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Achieving Excellent Results Through Balanced Scorecards

Learn key elements of Balanced Scorecards to achieve and maintain excellent results that create value for stakeholders. Discover valuable insights on performance measurement, value creation, innovation, and sustainability through systematic reviews. Explore strategies to align goals with stakeholder requirements and drive continuous improvement.

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Achieving Excellent Results Through Balanced Scorecards

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  1. Focus on Results Balanced Scorecards Linda Bounds Vice President – Financial Services

  2. Focus on Results

  3. The Question What approach do you use to achieve and maintain excellent results? -- Results that create loyalty customers and value for your employees, vendors/partners and shareholders.

  4. Focus on Results – Balanced Scorecard • Learning Objectives • Approach to Focus on Results • Identify key stakeholders and requirements • Alignment of requirements and strategies • Systematic review through Balanced Scorecard • Approach to Creating Value • Process improvement actions • Innovation • Key to Achievement • Leadership System • Results - Sustainability

  5. Focus on Results – Creating Value

  6. Balanced Scorecard A Balanced Scorecard is simply: • Your key stakeholders • Their key requirements • Indicators of your performance • Displays your goals • All of your important results on one page

  7. Key Elements - Performance Measurement System Set the Direction • Align with Key Stakeholder Requirements

  8. Key Elements - Performance Measurement System Set the Direction • Linked to Organizational Goals

  9. Key Elements - Performance Measurement System Set the Direction • Align with SWOTS, Core Competencies and Company Strategies

  10. Key Elements - Performance Measurement System Establish the Measures • Align with performance and process areas

  11. Company Goals Company Requirements Department Scorecard Key Elements – Performance Measurement System - Link Goals and Requirements to Department and Individual Scorecards Individual Scorecard Product Availability In-stock Rate Shipping package quality Customer Satisfaction Accurate, Intact Shipments • In-stock rate by product line • Package quality rate • Picking error rate • Ship QC invoices per hour Fast Delivery Easy to do business with Abandoned Calls

  12. Key Elements - Performance Measurement System Establish the Measures • Integrate stakeholder requirement, process, measure and value

  13. Key Elements - Performance Measurement SystemBalanced Scorecards- Measures provide depth and breadth for fact-based decision making * Not actual numbers. Numbers are for illustration purposes only.

  14. Customer Satisfaction * Not actual numbers. Numbers are for illustration purposes only.

  15. CustomerSatisfactionDetail * Not actual numbers. Numbers are for illustration purposes only.

  16. LogisticsDepartmentScorecard * Not actual numbers. Numbers are for illustration purposes only.

  17. EmployeePerformance * Not actual numbers. Numbers are for illustration purposes only.

  18. CompanyDailyDashboard * Not actual numbers. Numbers are for illustration purposes only.

  19. Key Elements – Performance Measurement SystemSystematic Review Process Company Scorecard Monthly SLT Review Department Scorecard Monthly Review with President Area Process Measures Monthly DLT Review Employee Performance Supervisor Daily Review

  20. Key Elements – Performance Measurement SystemTake Action – Value Creation Creating Value

  21. Key Elements of Performance Measurement System Take Action - Value Creation • Review of results generate process improvement and innovation • Three categories at Midway: • Corrective Actions from review of process measures • Innovation from continuous improvement ideas • “Bucket List” for strategically significant ideas

  22. Key Elements – Performance Measurement SystemTake Action - Value Creation - Results not meeting goal for three months - establish Action Plan * Not actual numbers. Numbers are for illustration purposes only.

  23. Key Elements – Performance Measurement System Take Action – Company Action Plans (CAPs) Department Action Plans (DAPs) - Track Action Plan Results through integration into the process.

  24. Key Elements – Performance Measurement SystemCommunicate • Communicate Improvements • SOTB and Qtrly DKS • Monthly DLT and staff review • Daily dashboard review • Celebrate Improvements • Formal/informal R & R • Engages Employees

  25. Key Elements – Performance Measurement SystemValue Creation – Repeat the Process Creating Value

  26. Value Creation – Driven through Leadership System

  27. “Results” of Excellent Performance Measurement System-- Value Creation and Performance Excellence • Deliver every improving value to customers and stakeholders • Loyalty • Growth • Sustainability • Improves overall organizational effectiveness and capabilities • Continuous Innovation 3. Organizational and personal learning • Engagement • Organizational DNA

  28. Questions?

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