Today newspapers are increasingly finding it difficult to maintain their competitive positions owing to challenges from electronic media and hence are trying to evolve. In their endeavour to retain their pre-eminence as the preferred choice for people for relevant information, they need to utilize performance evaluation tools like Balance Score Card (BSC) that can give a holistic view about the myriad organizational processes. Using a BSC, key performance indicators can be framed for categories like Financial, Internal Operations, Employees and Growth. Financial stand can be assessed with parameters like Profit after Tax, revenues from advertisements in print and electronic modes and revenue from 'behind-the-wall' concept. This is to extract substantial monetary gains from the business.Internal operations can be measured with 'number of sectors catered', 'number of printing facilities available', 'number of unique visitors gained' and 'number of disputes that rose, if any'. This perspective is to make sure that the processes keep moving at reputable pace. Growth aspect can be measured using KPIs like '% increase in number of subscriptions', 'Award winning instances' and '% drop in paper wastage'. Following this category is to keep moving, positively. Employee and Collaboration Perspective can be had with 'Constructive: Defensive Culture ratio', '% dip in Labor Turnover' and 'number of journalists'. This is to evaluate the workforce, on various grounds.
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
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The better reach and promptness of electronic media are giving tough competition to newspaper houses. This leaves less scope for committing mistakes when it comes to Newspaper Management.
Consequently, organizations involved in such a business have been looking for a strategy to enable them for managing and measuring managerial operations. Some of the areas that are to be looked after include 'financial position', 'internal operations', 'collaboration' and 'growth'.
BSC (Balanced Scorecard), in this sense has caught the fancy of several such needy ones.
This tool relies on the quantitative approach studded into it which enables providing 'figures' to the operations involved in managing a newspaper house. In other words, by framing metrics/ indicators to reflect the progress in the process of newspaper management, it is possible to proceed accurately on the path. However, this job of selecting KPIs (Key Performance Indicators) that are really useful and 'make a difference' to the growth of a given newspaper house demands a detailed study of the area to be carried out. Once the dynamics and underlying principles have been understood as they are, putting down the factors in terms of metrics gets much easier.
This is the actual scorecard with Newspaper Management Indicators and performance indicators. The performance indicators include: financial perspective, advertisements revenue from print mode, advertisements revenue from electronic mode, revenue from behind-the-wall news concept, pat (profit after tax), growth perspective, % increase in number of subscriptions, award winning instances, competitive position improvement, % drop in paper wastage, internal processes perspective, number of sections catered, number of times a specific publication is issued, number of disputes or defaming claims, if any, number of printing facilities across the country, employee and collaboration perspective, constructive:defensive culture ratio, % dip in labor turnover, number of strategic collaborations, number of journalists.
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