Use of Balanced Scorecard for Enterprise Competitiveness Assessment

2020 ◽  
Vol 11 (2) ◽  
pp. 349
Author(s):  
Svitlana Oleksandrivna FAIZOVA ◽  
Maryna Illivna IVANOVA ◽  
Olha Latyfivna FAIZOVA ◽  
Viktoriia Leonidovna SMIESOVA ◽  
Olena Anatoliyivna PARSHYNA ◽  
...  
Keyword(s):  
Balanced Scorecard ◽  
Methodological Approach ◽  
Matrix Analysis ◽  
Enterprise Management ◽  
Innovative Development ◽  
Integral Index ◽  
Metallurgical Enterprise ◽  
The Balanced Scorecard ◽  
Industrial Enterprises ◽  
Enterprise's Competitiveness

The problem of defining the prospects, opportunities, limitations and methodological format of assessing the competitiveness of an enterprise in a transitive economy using the Balanced Scorecard (BSC) concept has been considered. The relevance of the issue is due, on the one hand, to global trends in innovative development, and on the other hand, to the incompliance of performance of the post-socialist industrial enterprises with the characteristics of innovative development. The creation of mechanisms for improving the enterprise’s competitiveness and its appropriate assessment based on the use of advanced management practices and technologies is becoming increasingly relevant. The purpose of study is to improve methodological approach to the BSC-based assessment of competitiveness of a value-oriented enterprise, and to substantiate the prospects of effective integration of the BSC into the existing enterprise management system. This research paper justifies the possibility of using various methodological forms, including the simplest ones, of the Balanced Scorecard, which features a transformational nature, in the process of forming a balanced strategic management of enterprise. Methodical approach has been proposed for identification of the enterprise strategy directed at increase of its market value and strategic competitiveness. Matrix analysis was applied to assess the enterprise performance indicators; it revealed a relationship between the enterprise's competitive position and class of its innovation BSC-based strategies. To assess the enterprise’s competitiveness, an integral index of its investment attractiveness has been proposed, and to assess the class of the enterprise innovative strategies, an integral index of the enterprise innovations was calculated. The proposed methodological approach was used to perform expert sampling within the frame of indicators for determining the investment attractiveness and innovativeness of a metallurgical enterprise by the criteria of strategic orientation, efficiency and functionality. The study has analyzed the experience gained by the leading enterprises of Ukraine’s metallurgical complex in using BSC in a limited methodological format as a tool for identifying the strategy of an enterprise, assessing its competitiveness, innovativeness and investment attractiveness. The result of the study was the conclusion about the possibility of applying the simplest Balanced Scorecard forms as a catalyst for innovative transformations and developing balanced enterprise management in transition economies.

Construction of Integrated Planning System for an Industrial Enterprise in a Turbulent Market Environment

2017 ◽  
Vol 2017 (4) ◽  
pp. 118-141
Author(s):  
Kirill Vasenev
Keyword(s):  
Balanced Scorecard ◽  
Industrial Enterprise ◽  
Planning System ◽  
Enterprise Management ◽  
Tactical Planning ◽  
Integrated Planning ◽  
The Balanced Scorecard ◽  
Industrial Enterprises ◽  
Model Project ◽  
Operative Planning

The article shows the need for further improvement of the planning system of Russian industrial enterprises, offering the model of integrated planning system and suggesting changes of the organizational structure of an industrial enterprise necessary for model implementation, describing basic packages of planned activities within the integrated planning system: predominant in strategic planning model, project-oriented tactical planning, operative planning, considers the balanced scorecard system as the tools of integration of the planning system, as well as strategic, tactical and operative feedbacks in the cybernetic loop of enterprise management.

scholarly journals Balanced Scorecard: estudo sobre sua utilização como instrumento de gestão na empresa Novo Nordisk no Brasil

ForScience ◽  
2019 ◽  
Vol 7 (2) ◽  
Author(s):  
Edmar Souza Moreira ◽  
Wagner de Paulo Santiago ◽  
Igor Veloso Colares Batista
Keyword(s):  
Strategic Planning ◽  
Balanced Scorecard ◽  
Common Knowledge ◽  
Methodological Approach ◽  
Structured Interviews ◽  
The Balanced Scorecard ◽  
Agency Conflict ◽  
Definition Of ◽  
Pharmaceutical Production

