Learning and Growth Perspective 60 Figure 11: Developed NTS’s Strategy Map 61 Chapter Introduction CHAPTER INTRODUCTION 1.1 BACKGROUND Most of company’s operational and management control system are built around financial measures and targets, which bear little relation to company’s progress in achieving long-term strategic objectives Thus, the emphasis most companies place on short-term financial measures leaves a gap between the development of a strategy and its implementation (Robert S.Kaplan and David P Norton, 1996) They also had focused their efforts only on quantitative results, rather than on the quality of profits generated in recent years An obsession with sales rather than profitability, absence of investor orientation and expansion through unrelated diversification were the characteristics that caused higher overheads, lower returns and jeopardized shareholders’ interest Moreover, companies in today are in highly competitive environment so they must devote significant time, energy, and human and financial resources to measuring their performance in achieving strategic goals Generally, the strategic goals of companies tend to be more qualitative than traditional measures If these receive little attention in the tactical management perspective, it may become difficult to lead towards actual accomplishment of the intended strategy The same problem arises when strategic performance is assessed once a year, while historical financial figures are tracked monthly Strategies may also be insufficiently explicit, creating risk of representing a hinder if the understanding of both current status and desired direction is vague or inconclusive The position of SMEs in Vietnam has further strengthened in recent years by presenting the increasing number of entrepreneurs Since Vietnam joint WTO, Chapter Introduction many challenges are coming to the business as they understood that they have to be ready with their strategies to cope with its Less protection will be available to local businesses; business game will be international and fiercely Competition and sustainability will be the most concerns of entrepreneurs and managers Surviving in new competition age, companies must use a strategic management systems derived from their strategies and capabilities As a result, the strategic management system became an issue of primary importance for them The overall corporate strategy had a direct impact on the success of future plans, and consequently, on a company’s viability in the long run, especially under volatile environmental conditions In this context, the study was focused on how Vietnamese SMEs measure the performance of business and manage the business strategy The case of Nam Truong Son ICT Corporation has been studied for the application of Balanced Scorecard as a strategic management system This study will be of particular interest to those Vietnamese companies that are implementing, managing their strategy and evaluating, measuring the performance of their business 1.2 PROBLEM STATEMENT Many organizations emphasize strategies related to customer relationship, core competencies, and various capabilities while motivating and measuring performance only with financial measures The traditional method of measurement has been financial for the beginning of establishment of an organization Competition was ruled by scope and economies of scale, with financial measures providing the yardsticks of success Chapter Introduction According to Paul R.Niven1: As we are moving into the twenty-first century, however, many are questioning our almost exclusive reliance on financial measures of performance Perhaps these measures would better serve as a means of reporting on the stewardship of funds entrusted to management’s care rather than charting the future direction of the organization Let’s take a look at some of the criticisms levied against the overabundant use of financial measures: Not consistent with today’s business realities Today’s organizational value creating activities are not captured in the tangible, fixed assets of the firm Instead, value rests in the ideas of people scattered throughout the firm, in customer and supplier relationships, in databases of key information, and cultures of innovation and quality Traditional financial measures were designed to compare previous periods based on internal standards of performance These metrics are of little assistance in providing early indications of customer, quality, or employee problems or opportunities Driving by rearview mirror Financial measures provide an excellent review of past performance and events in the organization They represent a coherent articulation and summary of activities of the firm in prior periods However, this detailed financial view has no predictive power for the future As we all know, and experience has shown, great financial results in one month, quarter, or even year are in no way indicative of future financial performance (Paul R.Niven, 2002, Balanced Scorecard Step-by-Step, Maximizing Performance and Maintaining Results, by John Wiley & Sons Inc) Chapter Introduction Tend to reinforce functional silos Financial statements are normally prepared by functional area: Individual department statements are prepared and rolled up into the business unit’s numbers, which are ultimately compiled as part of the overall organizational picture This approach is inconsistent with today’s organization in which much of the work is cross functional in nature Today, we see teams comprised of many functional areas coming together to solve pressing problems and create value in never imagined ways Our traditional financial measurement systems have no way to calculate the true value or cost of these relationships Sacrifice long-term thinking Many change programs feature severe cost cutting measures that may have a very positive impact on the organization’s short-term financial statements However, these cost reduction efforts often target the long-term value-creating activities of the firm such as research and development, associate development, and customer relationship management This focus on short-term gains at the expense of long-term value creation may lead to sub optimization of the organization’s resources Financial measures are not relevant to many levels of the organization Financial reports by their very nature