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• W73395474 abstract "Tools to help meet both financial and strategic goals. Operating a company in today's business environment is tough. Managers need all the help they can get. This article offers much-needed assistance by demonstrating how two management tools can help a company cut costs, boost profits and, at the same time, remain focused on its strategic business targets. The tools are activity-based management (ABM) and performance measurement. When used together, they can help a company identify and priorities for cost-improvement opportunities. And, equally important, managers can do this without losing sight of the company's overall business and marketing strategies--typical short-coming of conventional cost-improvement programs. To accomplish these goals, the ABM tools link multiple measurements about an organization with what amounts to a fast-reacting, integrated feedback loop. To illustrate what the tools do and how they do it, this article follows managers of a fictitious company through the steps of the process. But before getting into those steps, some background about the tools is necessary. STAYING IN BALANCE A balanced performance measurement system (often referred to as a balanced scorecard) is a of quantifiable business measurements derived from an organization's strategies, goals and objectives. Taken together, they communicate the direction an organization must take to meet its strategic goals. As a bonus, the scorecard helps managers take the steps needed to reach the goals. The key phrase in the definition is set of measurements. If the process focused on only one or two measurements, it's likely the wrong corporate behavior would be encouraged. For example, if managers tracked only cash flow, the company eventually might stop investing in long-term assets and market opportunities. Therefore, the goal is to put together a of areas to be measured that are linked to corporate strategy. Further, those areas must be in balance. To understand the notion of consider the following examples: Financial and nonfinancial. Most traditional performance measurement systems focus only on financial areas, such as net income and sales, They fail to track nonfinancial measures, such as the number of new products introduced or defects in manufactured goods. But when managers consider both financial and nonfinancial considerations, and aim to keep them in balance, the result is a more comprehensive picture of how the business is functioning-generating what in ABM lingo is called a balanced scoreboard. Process and result. A process measure provides an indication of how well a process is working. For example, the measure would track production output, defects in the product, customer complaints, machine downtime or missed shipments. Such measures are important because they provide managers with the business insights they need to be more predictive, and that, in turn, prompts them to seek out opportunities and to take the initiative in solving any problems those measurements may uncover. A result measure, on the other hand, looks at the consequence at the end of a process. For example, it would track a process's return on investment. Once again, to be useful, the two should be in balance. Stakeholders. When determining what to measure, it's important to limit the choices to those that make a real difference to the organization's key stakeholders. And that includes not only shareholders but also Customers, suppliers and employees. For example, managers traditionally tend to measure only what is important to the most visible stakeholder--the shareholder--while, in fact, customers, suppliers and employees also must be considered. External focus. It's also important to measure what the outside world thinks of the company. That can be measured by market share, customer satisfaction and the company's stock price. All these measures must be tied to the company's business strategies so, when considered together, they become a barometer of how well those goals are being met. …" @default.
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• W73395474 modified "2023-09-23" @default.
• W73395474 title "A Smarter Way to Run a Business" @default.
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