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ФОРМИРОВАНИЕ И АНАЛИЗ СБАЛАНСИРОВАННОЙ СИСТЕМЫ
ПОКАЗАТЕЛЕЙ
Чернышева М.А.
Финансовый университет при Правительстве Российской Федерации Е-mail: marich.99@mail.ru Научный руководитель Моисеева Т. В., старший преподаватель Финансовый университет при Правительстве Российской Федерации Е-mail: moiseewa.tv@yandex.ru
Аннотация. Чтобы добиться успешного развития компании и получить максимальный эффект от результатов своей деятельности в условиях современной рыночной экономики, компании необходимо своевременно адаптироваться к требованиям рынка и в конкурентной среде, стремиться стать лидером по качеству, скорости обслуживания, широте ассортимента и ценам на продукцию.
Одним из инструментов, внедряемых наиболее прогрессивными компаниями, является сбалансированная система показателей, которая является частью системы стратегического управленческого учета, предназначенной для решения задач сбора, систематизации и анализа информации в соответствии со стратегией развития компании. Эффективность внедрения системы сбалансированных показателей зависит не только от соответствия этих показателей специфике деятельности компании, но и от компетенции лиц, управляющих компанией, которые на основе полученных итоговых данных, будут способны оценить результаты, и определить наиболее приоритетный путь для развития бизнеса, максимально направив все усилия на повышение результативности деятельности компании в наиболее слабых направлениях.
Данная тема затрагивает анализ современного опыта применения сбалансированной системы показателей на предприятиях различных сфер деятельности, обеспечивающих максимальную эффективность бизнес-процессов тех предприятий, которые используют метод стратегического управления, ориентированный на долгосрочные цели.
Ключевые слова: сбалансированные показатели, ключевые рабочие показатели, стратегия, миссия, стратегическая карта.
FORMATION AND ANALYSIS OF THE BALANCED SCORECARD
Chernysheva M.A.
Financial university under the Government of the Russian Federation E-mail: marich.99@mail.ru Scientific advisor Moiseeva T.V., senior teacher Financial university under the Government of the Russian Federation E-mail: moiseewa.tv@yandex.ru
Abstract. To achieve the successful development of the company and get the maximum effect from the results of its activities in today's market economy, the company needs to adapt to the requirements of the market in a timely manner and in the competitive environment, strive to become a leader in quality, speed of service, breadth of range and prices for products.
One of the tools introduced by the most progressive companies is the balanced scorecard, which is a part of the strategic management accounting system designed to solve the problems of collecting, systematizing and analyzing information in accordance with the company's development strategy. The effectiveness of the implementation of the balanced scorecard depends not only on the compliance of these indicators with the specifics of the company's activities, but also on the competence of the persons managing the company, who on the basis of the resulting data will be able to assess the results and determine the most priority path for business development, as much as possible directing all efforts to improve the performance of the company in the weakest areas.
The topic touches upon analyzing the current experience of applying the balanced scorecard at enterprises of different spheres of activity providing the maximum efficiency of business processes of those enterprises that use the method of strategic management focusing on long-term objectives.
Keywords: balanced scorecard, key performance indicators, strategy, mission, strategic map.
To be successful, any company requires a constant improvement of the management accounting system aimed not only at improving the quality of products and control of financial resources, but also at updating competences in the field of the personnel management and the use of modern methods in running the company.
Any management decision is based on information, i.e. the timeliness and coordination of decisions targeted at achieving long-term goals that can not only support the company in the constantly changing conditions of the market economy, but ensure the sustainable development of the company, since the implementation of its strategic goals depends on the efficiency and quality of the information received by the company's management. In addition to efficiency and reliability, information must meet certain criteria for operating activities and their extent, which is likely to guarantee the adoption of significant decisions in the shortest period of time. The combination of these criteria can be achieved by determining the most significant, benchmark points of evaluation of activities in the segments of the business process of the enterprise.
With the introduction of continuous monitoring of business processes in the activities of the organization, enterprise managers can identify and justify steps to improve the efficiency of production and work in general. [2, p. 318]
Nowadays, the so-called system of a balanced scorecard has been developed. It allows to determine the effectiveness of the enterprise by measuring key indicators in the main areas of business depending on the chosen strategy of the enterprise and to achieve the coordination of all structures of the enterprise.
The technology of the balanced scorecard was developed by David Norton and Robert Kaplan in 1991 in the process of studying issues of management efficiency. They proved that the company's activity is greatly influenced by non-financial factors without which no economic growth in the long term is possible. To assess the effectiveness of the enterprise management, the authors proposed a comprehensive analysis of the enterprise based on a multifunctional system of evaluation of the organization's performance containing a variety of criteria to be
measured. They called this system "The Balanced scorecard".
The evaluation system included four main components:
- financial aspect: it determines the effectiveness of the company's activities from the point of view of returns on invested capital;
- consumer's analysis: it aims at the evaluation of the company's activities from the point of view of end users;
- internal assessment: it characterizes the operational efficiency of the company;
- staff training and development: it proves the ability of the organization to focus on the development and innovations.