Difundido entre empresas de todo o mundo, o Balanced Scorecard, três décadas após a sua criação, continua sendo um instrumento utilizado pelas empresas para gestão do  Planejamento Estratégico. Este estudo tem o objetivo de analisar a utilização prática do Balanced Scorecard como instrumento de gestão do Planejamento Estratégico na empresa Novo Nordisk Produção Farmacêutica do Brasil Ltda., identificando pontos de divergência em relação à teoria criada por Kaplan e Norton nos anos 90. Para a realização da pesquisa, foi adotada a abordagem metodológica empírico analítica, com a condução de estudo de caso em uma unidade fabril da empresa localizada em Montes Claros – MG. Foram feitas 19 entrevistas semiestruturadas com diretores e gerentes e aplicados 207 questionários aos demais funcionários. Os resultados mostraram que entre os gestores da empresa existe um conhecimento comum em relação às premissas para definição do Planejamento Estratégico e  um alinhamento sobre o Balanced Scorecard.  Contrariamente ao exposto por Kaplan e Norton sobre as etapas de criação do Balanced Scorecard, verificou-se que o processo na Novo Nordisk em Montes Claros é desenvolvido de forma inversa, primeiro são recebidas as metas advindas da matriz, para então ser desenvolvido o Planejamento Estratégico que levará ao atingimento destas metas. A pesquisa mostrou ainda as adaptações feitas pela empresa em estudo ao modelo proposto por Kaplan e Norton, de forma a minimizar as barreiras oriundas do conflito de agência que podem levar ao insucesso na obtenção dos resultados esperados para as metas definidas no Planejamento Estratégico das organizações.Palavras-chave: Balanced scorecard. Metas. Planejamento Estratégico.Balanced Scorecard: study on its use as a management instrument in Novo Nordisk company in BrazilAbstractDiffused among companies around the world, the Balanced Scorecard continues to be an instrument used by the companies to manage the Strategic Planning, even three decades after its creation. This study aims to analyze the practical use of the Balanced Scorecard as an instrument for the management of Strategic Planning in Novo Nordisk Produção Farmacêutica do Brasil Ltda (Novo Nordisk Pharmaceutical Production of Brazil Ltda), identifying points of divergence from the theory created by Kaplan and Norton in the 1990s. To develop the research, the analytical empirical methodological approach was adopted, with the conduction of a case study at a company unit located in Montes Claros - MG. There were 19 semi-structured interviews with directors and managers and 207 questionnaires were applied to the other employees. The results showed that among the managers of the company there is a common knowledge regarding the premises for the definition of Strategic Planning and also an alignment on the Balanced Scorecard. Contrary to what Kaplan and Norton presented about the stages of the creation of the Balanced Scorecard, it was verified that the process at Novo Nordisk in Montes Claros is developed in an inverse way: first, the goals coming from the head quarter are received. Then the Strategic Planning, which will lead to the attainment of these goals, is developed. The research also showed the adaptations made by the company under study to the model proposed by Kaplan and Norton, in order to minimize the barriers from the agency conflict that can lead to the failure to obtain the expected results for the goals defined in the Strategic Planning of the organizations.Keywords: Balanced Scorecard. Goals. Strategic Planning.  

scholarly journals Positive image as a key factor of increasing the enterprise's competitiveness

2020 ◽  
pp. 36-40
Author(s):  
Svitlana FAIZOVA ◽  
Olha FAIZOVA ◽  
Viktoriia HUTSALOVA
Keyword(s):  
Value Creation ◽  
Balanced Scorecard ◽  
Corporate Image ◽  
Corporate Value ◽  
Integral Index ◽  
The Balanced Scorecard ◽  
Positive Image ◽  
A Value ◽  
Future Value

The article is devoted to defining the essence and role of corporate (value) image as a factor of the value-oriented competiti-veness at the enterprise. The relevance of topic is due to growing role of intangible assets, image of the company, in the growth of its market value. Need for further research is connected with the problem of valuation of image. It is also connected with fact that in the highly concentrated basic industries of economy in Ukraine the overwhelming number of enterprises are cost oriented. Purpose of the work is to improve methodology of assessing the image of a value-oriented enterprise based on the concept of Balanced Scorecard - BSC. The system-structural analysis and the method of logical generalization were used to clarify essence and place of image in the structure of intangible assets of the enterprise, factor and economic-mathematical analysis – to form the BSC management panel and to calculate the integral index of corporate image; critical analysis - to compare alternative approaches to form a Balanced Scorecard and role of company image in the implementation of its cost growth strategy. Assessment of the corporate (value) image of a metallurgical value-oriented enterprise is implemented by the normative method of integral evaluation of the investment attractiveness of enterprises and organizations. The Balanced Scorecard - BSC concept, which is emerged as a system of estimation of the cost and efficiency of the enterprise using measuring instruments of material and intangible factors of its value creation, was used as a tool for assessing the corporate (value) image of a metallurgical value-oriented enterprise. The validity of valuing image of a value-oriented enterprise based on the BSC concept is that a positive image of an industrial enterprise produces its future value in the stock market, which allows it to gain an edge over its competitors. The authors have improved the method of estimating the image of a value-oriented enterprise, which, unlike the known ones, involves the calculation of integral index of the corporate image of enterprise on the basis of the Balanced Scorecard. The comprehensive assessment of the indicator takes into account both positive characteristics and reasoning for the choice: significant orientation on expectations of the investment community; the possibility of taking into account contribution of intellectual capital of the enterprise in the creation of its future value; simplicity of calculation and availability of indicator logic perception at all levels of management; the ability to navigate key factors of value creation and value image of the enterprise to lower levels of management. The practical value of the proposed methodology for the assessment of corporate image is to determine the strategy of its adjustment and increase the strategic competitiveness of the enterprise.

