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Essay Assignment_Alto_MBA_Coming up short on non-financial performance measurement

비재무적 성과 평가 방법
8 페이지
워드
최초등록일 2023.02.04 최종저작일 2022.06
MBA 경영학 Aalto 경재학
8P 미리보기
Essay Assignment_Alto_MBA_Coming up short on non-financial performance measurement
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    목차

    1. What are the main arguments?
    1) Causal model for nonfinancial performance meausre
    2) Common mistakes when measuring nonfinancial performance
    3) 6steps for realizing the full promise of nonfinancial performance measures.

    2. How does this relate to the organization you are working at and why?

    본문내용

    1. What are the main arguments?
    1) Causal model for nonfinancial performance meausre
    In the past decade, increasing numbers of companies have been measuring nonfinacial indicators that are usually believed that those reflect realms of intangible value and ultimately affect protiability, such as customer satisfaction, customer loyalty, and employee turnover, etc. But most companies have made little attempt to identify areas of nonfinancial performance that might advance their chosen strategy. Nor have they demonstrated a cause-and-effect link between improvements in those nonfinancial areas and financial profitablitiy. Even worse, nonfinancial measures would be eaqually manipulated as financial accounting, intentioanl or not.

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  • AI와 토픽 톺아보기

    • 1. Causal model for nonfinancial performance measure
      Nonfinancial performance measures are crucial for organizations to evaluate their progress beyond just financial metrics. A causal model for nonfinancial performance measures can help establish the linkages between various organizational activities, processes, and outcomes. This model should identify the key drivers of nonfinancial performance and how they contribute to the overall strategic objectives of the organization. By understanding these causal relationships, organizations can better allocate resources, make informed decisions, and continuously improve their nonfinancial performance. The causal model should be tailored to the specific context and industry of the organization, taking into account factors such as customer satisfaction, employee engagement, operational efficiency, and innovation. Developing and regularly updating this causal model can provide valuable insights and help organizations achieve their nonfinancial goals more effectively.
    • 2. Common mistakes when measuring nonfinancial performance
      Measuring nonfinancial performance can be challenging, and organizations often make common mistakes that undermine the effectiveness of their efforts. One common mistake is selecting inappropriate or irrelevant metrics that do not align with the organization's strategic objectives. Another mistake is failing to establish clear definitions and targets for the nonfinancial measures, leading to inconsistent data collection and interpretation. Organizations may also struggle with data quality issues, such as inaccurate or incomplete data, which can skew the results and lead to flawed decision-making. Additionally, some organizations may focus too heavily on short-term metrics at the expense of long-term, strategic measures, or they may fail to integrate nonfinancial performance data with financial data to gain a holistic view of organizational performance. To avoid these pitfalls, organizations should carefully design their nonfinancial performance measurement systems, ensure data quality, and continuously review and refine their metrics to ensure they remain relevant and aligned with their strategic priorities.
    • 3. 6 steps for realizing the full promise of nonfinancial performance measures
      Realizing the full promise of nonfinancial performance measures requires a comprehensive and strategic approach. Here are six key steps organizations can take: 1. Align nonfinancial measures with strategic objectives: Ensure that the selected nonfinancial measures directly support the organization's overall strategic goals and priorities. 2. Establish clear definitions and targets: Clearly define the nonfinancial metrics, their measurement methods, and set realistic and achievable targets to track progress. 3. Integrate financial and nonfinancial data: Combine financial and nonfinancial performance data to gain a holistic understanding of organizational performance and identify interdependencies. 4. Develop a data governance framework: Implement robust data governance practices to ensure the accuracy, reliability, and timeliness of nonfinancial performance data. 5. Communicate and engage stakeholders: Regularly communicate nonfinancial performance results to all relevant stakeholders, including employees, customers, and investors, to foster transparency and accountability. 6. Continuously review and refine: Regularly review the nonfinancial performance measurement system, assess its effectiveness, and make necessary adjustments to ensure it remains relevant and aligned with the organization's evolving needs.
    • 4. Nonfinancial performance measurement in banking
      Nonfinancial performance measurement is crucial in the banking industry, as it helps organizations evaluate their progress beyond traditional financial metrics. In the banking sector, key nonfinancial performance measures may include customer satisfaction, service quality, employee engagement, operational efficiency, and compliance with regulations. Customer satisfaction is a critical nonfinancial measure, as it reflects the bank's ability to meet the needs and expectations of its clients. This can be assessed through surveys, feedback, and metrics such as customer retention rates and the number of complaints. Service quality is another important nonfinancial measure, as it reflects the bank's ability to deliver efficient, reliable, and personalized services to its customers. This can be measured through metrics such as transaction processing times, the accuracy of account information, and the availability of digital banking channels. Employee engagement is also a crucial nonfinancial measure, as it reflects the bank's ability to attract, retain, and motivate its workforce. This can be assessed through employee satisfaction surveys, turnover rates, and the number of training and development opportunities provided. Operational efficiency is another key nonfinancial measure, as it reflects the bank's ability to optimize its internal processes and reduce costs. This can be measured through metrics such as the number of transactions processed per employee, the time taken to resolve customer inquiries, and the frequency of system downtime. Finally, compliance with regulations is a critical nonfinancial measure, as it reflects the bank's ability to adhere to industry standards and mitigate legal and reputational risks. This can be assessed through metrics such as the number of regulatory violations, the timeliness of regulatory reporting, and the effectiveness of the bank's risk management practices. By effectively measuring and managing these nonfinancial performance indicators, banks can enhance their overall competitiveness, improve customer satisfaction, and ensure the long-term sustainability of their operations.

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