are abstractions Abstraction in this context is defined as moving to another level, leaving certain characteristics out When we roll up financial statements throughout the organization, that is exactly what we are doing—compiling information at a higher and higher level until it is almost unrecognizable and useless in the decision making of most managers and employees Employees at all levels of the organization need performance data they can act on This Chapter Presentation of case study: NTS ICT Corporation to see how customer happy with NTS’s designed solutions NTS realized that could create more value for NTS’s brand image in the market The company’s customer strategy involved a virtuous cycle It motivates the customer buy more solution and services from NTS at higher price once they stratified with previous services or solutions The strategy would generate the growth revenue and profitability in the financial perspective The objectives and measures in the customer perspective were derived from the strategy and that clearly communicated the planned strategy 4.4.3.3 Internal Business Process Perspective With a clear picture about the outcomes desired in the financial and customer perspectives, the company now turned to the objectives and measures in the internal business process perspective For direct linkage to the customer objectives, the company identified three important points in the internal process: - The automation of information flow - Productivity of preparing technical solution - Transfer the understanding of requirement from segmented customers These points signaled the desire to enhance the buying from customer by developing new security and network access technical solution It supports to the win-win relation and customer’s delight 57 Chapter Presentation of case study: NTS ICT Corporation Figure 9: Developed NTS’s Strategy Map: Internal Business Process Perspective Increase productivity of preparing technical solution Increase automation of processes Understand the customer segment Automate information flow The understanding of customer segment could help to the excelling selling component in the customer perspective reduce the zero complaint from customer The automate information flow would reduce the time of communication between sales and service department in order to serve customer From that point, the sale person has more time to look for new customer and the service person could focus more time on the deployment at customer’s site In addition, the internal processes aim to improve customer objective The company included several objectives and measures in it internal business process perspective for its basic refining operations Table 3: Internal Business Processes Perspectives: Objectives, Measures, Targets and Initiatives Internal Business Processes Perspective Objectives Measures Targets Indirect time in Decrease indirect Increase projects time by 50% productivity of preparing technical solution Increase automation of processes Automate Information flow Number of manual processes 30 Number of retyping of the same information Zero Understand customer segment 58 Initiatives Increase design of solution and better project management for deployment Develop business processes with more detail Develop IT system to support this Develop CRM system to support this Chapter Presentation of case study: NTS ICT Corporation Measure for these operations would be considered to reduce the operating cost, consistent quality and utilize the use of equipment and assets Most if these measures are indirect to the cost reduction in financial perspective and increase the productivity The benefit was supported by operation that it could be an excellent strategy in its production Thus, internal business process objectives have much contribution to the financial perspective and customer perspective 4.4.3.4 Learning and Growth Perspective The final set of objectives provided the foundation for NTS’s strategy: skills and motivation of its employees and the role of technology knowledge The company identified three strategic objectives for the learning and growth perspective: - Core competence and Skills: o Encourage and facilitate people to gain a broader understanding of the marketing and refining the business from end to end o Build the level of skills and competencies necessary to execute vision of the company o Develop the leadership skills required to articulate vision and promote integrated business thinking - Access to strategic information o Develop the strategic information required to execute the corporate strategies - Organization involvement o Enable the achievement of vision by promoting an understanding of the organization strategy and by creating a climate in which employees are motivated and empowered to strive toward that vision 59 Chapter Presentation of case study: NTS ICT Corporation Figure 10: Developed NTS’s Strategy Map: Learning and Growth Perspective The measures to support these three objectives, however, proved to be among the most difficult to specify Table 4: Learning and Growth Perspectives: Objectives, Measures, Targets and Initiatives Objectives Core competence and skills Learning and Growth Perspective Measures Targets Technology At least certified certification experts for each solution Assess to strategic information Strategic information availability Climate for action Employees survey All of staff understand the vision and the corporate strategy Initiatives Invest into the technical team from 10 to 25 staffs Spread out the strategy plan to all of staff Employees survey Ideally, the company wanted to identify the specific skills and information each individual should have to enhance internal process performance and deliver the value proposition to customers For the objectives “climate for action”, the company implemented an employee survey designed to measure people’s awareness about the new strategy and their motivation to help the company achieve its target 60 Chapter Presentation of case study: NTS ICT Corporation With the learning and growth perspective specified, NTS how had a complete representation of its new strategy The overall corporate strategy could be represented in a strategy map that graphically portrayed the cause-and-effect linkages of the objectives and measure across the four perspectives Figure 11: Developed NTS’s Strategy