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The Balanced Scorecard for Port Authorities

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The Balanced Scorecard for Port Authorities The Balanced Scorecard for Port Authorities Presentation for Paul Arveson Balanced Scorecard Institute © 2007 Balancedwww.balancedscorecard.org Scorecard Institute - Do not copy without permission. 1 Some BSCI Clients & Partners Associations Financial Institutions Healthcare Industrial Golden Sunlight Mine Copper Development First Bank of Nigeria International Bank Association Of Moscow Not-for-Profit Workers Compensation Insurance Rating Bureau National Naval Medical Center Consulting Citizens National Mortgage Services Bank BearingPoint Deloitte Consulting Security and Intelligence Government Defense Department Air Defense U.S. House of U.S. Dept. of Defense US Army CIOG-6 Information Armament Representatives Joint Interagency (Chief Information Systems Defense Energy Customs Bureau Federal Bureau Command - Chief Admin. Office U.S. Department of Task Force US Air Force Officer) Agency Support Center of Investigation Homeland Security SOUTHCOM Education U.S. Marine Corps Software State and Local National Renewable Systems Command Energy Laboratory New York Office of General Memphis City Services Schools Institute University of Pinellas County West Indies Sheriff's Office Follett Corporation Mecklenburg Florida County NC Spectrum Royal Canadian Partners Mounted Police LLC Atlanta Public Muscogee County Franklin County, OH Greenville Utilities Commission Schools School District Pearson Educational Telecommunications Transportation Energy U.S. Government LukOil Department Oneida Tribe of Malaysia of Energy AMIRI Flight Abu of Wisconsin Croatian Telecom Dhabi, UAE © 2007 Balanced Scorecard Institute - Do not copy without permission. 2 The Key Strategic Issue ““PeoplePeople andand theirtheir managersmanagers areare workingworking soso hardhard toto bebe suresure thingsthings areare donedone rightright,, thatthat theythey hardlyhardly havehave timetime toto decidedecide ifif theythey areare doingdoing thethe rightright thingsthings..”” StephenStephen R.R. CoveyCovey © 2007 Balanced Scorecard Institute - Do not copy without permission. 3 What Is the Balanced Scorecard (BSC)? • The balanced scorecard is a strategic management system for establishing and communicating an organization’s vision, mission, and strategy to stakeholders and employees, and for aligning day-to-day work to the strategy • The balanced scorecard provides a framework for planning and measuring strategy as viewed from different dimensions, or perspectives, of organizational performance • The balanced scorecard uses performance measures to monitor strategic success and guide the selection of strategic initiatives. The measurements also provide guidance in budgeting and allow the organization to learn what works. © 2007 Balanced Scorecard Institute - Do not copy without permission. 4 Balanced Scorecard History • 1990 - Nolan Norton Institute study on balanced measures of financial and non-financial performance in several organizations • David Norton, study leader • Robert Kaplan, academic consultant from Harvard • 1996 - “The Balanced Scorecard” book published • Introduced the BSC concept and rationale for balanced measures • 1997 - Foundation for Performance Measurement founded • 1998 - Balanced Scorecard Institute founded • Merged 2003, now incorporated as Strategy Management Group, Inc. • 2001 - “The Strategy-Focused Organization” book published • Introduced the strategy map • 2004 - “Strategy Maps” book published • 450 pages of strategy map examples and case studies • The BSC is now used by over 65% of Fortune 1000 companies; increasingly being adopted by Federal agencies, by state and local organizations, and internationally. © 2007 Balanced Scorecard Institute - Do not copy without permission. 5 How the BSC Can Help Port Authorities • Simplifies management by focusing attention on a few high-impact Strategic Themes • Communicates vision and strategy effectively by using Strategic Objectives and Strategy Maps • Uses performance measures to maintain alignment to strategies and reward the right behaviors • Provides agility and flexibility in the midst of rapid and continuous change • Helps everyone to maintain focus on the most important things © 2007 Balanced Scorecard Institute - Do not copy without permission. 6 Why Strategic Management And The Balanced Scorecard? Where We Are: Where We Want To Be: • Alignment of the organization leads to: • Identifying Strategic Performance Measures • Customer focus • Improved Communication • Results-based justification for funding • Mission effectiveness © 2007 Balanced Scorecard Institute - Do not copy without permission. 7 Make Strategy Everyone’s Job © 2007 Balanced Scorecard Institute - Do not copy without permission. 