The system of balanced indicators allows to link operational activities with its strategic plans with the purpose to reflect "the balance that has been preserved between short-term and long-term goals, financial and non-financial short-term, main and auxiliary parameters, as well as external and internal factors of activity" [1, p. 10]
The priorities of the balanced scorecard system based on key performance indicators, are as follows:
- creation of an effective management system of the company using the main key performance indicators to monitor the implementation and achievement of the strategic goals of the company, taking into account the optimal operating activity, that is the lowest costs in a timely manner;
- provision of control and analysis of the management accounting system in compliance with the strategic goals of the company;
- development and definition of key performance indicators of managers at all levels within the company providing motivation of personnel to achieve these indicators;
- guarantee of operational management decisions in response of changes in the external environment;
- coordination of the staff s activities throughout all business processes of the company to achieve the goals.
The activity of the company begins with its mission and vision of the company, which determines the goals and tendencies to the sustainable development. The concept of development of the
company depends on its mission, has an internal orientation and is fixed by the internal organizational documents. The vision defines the medium and long-term goals of the organization, moreover, has a focus on the external environment.
The strategy is the path of the company, it is determined by the setting of specific strategic objectives for each performer to achieve the mission of the company.
The decision of the company's management to implement the balanced scorecard should be based on an understanding of the projected effect and effectiveness of its implementation. To do this, the company, first of all, must use various methods of collecting, analyzing and structuring information to determine the strategic goals of the company for the long term. Strategic goals should be clearly formulated and have specific characteristics. The strategy is the basis of the entire balanced scorecard development process.
In the process of the strategic increase in the organization's actual efficiency, it is necessary to form key indicators of activity of the enterprise. First, these indicators have a quantitative value. Second, they are defined by means of a preliminary statement of strategic goals. Third, they characterize vital factors of success. And fourth, they specify a certain outcome - relative and / or absolute - of activity of the enterprise. [3, p. 18]
The stages of the development and implementation of the balanced scorecard, in addition to defining the strategy, mission and vision of the organization, identifying data sources, and their parameters, include the organization of feedback, which allows you to monitor the implementation of the strategy and the achievement of goals by comparing the actual results and targets.
The successful implementation of the balanced scorecard depends on the degree of awareness of the need for changes in the company's top management. Strategic management should be continuous, based on financial resources and monthly reporting.
The concept of changes should be communicated to each employee of the company, while the management should ensure the personnel's motivation to achieve their goals through the performance of their daily functional duties.
The activity of all structural divisions of the company should be well coordinated, the success can be achieved by the efforts of all staff involved without exception.
It is important to note that the system of balanced indicators cannot exist in the enterprise separately, it must be an integral part of the integrated enterprise management system and logically combined with the process management system, quality systems, budgeting and information software. [4, p. 61]
It is necessary to define the stages of implementation of the balanced scorecard. They can be broken down into the next levels:
• determination of the external factors of the company's activities with the subsequent adjustment of the company's mission;
• analysis of the company's strategy followed by the adjustment of strategic goals;
• development of corporate strategic maps to determine key performance indicators;
• development of detailed strategic maps at the level of companies' structural divisions with responsible executors;
• system implementation;
• adjustment of the balanced scorecard under the influence of external factors taking into account the results achieved.
One of the key moments in the process of implementing the balanced scorecard in the company is to develop the strategic map by which the goals and objectives in the areas of activity for each employee are determined, thus, providing the relationship between the main components: finance - customers -internal business processes - training and staff development (Fig. 1).
Finance / Economics efficiency of the company in terms of return on invested capital
Market/customers level of satisfaction of end users t
Business processes operational efficiency of the company
-4-
Personnel's training and development <—
Fig.1 Interrelation of components of the balanced scorecard process
The strategic map should display new goals that can ensure the achievement of the results previously established, while it is necessary to observe the optimal number of top-level goals and, if necessary, to detail the goals in the strategic maps of auxiliary purpose for each structural unit and for each strategic direction.
All objectives on the strategic map should be balanced and interrelated so that achieving the goals of the lower levels should contribute to achieving the goals of the upper levels. In addition, the presence of main horizontal relationships between business processes and sub-processes of the company can provide the best result of achieving the highest strategic goal and mission of the company.
Let us analyze the main components of the system.
The financial component serves to achieve the ultimate goal of any company, i.e. to maximize profits as a result of activities. As shown in Fig.1, financial goals are at the top of the goals of the organization, however, the achievement of financial goals depends on the degree and quality of goal achievements in other areas.
Financial indicators are the most important components of the balanced scorecard as they are usually the main criteria for assessing the effectiveness of the organization. [5, p. 361]
The growth of the financial component is provided by two factors: an increase in sales and in productivity growth.