Map Increase ROCE to 18% Financial Increase the growth rate of revenue - Security and Network access revenue - IT Outsourcing services Revenue Increase the profitability growth rate - Margin from NTS’s products and services Cost reduction - Operating expense - Cash flow from working capital Win-Win Relations Delight the Customer Customer Internal Process Learning and Growth Excellent deployment Excellent and professional services and support Increase productivity of preparing technical solution Increase quality and availability of technical solution Increase automation of processes Understand the customer segment Climate for action Core competence and skills - Employees Survey - Technical excellent - Leadership skills - Integrated View 61 Be leading in security solution Excellent selling Automate information flow Strategic information - Awareness of the corporate strategy Chapter Findings and recommendations CHAPTER FINDINGS AND RECOMMENDATIONS Implementing the Balanced scorecard as a strategic management system for SMEs in Vietnam like NTS is not an easy way The concept of BSC is really new to Vietnamese management in the businesses Starting from the first day when the company decided to implement the BSC, they need to properly plan for the implementation team which should include necessary expertise, external and internal resources During the time of investigation, the study had found that there is a difference in the strategic understanding “before” and “after” the Balanced Scorecard was introduced The management team pointed out that they had been working with the understanding and acceptance process of the Balanced Scorecard for a while However, they can not expect the employees to have the same understanding and motivation to work towards the goals as those with more “ownership” of the process and concept Something that can influence the results is that the strategy and vision is developed at a top of level This might be one reason for why the management team is not so concerned with the vision The implementation BSC team must be a consolidated single team that has full responsibility for the implementation This chapter will present the following factors which have significant effect on the BSC implementations in NTS and can be applicable for Vietnamese medium-sized companies who wish to have the BSC system in their business 5.1 Findings Consistent support from top management - Since BSC systems are highly integrated information, the design and operation require the complete cooperation of 62 Chapter Findings and recommendations actors across all business functions Top management support will play a valuable role in resolving disagreements and providing clear direction to quell any doubts Top management support in the implementation has two main aspects: (1) providing leadership as well as promoting buy-in by the entire company; and (2) providing necessary resources To have a smooth BSC implementation, the company will need a strong steering committee that participates in team meetings and keeps an eye on the implementation progress while spending time with people, taking immediate action on issues and providing clear direction for the project Premature links to management processes – if the BSC is not carefully planned with each required link outlined and endorsed, the BSC will wither from lack of resources and data Lack of cascading through the firm – the entire organization, from executive staff, project managers, and frontline administrative, and production and design staff, must understand what the BSC is and what it will be doing Each member of the organization, actively involved or peripheral to the BSC must know, how they will be affected (and what they will be expected to do) for the BSC No new measures implemented with the BSC - If the organization is still going to be doing what it was doing before the BSC, then why implement it? And why support it? Timing - The implementation must match the change, crisis, opportunity or strategy that the BSC is trying to help No clear objectives for the BSC - A BSC cannot be implemented without clear, communicable, and understandable goals A firm’s front-line drafting and 63 Chapter Findings and recommendations administrative staff must understand and be able to simply describe what the BSC wants to accomplish No strategy - How is the BSC going to help achieve the goals outlined in item seven? A clear strategy for attainment must be outlined Lack of training and education - This can be the easiest but also deadliest omission for the implementation of a successful BSC A rollout without a few hours of explaining and training will doom the BSC to the “I already have too much to do,” or “we’ve already done this before” syndrome If the organization cannot afford a budget for training in association with the costs necessary for collecting and reporting the new data collected for the BSC, then a BSC should be postponed No executive sponsorship - In line with item nine above, any change, in order to be successful, must have an executive sponsor to challenge the organization’s staff and managers to align behind the BSC Again, if there is no active executive support, then the BSC becomes a waste of important resources The company’s management team must believe in and support the change, offering to go the extra mile themselves if necessary to guarantee its opportunity to be successful 5.2 Recommendations Therefore, a BSC must build a model which can be fulfilled at multiple levels It must also be constructed and implemented to be successful in the task chosen, project, initiative, or organizational, for its utilization It must also not be a gradual implementation It is easier to make big changes sustainable People respect bold moves and are more likely to participate in change if it is perceived to be big and important enough to withstand attempts to counter it (Farson, 1997) Thus, the BSC must be big, but appropriate A project BSC must focus on identifying metrics which can aid the project in attaining and measuring its success Subsequently, 64 Chapter Findings and recommendations project metrics such submittal turnaround metrics, while interesting at the organizational level, cannot alone provide meaningful information by itself BSC metrics must be carefully delineated to ensure that they are supporting achievement of the mission