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Published by: Business Intelligence
Published: May. 1, 2000 - 390 Pages
Table of Contents
About Business Intelligence
About Balanced Scorecard Collaborative
Author Profile
Acknowledgements
Foreword
Preface
Chapter 1: Introduction
Executive Summary
Section A: Context
The Challenge to Finance
Research Finding
Section B: Value-adding Finance
Research Findings
Elements of Value-adding Finance
Section C: Contributing to Strategy Implementation with the Balanced
Scorecard
The Balanced Scorecard Explained
Case Report: Coca-Cola Beverages Sweden
Scorecard Ownership
'Unbalanced' Scorecards
Section D: An Integrated Management Approach
Budgeting and Planning Shortcomings
Case Report: Diageo
Steps for Linking Strategies to Resource Allocation and Budgeting
Implications for Finance Professionals
Section E: Becoming a Business Partner
Case Report: International Truck and Engine Corporation
Case Report: Royal Bank of Scotland
Section F: Leveraging Technology Throughout the Company
Web-based Technologies
The Threats of Information Technology
Section G: Delivering Shareholder Value
Case Report: Skandia - Shareholder Value and Intellectual Capital
Section H: Delivering World-class Financial Processes
Shared Services and Outsourcing
Section I: The Finance Scorecard
Finance Scorecard Examples
Section J: Conclusion
Key Learning Points
Case Study: Diageo
Chapter 2: Transforming Business Performance Management and Measurement
Executive Summary
Section A: Context
Acceptance by the Business
An Integrating Framework
Aligning the Budget with Strategic Initiatives: Kaplan's Four-step Process
Section B: Research Findings
Obstacles to Business Partnering
Section C: Finance as Custodians of New Integrated Management
Frameworks
Key Research Findings
The Balanced Scorecard and Business Integration
Case Report: Nationwide Financial Services
Section D: Rethinking the Budgeting Process
The Strain of the Budget
Research Findings
Planning and Performance Measurement Study
Why a Good Strategy is not Enough
Case Report: Diageo
Case Report: SKF
Case Report: Borealis
Rolling Forecasts
Activity-based Budgets
Budgeting Research Programme
Section E: Barriers to Integration
Difficulties in Re-engineering the Planning Process
Re-engineering Success Case Reports
Case Report: Xilinx
Case Report: Nationwide Financial Services
Section F: Balanced Scorecard — Critical Success Factors
Case Study Examples
Scorecard Success and Failure
Skills Requirements
Section G: Conclusion
Key Learning Points
Case Study: The Royal Bank of Scotland
Chapter 3: The Finance Scorecard: Exclusive Research
Executive Summary
Section A: Ten Key Findings
Section B: Context
Comparison with 1997 Findings
Section C: The Role of the Finance Function
Broader Business Skills
Customer Feedback
Benchmarking
Section D: Re-engineering or Radical Restructuring of the Finance
Function
Section E: Outsourcing and Shared Services
Outsourcing
Shared Services Centres
Section F: Corporate Performance Measurement
New Performance Measures
The Finance Scorecard
Shareholder Value Techniques
Intellectual Capital Measures
Integrating Strategic Planning, Budgeting and Performance
Measurement
Section G: Future of the Finance Function
Risks to Finance
Effectiveness of Professional Institutions
Implications of E-commerce
Mergers and Acquisitions
Section H: Conclusion
Key Learning Points
Chapter 4: Managing, Implementing and Communicating Shareholder Value
Executive Summary
Section A: Context
Measures of Shareholder Value
Section B: Explaining EVAŽ
Making a Capital Charge
EVAŽ Calculation Example
Accounting Anomalies
Section C: Shareholder Pressure
The Power of Pension Funds
Future Directions
What Investors Look For
Section D: EVAŽ as Management System
The Four Ms
How EVAŽ can be Considered a Management System
Case Report:Alltrista
Case Report: Millennium Chemicals
Section E: Acquisitions and Strategic Disposals
Acquisitions
Strategic Disposals
Strategic Repositioning
Summary
Section F: EVAŽ and the Balanced Scorecard
Understanding the Wider Sources of Value