scholarly journals Reengineering as an Innovative Basis to Reconstruct the Enterprise Management System

2020 ◽  
Vol 4 (46) ◽  
pp. 210-216
Author(s):  
V. V. Prokhorova ◽  
◽  
O. V. Bozhanova ◽  
Y. V. Yukhman ◽  
◽  
...  
Keyword(s):  
Management System ◽  
Enterprise Management ◽  
Innovative Development ◽  
Enterprise Information ◽  
Conceptual Foundation ◽  
Industrial Enterprises ◽  
World Economic ◽  
Enterprise Management System ◽  
Definition Of ◽  
Functional Components

The actual value of the topic lies in the fact that nowadays the development of the world economic system is accompanied by innovative processes. Innovative development of enterprises is the only possible way to steer a country’s economy out of crisis. For most domestic industrial enterprises it is necessary to completely abandon the traditional enterprise management system or, at least, to transform it. Thus, it is becoming more and more actual to use methods and tools, which can foster innovative development in various activity areas at an enterprise, and the importance of reengineering as an innovative basis for the reconstruction of the enterprise management system is growing. The article aims at designing a conceptual foundation for reengineering as an innovative basis for the reconstruction of the enterprise management system. The authors reveal the content of reengineering and demonstrate its importance as the innovative basis for reconstructing the enterprise management system. The advantages of using reengineering are highlighted, the essence of reengineering as an economic process is identified. It is stated that reengineering allows providing a systematic and comprehensive approach to the innovative refocusing and restructuring of the enterprise management system as a whole, or of its individual functional components. The authors’ own definition of "reengineering" is offered. It is substantiated that reengineering allows reconstructing the enterprise management system in an innovative way. The need for the reengineering of the enterprise management system is shown. The conceptual basis of reengineering as an innovative basis for reconstructing the enterprise management system is proposed. The basis contains the principles, on which reengineering is grounded as an innovative basis for reconstructing the enterprise management system; and the main stages of reengineering. Reengineering as an innovative basis for reconstructing the enterprise management system involves holistic and systematic modeling and fundamentally changes the enterprise information flow; as a result, the organization structure is simplified, resources are redistributed, individual resources consumption is minimized, product life is reduced, the service quality and image are improved.

scholarly journals MODIFICATION OF METHODOLOGICAL AND APPLIED TOOLS FOR DIAGNOSING THE FINANCIAL CONDITION OF A CONSTRUCTION COMPANY IN THE CONTEXT OF REMEDIATION MANAGEMENT

2021 ◽  
pp. 100-107
Author(s):  
Igor Orlenko ◽  
Ruslan Zhaldak ◽  
Oleh Prykhodko ◽  
Andrey Shpakov ◽  
Anna Shpakova ◽  
...  
Keyword(s):  
Management System ◽  
Construction Projects ◽  
Methodological Approach ◽  
Construction Project ◽  
Enterprise Management ◽  
Investment Projects ◽  
Theoretical Substantiation ◽  
Industrial Enterprises ◽  
Theoretical Approaches ◽  
Analytical Approaches

The practical premise of the study is that the existing practice of diagnosing the state of rehabilitation of enterprises is, to some extent, satisfactory for industrial enterprises, but is unsatisfactory for organizations and contractors who are the subjects of investment and implementation of construction investment projects. Thus, there is a need for fundamental adaptation and updating of scientific and methodological and analytical approaches to the content of rehabilitation processes for developers and other participants in the construction and investment process to the peculiarities of interaction of these entities within the microenvironment of the construction project. Theoretical approaches to the classification of changes in the activities of enterprises, theoretical substantiation of the development of approaches to enterprise management, differentiation and definition of the concepts of adaptation of enterprises to change and the management system of adaptation of enterprises to change are studied and systematized. Innovative is the criterion-calculation basis, the content of analytical modules and the special adjustment of the tools of preventive rehabilitation to the functional and economic features of the operating activities of the enterprise-developer of housing (EDH); on the economic content and regulations of interaction of EDH with investors and other stakeholders of the project; on the content of the life cycle of housing construction projects that in the process of creating value have transformational effects on the level and structure of operating assets and mutual obligations of EDH and its business counterparties. The theoretical and methodological approach to the creation of a comprehensive system for assessing the prerequisites for the formation of a management system for adaptation of the enterprise to change is formed. Created on the basis of theoretical developments, a set of applications successfully coordinates the processes of administration of the construction project cycle with the content and regulations of economic, organizational and managerial rehabilitation measures for the developer, in order to prevent EDH and its institutional partners from losing liquidity and insolvency crisis.