The increase in sales is achieved under the condition of demand for products from potential buyers or by expanding production through innovations, attracting the latest technologies and uniqueness of the product.
Productivity growth can be achieved by reducing operating costs, direct and indirect costs or by managing production resources.
To achieve the maximum effect of the financial component, it is necessary to strive to maintain a balance between the two factors listed, so the financial aspect of the strategy should contain indicators that reflect the long-term and short-term goals: growth and productivity, respectively.
Typical key performance indicators of the financial component usually include:
- increase in net profit, net cash flow;
- increase of profitability of production, own capital;
- cost reduction;
- risk reduction.
The consumer component is designed to ensure the orientation of the company to the key consumers of products forming targets for the formation of the company's image, "corporate" style, market recognition, expansion of the target clientele, ensuring the growth of customer satisfaction, as well as the expansion of the range of products,
In a competitive environment, the targets of the consumer component should contain clear criteria for achieving a high level of competitiveness of
products, which ultimately should lead to an improvement of the financial ratios.
Typical key performance indicators of the consumer component include the following indicators:
- increase in customer satisfaction and loyalty;
- expansion of the target consumer audience;
- increase in the company's market share;
- development of special offers for different consumer groups.
The internal component (business processes) ensures the achievement of the consumers' goals and the financial component through the implementation of the following processes of the company:
- production management which includes the purchase of raw materials, their processing, delivery of the finished product to the customers and risk management;
- customer management which includes identifying the target customer, building the customer base, maintaining and expanding the target audience, developing business with customers;
- innovation management that involves the creation of new technologies, products, processes, services, and includes the development, implementation and promotion of new products on the market.
Typical key performance indicators usually include:
- increase in the volume of production;
- cost saving;
- compliance with the terms of the order;
- creation of innovative products and expansion of the target market;
- growth of quality of customer service, professionalism of employees;
- development of the dealers' network.
Training and growth component contains goals
that define the "architecture" of the organization that it must build to ensure growth and development in the long run. This is achieved by balancing the following factors: human resources, information systems and organizational procedures.
Typical key performance indicators, training and growth components are:
- personnel development;
- increase in the staff s motivation and loyalty;
- improvement of the planning system.
Thus, the goals of the financial and consumer component describe the economic result of the strategy - revenue and profit growth, productivity -and the development strategy - target customers and consumer supply. The main components are internal business processes, training and development, they help implement the right strategy.
As obstacles to the successful implementation of the balanced scorecard in the company, we can note:
- lack of a formalized management, planning and reporting structure;
- lack of staff s loyalty and resistance to change;
- archaic value orientations of senior management that impede the realization of strategic goals of the company.
For the successful implementation of the balanced scorecard, the company's management should actively participate in the ongoing changes, show interest, support the most active participants, motivate the leaders of the process, ensure staff s awareness of the results of the company's activities, conduct appropriate training.
The system of balanced indicators has both positive and negative sides.
Positive features embrace:
- universality;
- ease of perception;
- graphical interpretation of the enterprise performance indicators;
- communication of the company's strategy to each employee;
- personnel's motivation depending on the results.
Negative points may be:
- lack of quick results;
- exclusion of lower links for the sake of the highest initiative level of development of the management system;
- difficulty in identifying key indicators for evaluation.
According to the results of the study, the following conclusion can be formulated.
In our modern reality, information technologies have become a crucial factor and the most important competitive advantage. Working out a reliable
system of information management allows to prevent all negative impacts of the market system.
An enterprise is a set of internal business processes that lead to the creation of the added value. Enterprise management is a purposeful regulation of the development of external and internal processes on all business stages to achieve the strategic goals of the company with the help of the enterprise's performance indicators, on the basis of which the assessment of management efficiency is made.
The balanced scorecard is a tool for enterprise management and evaluation of its effectiveness on the basis of specially selected indicators that emphasize the main criteria of the company's chosen development strategy. The balanced scorecard is not only a method of controlling the business results but is also a system aimed at managing the business development.
The methodology for developing the balanced scorecard includes six stages, the implementation of which will ensure the achievement of strategic goals through setting specific targets. There are four system components that characterize different business processes of the company: finance, consumer, internal business processes, training and development. The targets of each component have been considered.
The use of the balanced scorecard as a tool for diagnosing the state of business processes and management efficiency of the company, is possible if there are relationships not only between processes, but also between individual indicators, as long as there is a relationship between the adopted indicators and the strategy of the enterprise.
Identified weaknesses and strengths of the system are aimed at increasing the value of the enterprise. The positive factor is that the proposed management system combines the system of control and management methods, promotes extensive communications at all levels of the enterprise. As to a weak side, we can note the lack of a mechanism for resolving internal conflicts and the need to overcome resistance in the absence of employees' loyalty. The main obstacle to the successful implementation of the balanced scorecard in the enterprise is the lack of relationships between the strategies of the enterprise and the targets set, that is, the inefficiency of feedback.
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