Financial Management Balanced Scorecard Metrics Pack
The pack includes 4 Financial Management metrics:
- Activity Based Management. Key Performance Indicators have repeatedly proved themselves as proficient means of measuring and managing the proceedings of a particular task in extensive detail. Moving on the same lines, this concept can be used in monitoring the progress of Activity bases management in the most accurate manner. Besides the traditionally utilized -Financial perspective-, one can use perspectives relating to Customer profitability, Internal Operations of the organization and Quality and Growth of people and processes.
- Value Based Management. ‘Value’ is a treasured possession for organizations as this ‘value-bank’ determines the position held by the groups in highly competitive business scenario. Consequently, companies always strive to add to this attribute in some or the other way. Leaders of industry occupy the top-slot because of their concentrated efforts towards raising the ‘value’ inherent in their products and services. However, it is easier said than done due to the large number of factors that have a bearing on this aspect. One can analyse the topic by utilizing a ‘multi-directional view’ of the subject and can consider perspectives like - Financial Performance, Customer satisfaction and Value Perspective, Product Innovation and Value Perspective and Employee Satisfaction and Learning Perspective.
- Activity Based Costing. The traditional approach of -reducing costs- was targeted at products and services. However, gradually it was realized that one can gain more by thinking -activities- as the prime -inputs of resources- and not the outputs. This shift of focus is called ABC (Activity Based Costing) and can be successfully tackled by utilizing relevant and specific indicators in various directions. The perspectives can be the ones related to -Cost Driver Analysis’, -Internal Operations’, -Employee experience and Learning’ and -Performance Perspective-.
- Intellectual Capital Development. Capital comes inherent, not only in the physical and visible assets but also in ‘intangible form’ like that of brand equity, information flow and HR value. Because of the ‘scant’ understanding of this concept, organizations should adopt a systematic and step-by-step procedure to extract the potential of this idea. BSC comes to help in this regard. The categories that can be of help in this area include- Human capital Perspective, relationship capital Perspective, Structural Capital Perspective and Employee Training and Learning Perspective.
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