scholarly journals Investment and innovative development of industrial enterprises as the basis for the technological singularity

2019 ◽  
Vol 17 (3) ◽  
pp. 477-491
Author(s):  
Оlena Iastremska ◽  
Hanna Strokovych ◽  
Oleksiy Dzenis ◽  
Olena Shestakova ◽  
Timur Uman
Keyword(s):  
Methodological Approach ◽  
Machine Building ◽  
Innovation Activity ◽  
Innovative Development ◽  
Mathematical Methods ◽  
Industrial Enterprises ◽  
Innovation Activities ◽  
The Neural Networks ◽  
Technological Singularity ◽  
Development Evaluation

Investment and innovative development of industrial enterprises is driven by the influence on the sensitive indicators of their activity, which characterize technological singularity. Therefore, it is expedient to define them using adequate economic and mathematical methods that will identify the development and growth points that are characterized by the accumulation of information and are a manifestation of singularity. The purpose of the article is to determine the main sensitive indicators of the investment and innovative development of industrial enterprises, which are the points of technological singularity. The article proposes conceptual provisions for evaluating the investment-innovation activity of enterprises as a basis for their development. These provisions consider the activity of economic entities according to three states (functioning, growth, and development); evaluation of investment and innovation activities, both individually and in conjunction with the official statistical reporting of enterprises using a well-founded minimum sufficient system of partial indicators defined through the multidimensional factor analysis and combined into integral and summarizing indicators; determination of technological singularity points as a result of prediction of partial and summarizing indicators’ values via the neural networks method. A methodological approach is developed to substantiate the technological singularity points, the managerial influence on which is provided by the development of enterprises. The methodological approach is based on considering the investment-innovation activity nonlinearity, both explicit and latent tendencies of development, situationality and variability of its goals, strategic orientation and possible technological singularity of an enterprise. The proposals submitted were implemented based on statistical reports of the machine-building enterprises for 2014–2018.

Management System of Enterprise’s Innovative Development: Synergistic Approach

10.12737/6734 ◽  
2014 ◽  
Vol 2 (6) ◽  
pp. 47-52
Author(s):  
Флек ◽  
Mikhail Flek ◽  
Угнич ◽  
Ekaterina Ugnich
Keyword(s):  
Corporate Culture ◽  
Management System ◽  
Enterprise Management ◽  
Innovative Development ◽  
Industrial Enterprises ◽  
Modern Enterprise ◽  
Synergistic Approach ◽  
Innovative Economy ◽  
Enterprise Management System ◽  
Business Philosophy

The task of innovative economy formation requires rethinking of enterprise’s management system. This task solution from the standpoint of synergistic approach will allow improve an efficiency of industrial enterprises’ potential use, accelerate the rate of their innovative development and ensure their competitiveness. The enterprise’s innovative development management system and its components have been considered in this paper through the prism of synergistic approach. Strategic vision of the enterprise management system focuses on improvement of business philosophy and corporate culture, principles, tools and methods of enterprise functioning. Synergistic approach to modern enterprise management allows it to move on a new level of innovative development taking into account objective laws and natural logic of systems’ functioning.

scholarly journals Designing a marketing information system of an industrial enterprise

2018 ◽  
Vol 6 (1) ◽  
pp. 12-12
Author(s):  
Наталья Изакова ◽  
Natalya Izakova ◽  
Лариса Капустина ◽  
Larisa Kapustina
Keyword(s):  
Information System ◽  
Balanced Scorecard ◽  
Industrial Enterprise ◽  
Management Tools ◽  
The Balanced Scorecard ◽  
Industrial Enterprises ◽  
Test Methodology ◽  
Efficient Management ◽  
Marketing Information ◽  
Total Sales

The aim of the study is to develop and test methodology for establishing a marketing information system of an industrial enterprise using the balanced scorecard. The article suggests that the end result of designing the MkIS would be a comprehensive accessible data system that assists in making well-reasoned marketing decisions and evaluating the efficiency of their implementation. The authors also define the criteria for collecting and structuring marketing information. The structure of the MkIS proposed by the authors enables evaluating the influence of marketing investments on the financial performance of an industrial company. One-way ANOVA test is used to identify the factors that determine customer satisfaction level and its relation with the share of clients in total sales. The opportunities resulting from the suggested methodology can be used by industrial enterprises that need efficient management tools based on well-organized system of information flows.

Sign in / Sign up

Export Citation Format

Share Document