Balanced Scorecard Awareness Program Assignment -

Topic - A Proposed Balanced Scorecard Awareness Program for CIMIC Group

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Executive summery

Balanced scorecard is a tool for the management to improve the internal function of the business. It can also be defined as a performance metric used in strategic management. It works more like a measuring tool for the management to determine the internal process. Its feedback providing mechanism helps the management to control the overall outcome of the company. Having to collect the data is a key to make good balanced scorecard for the company. Moreover, it provides qualitative result because the source of information comes from the managers and the executives. It helps the organization to make better and more efficient decision for the company. The balanced scorecard also help an organization to keep the goal of the company intact and focus on the big picture. According to Aliahmadi and Shafeeian, (2016), balanced scorecard was originally invented by Dr. Robert Kaplan however, David Northon showed the use of balanced scorecard by measuring the performance.

Introduction

The balance scorecard is a management tool used for measuring the company's success or failure. According to Biazzo and Garengo (2012), the first book of Northon and Kalpan showed many practical case studies of a company, which uses Balanced Scorecard to develop and design scorecard reflective of their individual strategies. However, the succor to that book published back in 2000 showed four crucial features of executing strategy with a balanced score card (Wu, 2012). The four key takeaways from the balanced scorecards are; it is very much flexible in nature, it is a management tool, it can adopt to the situation and help of some software might needed to get full benefit of the balance scorecard. It helps the organization to communicate the goals of the company, help define the basic duty of every employee, show importance to the products, services and many more and measure and monitor progress. In the following context CIMIC company based on Australia has been chosen to demonstrate the effectiveness of the balanced scorecard. This present study will be evolving around integrating Balanced Score Card system into the company to maximize the day-to-day operation of the company.

Selection of problems

The below discussion focuses on the implementation of balanced scorecard in the CIMIC construction company to better understand the company's progress and measure it as well. The company's top-level management believe that the tradition method of communication and leadership style has worked so long and they are hoping that the company will deal with the future complication with the same process. The challenge is to make the top-level management of the company to understand the problems of the future and the flaws in the traditional method of conducting business. The construction company has come a long way with its methods but 21st century demands more smoother and efficient method of business. The company's monitoring and executing process of a work has seriously influenced in the recent years. The introduction of new wage system for the company's low-level worker has affected the overall profit margin of the company.

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The management of the company has come a long way with its limited resources. This groups' purchasing manager is very much committed as well as dedicated to his work. He has been working for over 14 years in the same company and provided splendid result in return (Cimic.com.au, 2019). However, the integration of balance scorecard could have been a great help to him and his team as well. Now the company is looking for integrating this system into the company to maximize the day-to-day operation of the company. However, many other managers of the company are quite skeptical about the idea of putting balanced scorecard system into the business. This company has no experience in these kind of systems therefore; most of the managers think it is nothing more than a waste of time, money and resources for the company. Since the company is involved in construction business, the company can benefit a lot from integrating this system into its business. However, the purchasing manager of the company is trying to integrate this system for its upcoming project. He understands the software system might present a barrier for him to understand the situation of the company but he is hoping to hire professionals who can deal with these kinds of system.

Background literature

The balanced scorecard is used in many of the institution from every corner of the world. However, only handful of Australian companies, intuitions, and organizations use balance scorecard tool. Perhaps the most powerful feature of balanced scorecard is its ability to strategically map, visualize and to communicate on how value is created within the organization.

The above figure is a perfect example of balanced scorecard's ability to map the progress and value creation within the organization. It has the ability to track and evaluate the financial as well as the non-financial aspects of a business. Kaplan and Norton are one of the most respected business academic in the world. The concept of BCS was divided between these two people. Here are some of its key features of BCS

• It is more of a top down approach rather than bottom up
• It starts with the mission and vision of the business
• It helps in figuring out the key performance indicators
• It emphasizes the importance of non-financial measures

There are four different prospective of balanced score card and they are

• Financial based
• Consumer based
• Internal process of the organization
• And the overall capacity of the organization

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When it comes to the financial prospective of the balanced scorecard the primary focus goes to the financial performance of the company (Hbr.org, 2019). For example, it looks after the operating margin of the company along with some of the most important ratios such as profitability ratio, cash flow and many more. It does not ignore the return on investment as well. When it comes to the consumers the focus shift towards consumer satisfaction. Consumer satisfaction stays at the highest level of priority under this perspective. For example, serving ratings and consumer's feedbacks are closely monitored. Many other ways such as level of return on a particular product is also included under this Key Performance Indicator. When it comes to the internal processes, the overall business efficiency becomes the primary focus and the perfect example for it will be a new product's unit cost. In simple terms, the speed with which a new product can hit the market without compromising the overall value of the product. Lastly, when it comes to the overall capacity of the organization, the focus of the matter comes to the knowledge and the innovation. The company's ability to innovate becomes the priority under organizational capacity. For example, the flow of business ideas from one point to another or employee retention flow of Net Product Development Ideas. Here are some of the advantages of using balanced scorecard by the CIMIC group of company.

• It can track the overall border view of the business performance of CIMIC
• Provides performance measurements on the long-term basis for the organization and keep the Mission and Vision intact.
• Demands involvement of everyone starting from the low level workers to the financial stakeholders
• It provides unprecedented amount of flexibility to the business

However, like every other business model even the balanced scorecard has its flaws and they are.

• The CIMIC Company may have to deal with many key performance indicators. For which, the company has to higher new people.
• Keeping the balance between all the prospective may become very difficult for the company to manage.
• The senior management of the company may have some amount of concern over the financial performance of the company.
• The system demands constant update to be very useful in the organization.

