Integration of Key Performance Indicator Into the Corporate Strategic Planning: Case Study at PT

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Integration of Key Performance Indicator Into the Corporate Strategic Planning: Case Study at PT Available online at www.sciencedirect.com ScienceDirect Agriculture and Agricultural Science Procedia 3 ( 2015 ) 121 – 126 The 2014 International Conference on Agro-industry (ICoA) : Competitive and sustainable Agro- industry for Human Welfare Integration of Key Performance Indicator into The Corporate Strategic Planning: Case study at PT. Inti Luhur Fuja Abadi, Pasuruan, East Java, Indonesia Rheysa Permata Sari* Department of Agroindustial Technology, Faculty of Agricultural Technology, University of Brawijaya, Veteran Street 1, 65145, Indonesia Abstract The design of performance measurements has changed over the past few decades. Key Performance Indicators (KPIs) should be the vital navigation instruments used by managers and leaders to understand whether they are on course to success or not. The right set of KPIs will shine light on performance and highlight areas that need attention. This research objective was to design key performance indicators in corporate level, covering all stakeholders involving investors, customers, employees, and suppliers. The design and integration of Key Performance Indicator (KPI) was carried out using Performance Prism method, supported with Analytical Hierarchy Process (AHP) to determine the weight of integrated key performance indicators. 40 KPIs were created and integrated, consisting 10 KPIs of investors, 10 KPIs of customers, 10 KPIs of employees and 10 KPIs of suppliers. Research result showed that implementation of financial audits (I-7), the number of customer complaints (C-1), the level of healthy employees (E-2), and the time of payment to the supplier (S-1) are then determined as the leading indicators of corporate strategic planning to meet stakeholder satisfaction. ©© 20152015 The Authors. Published byby Elsevier Elsevier B.V. B.V. This is an open access article under the CC BY-NC-ND license (Peerhttp://creativecommons.org/licenses/by-nc-nd/4.0/-review under responsibility of Jurusan Teknologi). Industri Pertanian, Fakultas Teknologi Pertanian, Universitas Gadjah PeerMada.-review under responsibility of Jurusan Teknologi Industri Pertanian, Fakultas Teknologi Pertanian, Universitas Gadjah Mada Keywords:performance prism; key performance indicator; strategic planning * Corresponding author. Tel.: +62-881-331-2170; fax: +62-341-568917. E-mail address: [email protected] 2210-7843 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of Jurusan Teknologi Industri Pertanian, Fakultas Teknologi Pertanian, Universitas Gadjah Mada doi: 10.1016/j.aaspro.2015.01.024 122 Rheysa Permata Sari / Agriculture and Agricultural Science Procedia 3 ( 2015 ) 121 – 126 1. Introduction PT. Inti Luhur Fuja Abadi (ILUFA) was established in 1998. It was located in East Java, Indonesia. PT. ILUFA started as a seafood processor for local market. The company has expanded into export and import of seafood products. The number of Industries in Indonesia amounted to 23.327 (BPS, 2013). Base on above description shows that it has high potential for develop. Currently, PT.ILUFA has been observed their performance measurement in human resources level only currently many companies facing a competition in international trade, including PT.ILUFA. The company needs performance measurement that can show the performance of companies on corporate level which makes them more successful in international trade. By knowing the condition of the company, it needs performance management which aims to effectively meet the need and requirements of all stakeholders. Performance measurement is a quantifiable indicator used to assess how well an organization or business is achieving its desired objectives. The performance measurement information is an essential part of accountability that enables any organization to assess and report on progress (what is working well and what needs improvement), to determine priorities for improvement and set improvement target and to make program and budget decisions to maintain good performance and to improve performance in areas requiring improvement (Government of Alberta, 2006). It plays an important role in identifying and tracking progress against organizational goals, identifying opportunities for improvement and comparing performance against both internal and external standards (Department of Trade & Industry Report, 2000). The Performance Prism Model (PPM) can be used as one of performance management and measurement tool which is closely looking at measurement from a stakeholder perspective (Neely et al, 2001). The Performance Prism is an approach to performance management which aims to effectively meet the needs