and vision Once identified and collected, action must be taken immediately, either in support of the gains to targets as well as the recognition and investigation of unmet goals Metrics and goals must constantly be monitored, and, if necessary, adjusted to provide more meaningful and attainable goals Maintenance of the BSC metrics and goals facilitates staff empowerment and ownership, and help integrate the power of BSC into helping change the culture of the company There are several other factors that contribute to a successful implementation of Balanced Scorecard in organizations Issues like the desire to have the Scorecard, project management of the implementation, the change readiness of the organization all play an important role in determining if the balanced scorecard project is a success or failure 65 CONCLUSION AND FURTHER RESEARCH The presence of Balanced Scorecard has influenced the strategy implementation in the research unit on several areas The overall most important is that the Balanced Scorecard seems to improve the understanding of the strategy The study was to find out if the Balanced Scorecard could help to solve the problems of the company in strategy management The goals were to clarify the overall strategic objectives of the company and link all of resource together to support the overall strategy of the company Furthermore, the Balanced Scorecard provides better, and more complete, management information The study has been combined the competitive theory with Balanced Scorecard in order to help NTS to identify and overcome its strategic and operational issues and the Balanced Scorecard were developed in corporate and department level The main conclusion of this study is that the corporate balanced scorecard in the case of NTS can help the company to specify the objectives, measures and actions based on the overall strategy and vision By using the Balanced Scorecard, the company can communicate the strategy to all levels in the company and translate the strategy into operational terms and create better overall performance Implementing a Balanced Scorecard is major initiative for organization of any size The size of the organization does impact the time and resources that need to be spent on this journey While SMEs can definitely benefit from a Balanced Scorecard, it is also essential that the implementation is tailored to suit the size of the organization Even family owned businesses have proven to have gained benefits by using a balanced scorecard approach, only they have adapted the BSC to suit the needs of their business (Craig & Moores, 2005) Hence, a ‘balanced’ 66 approach to the implementation and appropriate scaling of the final product can lead to excellent results in the case of SMEs implementing a Balanced Scorecard There are still many tasks remain and need to be done Due to the time limitation, the study is unable to address many of the significant issues, such as all the details of the operational issues and a more detailed strategy implementation concerns If there would be done on further work, more detailed targets and initiatives in the Balanced Scorecard should be developed to the individual level 67 APPENDIX The list of questionnaires was used to collect information Question Test/Rationale Name: Title: Placement in the organisation: Managerial experience Years of experience: Number of subordinates: Your position before BSC was introduced? Possible personal consequences of the BSC project – objectivity, own agenda or other aspects that may “colour” the answers Has your position or reporting requirements changed as a consequence of BSC? Has the job requirements changed? How? Does a strategic plan currently exist? Does a strategic vision currently exist? Has your business ever analyze its core competences? Has your business ever try to learn about threats of substitute products and services from competitors? Has your business ever tried to identify and document its strengths and weaknesses? Has your business ever tried to identify and document opportunities and threats from the surrounding business environment? What you consider the main purpose of BSC? (Strategy implementation tool vs as continuous process) How does BSC affect your work day? Have you influenced the development and design of the scorecard? Reality check, was the answer to the prior question based on feelings or facts? Assess the general level of understanding about BSC Importance of BSC for the respondent Any negative or positive feelings towards BSC? Possible personal consequences of the BSC project – objectivity, own agenda or other aspects that may “colour” the answers Did you participate in the BSC implementation project? In your opinion, did you experience difficulties in having the strategy adequately co-coordinated and implemented before BSC was introduced? What problems was experienced, please explain? Why was BSC chosen rather than some other management tool? Do you consider the strategy actionable? Please give examples, explain? What obstacles against successful strategy implementation did you experience prior to BSC? Please give examples? To establish the starting point for the analysis Reality check, was the answer to the prior question based on feelings or facts? Assess the general understanding about BSC The “raw” response to the hypothesis question Has BSC changed anything? Reality check, was the answer to the prior question based on feelings or facts? Reality check, was the answer to the prior question based on feelings or facts? REFERENCES Amanda S Carlier and Son Thanh Tran (2004) Firm Dynamism: Beyond Registration How are Vietnam new domestic private firms faring? Vietnam Private Sector Development Policy Note Andrews, K (1971) The concept of corporate strategy Homewood, IL: Dow Jones-Irwin Ansoff, I (1965) Corporate strategy New York: McGraw-Hill Arveson, P (1998) What is the balanced scorecard? 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The. .. context, the study was focused on how Vietnamese SMEs measure the performance of business and manage the business strategy The case of Nam Truong Son ICT Corporation has been studied for the application... who want to implement the Balanced Scorecard as a strategic management system KEYWORDS Strategy planning, Strategic Management, the Balanced Scorecard, Key Performance Indicators, Critical Successful