8 The Balanced Scorecard … IS: IS NOT: A strategic management Only a performance system measurement system A tool for evaluating A report card on my individual organizational performance performance A system for providing An executive information feedback where it is needed system for top leaders only Supported by software after A piece of software you can metrics are defined just buy and plug in A long-term journey A short-term project © 2007 Balanced Scorecard Institute - Do not copy without permission. 9 Balanced Scorecard Perspectives Perspective Key Result Key Questions Through the eyes of our Customer/ customers and stakeholders: Stakeholder Satisfaction how well do our products and services meet their needs? For businesses: how do we create value for our owners? Financial Increased revenues, For government and not-for- Stewardship Reduced costs profits: how do we maximize value and effectiveness of our mission? How can our employees improve internal processes to deliver Internal Operational Processes our products and services Efficiency better, faster, and cheaper? How can we support the internal Capacity Knowledge, Building processes through improved Tools & Innovation skills, technology, & leadership? © 2007 Balanced Scorecard Institute - Do not copy without permission. 10 The Balanced Scorecard Translates Strategy Into Operational Terms (Public Sector) Mission Vision Customer/Stakeholder Perspective “To achieve our mission, what •Price customer needs • Speed must we serve?” • Quality Financial Perspective “How can we • Productivity maximize the • Effectiveness value of our •Growth mission? Internal Process Perspective “To satisfy our customers, at which • Cost business processes • Cycle Time must we excel?” • Efficiency Capacity Building Perspective • Skills & Knowledge “To excel in our processes, what • Technology capacities must our • Culture organization • Leadership have?” © 2007 Balanced Scorecard Institute - Do not copy without permission. 11 Strategic Planning Framework: The “BSC House” Values Mission Vision Enablers Challenges/Pains Sample Strategic Customer Value Proposition Themes Strategic Results Customer / End User Partnerships Operational Excellence Excellence Strategic Change Culture Financial Service Internal Processes Capacity PERSPECTIVES Building Engaged Leadership Interactive Communications © 2007 Balanced Scorecard Institute - Do not copy without permission. 12 Each Strategic Theme Supports A Strategic Result Strategic Result or Outcome Customer Financial Strategic Theme Internal Processes PERSPECTIVES Capacity Building © 2007 Balanced Scorecard Institute - Do not copy without permission. 13 A Strategic Theme Contains Strategic Objectives Strategic Result or Outcome Customer Financial Internal Processes Strategic PERSPECTIVES Objectives Capacity Building © 2007 Balanced Scorecard Institute - Do not copy without permission. 14 Key To A Successful Scorecard: EXAMPLE a Strategy Map Increase Customer Lower Satisfaction Wait Time Financial / Reduce Stewardship Costs Reduce Lower Internal Procurement Cycle Time Processes Steps Capacity Upgrade Improve Building Equipment Strategic Skills © 2007 Balanced Scorecard Institute - Do not copy without permission. 15 EXAMPLE BSC for a Regional Airline Mission: Dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. Vision: Continue building on our unique position -- the only short haul, low-fare, high-frequency, point-to-point carrier in America. Strategic Theme: Objectives Measures Targets Initiatives Operating Efficiency Financial • Profitability • Market Value • 25% per year • Optimize Profitability routes • Lower costs • Seat Revenue • 20% per year • Standardize Increase Increased Plane Lease Lower costs • • • 5% per year planes Revenue revenue Cost • FAA On Time • First in • Quality More management On-time • On-time flights Arrival Rating industry Customer Customers flights • Lowest prices • Customer • 98% • Customer Lowest • More Customers Ranking Satisfaction loyalty program Prices • No. Customers • % change PERSPECTIVES • On Ground • Cycle time Reduce • Reduce Time • <25 Minutes optimization Turnaround turnaround 93% Internal Time • On-Time • program Process time Departure • % Ground crew • Stock • yr. 1 70% stockholders ownership plan Align • Align yr. 4 90% Ground crew Capacity Ground ground crews • % Ground crew yr. 6 100% • training Building Crews trained © 2007 Balanced Scorecard Institute - Do not copy without permission. 16 Building & Implementing A Balanced Scorecard: Nine Steps To Success™ •• OrganizationOrganization PainPain •• OrganizationOrganization EnablersEnablers • Vision & Mission • Performance Results • Vision & Mission • Revised Strategies •• ChangeChange ManagementManagement •• BSCBSC DevelopmentDevelopment PlanPlan • Alignment
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