and requirements of all stakeholders. This research objective was to design key performance indicators in corporate level, covering all stakeholders involving investors, customers, employees, and suppliers. This paper also identified the key stakeholders, each of identified stakeholders’ wants and needs, what type of role the organization expect from each stakeholder and how can we use the organizational capabilities to achieve the specific strategies through existing process. Finally presents the interrelation between stakeholder need, organizational capabilities, existing process, strategies and stakeholders’ role by integrating all of KPI and then identified the leading indicators of corporate strategic planning to meet stakeholder satisfaction. 2. Method The purpose of the research performed within the corporation of PT.ILUFA was identified: • Key stakeholders • KPIs in each performance prism facet • Leading KPIs The research was performed during August 2011 in the PT.ILUFA. The research was accomplished by structured interviews, which took 60 minutes in average with 5 managers and also by collecting primary data. Data were gained by caring out the questionnaire for stakeholder representatives. The questions in questionnaire were formulated in order to provide validity, information value and thus contribute to the accomplishment of the defined goals. Questionnaire and related questions were divided into areas as follows: • Stakeholder satisfaction - Who are the key stakeholders and their wants and needs? • Strategies - What strategies do we need to deliver value to stakeholders? • Processes- what processes do we require to deliver these strategies? • Capabilities -What capabilities do we need to operate and enhance these processes? • Stakeholder contribution-what contribution do we require from our stakeholders if we are to maintain and develop these capabilities? After collecting data further analysis was carried out. The qualitative research was also applied in order to comprehend the results within brainstorming with Plant Manager to get KPIs which represent each performance prism facet. Further, the Production Manager experience was applied for validating the results as well. The experiences slightly influenced the results in way when the data were analyzed because author can demonstrate and evaluate the KPIs. Rheysa Permata Sari / Agriculture and Agricultural Science Procedia 3 ( 2015 ) 121 – 126 123 3. Corporate Strategy within Performance Prism Strategy map comprises essential part of performance prism. Developing the strategy map on the corporate level, managers have to define clear, measurable and attainable targets which lead to the enhancement of efficiency of the organization. Performance prism builds on the strengths of existing measurement system on shareholder value and brings innovation based on free premises. Therefore the Performance Prism consists of five interrelated facets, i.e. stakeholder satisfaction, strategies, processes, capabilities and stakeholder contributions. Above mentioned five facets of performance prism to identifying corporate strategy: 3.1 Stakeholder Identification The first step of stakeholder analysis is to identify the relevant stakeholders. A stakeholder analysis should start by identifying the key stakeholders. Various types of stakeholders are involving within the system of corporation. Neely et al (2001) have identified main stakeholder in corporate level. They are namely as investors, consumer, intermediaries, employees, regulator, community and suppliers. After interviewing plant manager the key stakeholders can be identified as investors, consumer, employees and suppliers. 3.2 Stakeholder Satisfaction What are they want and needs of stakeholders of PT.ILUFA. Investors wants detail financial reports and current assets turnover as guarantee for their investment. Customer wants good quality products with low prices and good services. Employees want awards for their performance, training to increase their skill and good health facilities. Suppliers wants enhance mutually beneficial cooperation. Figure 1 presented the selected stakeholders in PT.ILUFA and their wants and needs. However pointing out the specific need and wants from each stakeholder is not an easy task when considering the corporate level. Because corporate level consisted with multiple stakeholders and each stakeholder are having multiple needs and wants and also requirement of needs and wants also different. 3.3 Strategies, Processes and Capabilities Formulating strategies to add value to stakeholders and to fulfill stakeholder needs are more important. A company needs to look into existing and required corporate processes and corporate capabilities. At the same time strategies, processes and capabilities need to be linked
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