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The proposed Balanced score card program

Around 25 supporting staff form CIMIC Group would attend the Balanced Scorecard implementation project, which will be conducted on the basis of company needs and collaborative small group discussions. The project syllabus involved throughout this adequate training are shown in the below table.

Stakeholder analysis

Stakeholder analysis is an important project management tool used by the management of a company. It is the first step in stakeholder management. It helps gaining support from the stakeholders on a particular matter. The stakeholder analysis helps in shaping the overall project of a company. The CIMIC company's purchasing manager can use this tool to understand the opinion of the stakeholders and help in the BSC integration process. The stakeholder's input can significantly improve the quality of the project additionally the manager can gain the support of the stakeholders. Having the support of a powerful stakeholder can help the management to gain additional time, money and other resource for a project. It helps in gaining the understanding of the stakeholders. As a result, they become more aware of the project and focus of the end goal of the organization. This tool helps in predicting the behavior of the stakeholder. The CIMIC Company has almost 70 % of the share belong to the HOTIEF group. It makes it a holding company of HOTIEF Company (St, 2019).

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In total, around 73% of the CIMIC Company's shares are held by the public companies. However, the public has around 20% ownership in the company that makes them one of the highest contributing stakeholders in the company. This also means that their vote is very important, for the purchasing manager to make a project approved or to run it the way he wants it to be, he need the support of the general public. The CIMIC group has insider ownership as well. This company's board of directors also have a good amount of shares in the company, giving them the power to decision power. For any project approval the managers of the company do not need to go to any other place for approval or worry about some external force's influence over the project. There are a lot of benefits that the managers can enjoy from having the Insider ownership of the company.

Contribution of the project

It is very important that CIMIC group conduct balanced scorecard into it organization. The benefits of the induction are only limited by the sky. The balanced scorecard can not only improve the overall performance of the company but also can help the manager to bring new level of efficiency into the business. Since the formation of CIMIC company back in 1949 by Stanly Leighton, this construction company has come a long way and contributed a lot in the civil engineering and construction field. However, the times are changing and the competitions are rising. The company needs many investments from the stokeholds to modernize its equipment. Its stock market was down back in early 2000s however, after Hochtif took over 70% of its shares, it has made significant improvement in the share market. Its shares are now very much stable however, due to political instability its shares have been noticing significant amount of ups and down in the market.

The integration of balanced scorecard can significantly improve that situation and make the overall instability go away. The purchasing manager's idea of inducting the balanced scorecard is highly appreciated by some of the managers however, due to uncertainty; most of the managers are pulling back from the idea. If proper stakeholder analysis is carried out than most of the stakeholder's point of view regarding the matter can be changed. The balance scorecard can very well translate the corporate-wide scorecard down to the very first business unit departments or support unit. Scorecards can very well be used to see the accountability through performance measure ownership. The accountability of a matter can also be increased under this scorecard system. The cascading strategy focuses on the complete organization for strategy and helps creating a line of sight among the work people do and high level desired result. When the management system becomes discarded down through the organization, the overall objective of the organization becomes operational in nature.

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Risk analysis

Having uncertainty is the heart of the risk. More or less every risk follow the same basic steps to reduce or completely remove it from the organization (Dai, 2017). The following discussion will include 5 different steps that can put forward to reduce the organization's risk.

The first stem involve identifying the risk defining and identifying the risk always stays the first priority for an organization. Every organization use some techniques that helps them to identify the risk. This step demands a preparation of project risk register.

The second step involves analyzing the risk analyzing the risk is also as important as identification of the risk. Analyzing a risk always help the organization to prepare for the upcoming situation. This stage involves analyzing the risk level, defining its size and putting a real number behind that risk.

The third step involves ranking the risk and the risk magnitude are evaluated in this stage. It helps the organization to understand the consequence of an action taken with the risk in mind. This stage demands the risk manager to determine the magnitude of the risk is acceptable or not. If it is not acceptable then the manager need to have a warrant treatment for it.

Next step in the process is treating the risk in some organization it is referred to as risk response planning. At this stage, the highest risk is evaluated so that a desirable risk level can be obtained from it.

The last step in the process involves monitoring and reviewing the risk of an organization. It helps the company to have an extra layer of assurance over the first one. This stage demand the manager or the risk reviewer to take the project risk register and use it to determine and track the project.

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Timeframe to implement

The project needs almost six months to one year to be fully implemented in the company. The effectiveness of the balanced scorecard can be significantly reduced if the company do not intergrade the software system. The company also need to adjust itself with the changing and updating balanced scorecard scenarios to obtain highest amount of efficiency. The company also need to make certain arrangements so that any possible flaws or risks in including the balanced scorecard be removed. The managers have to make sure that integration of this system do not harm the daily work cycle of the company and need to take necessary steps to ensure it.

The above chart shows the period for the implementation of BCS

Possible budget for implementation

The company need around $84,000 to fully integrate the balanced scorecard into its system. It needs new IT professionals, software, and many more to fully assess and evaluate. After evaluating the overall impact of the balance scorecard in the business the company can induct the system. It is a time consuming as well as expensive process however, after induction; it can provide some serious amount of help to the organization.

The calculated and probable cost of proposed BSC program is listed below;

Conclusion

The above discussion is based on CIMIC group based in Australia and working as a civil engineering and construction. The company has been in existence since more than over seven decade. It is now a holding company and enjoy all the benefits of a holding company. However, the company is not efficient in day-to-day working environment and the managers are having a hard time to keep track on the work in progress of the company. The purchasing manager of the company believes in balanced scorecard and its power to track and bring efficiency into the business.

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