Translation Difficulties
Case Report: MultiCom
Case Study Examples
Research Findings
Summary
Section G: Incentive—Compensation Mechanisms
An EVAŽ-based Incentive—Compensation System
Case Report: Sirona
EVAŽ-based versus Traditional Compensation Systems
Section H: Creating the EVAŽ Mindset
Internal Communications
Case Report: Siemens KWU
Case Report: Tate & Lyle
Training
Case Report: Millennium Chemicals
Overcoming Resistance
Section I: EVAŽ Shortcomings
EVAŽ and Intellectual Capital Measurement
Section J: Communicating Shareholder Value
Section K: Conclusion
Key Learning Points
Case Study: Tate & Lyle
Case Study: Millennium Chemicals
Chapter 5: Driving Excellence in Finance Processes
Executive Summary
Section A: Context
Section B: Activity-based Approaches
Definitions
Section C: Activity-based Approaches and the Balanced Scorecard
Case Report: Royal Bank of Scotland
Case Report: International Truck and Engine Corporation
Activity-based Approaches and Other Performance Improvement Tools
Case Report: Sallie Mae
Section D: Activity-based Budgeting
Definition
Activity-based Budgeting in Practice
Section E: Implications for Finance Professionals
A Value Adding Focus
A Ten-point ABC/ABM Implementation Guide
Section F: Benchmarking
What is Benchmarking?
Case Report: BT
Case Report: Celestica
Research Findings
Benchmarking Benefits
Section G: Benchmarking Findings
Main Processes Benchmarked
Benchmarking Data
PriceWaterhouseCoopers' Benchmark
Ensuring Data Relevance
Implementing a Benchmarking Programme
Gunn Partners' Benchmarking Process
Case Report: IBM
Benchmarking Conclusion
Section H: Conclusion
Key Learning Points
Case Study: International Truck and Engine Corporation
Chapter 6: Measuring the Effectiveness of Financial Shared Services Centres and Outsourcing
Executive Summary
Section A: Context
Section B: Financial Shared Services Centres and Outsourcing
Definitions
Key Approach Differences
Approach Fusion
Section C: Benefits of Shared Services
Achieved Benefits of Shared Services
Case Report: AlliedSignal
Shared Services: Research Evidence
Section D: Benefits of Outsourcing
Research Findings
Section E: Shared Services — Critical Success Factors
Making the Business Case
Shared Services — Total Process Costs
Performance Measures
Change Management
Effective HR Management
Section F: Outsourcing — Critical Success Factors
Culture Fit
Understanding the True Process Costs
Continuous Improvement
Robust Performance Measures
Staff Involvement
Vendor Selection — Critical Success Factors
PriceWaterhouseCoopers Six CSFs
Section G: Performance Measurement
Hackett BenchmarkingSolutions Shared Services Benchmark
Section H: Balanced Scorecard
A Shared Services Centre Scorecard
Case Report:Whirlpool
Case Report:American Express
An Outsourcing Scorecard
Section I: Conclusion
Key Learning Points
Case Study: Whirlpool Shared Services Centre
Case Study: Elf Oil UK
Chapter 7: Creating Future Value
Executive Summary
Section A: Context
Section B: Intellectual Capital
Definition
Section C: Benefits of Measuring and Managing Intellectual Capital
Research Findings
Creating Economic Value
Case Report: Clarica
Assured Survival
Improved Investor Understanding
Improved Internal Understanding
Improved Profitability of Hidden Resources
Case Report: Dow Chemical Company
Section D: Intellectual Capital and the Balanced Scorecard
Section E: Knowledge Management
Knowledge Hierarchy
Section F: The Balanced Scorecard and Knowledge Management
Research Findings
Section G: Intellectual Capital Metrics
Measuring Human Capital
Case Report:Whirlpool Europe Shared Services
Case Report: Royal Bank of Scotland
Structural Capital
Case Report: Coca-Cola Beverages Sweden
Customer Capital
Choosing the 'Key' Measures
Section H: Intellectual Capital and the Finance Function
Case Report: Skandia
Case Report: Clarica
Section I: E-commerce
Research Findings
Definition
Changing the Shape of Organizations
The Pressures on Measurement
Integrating the Customer Supply Chain
Section J: Implications for the Finance Function
Information Management
Finance Function Skills Requirements
Section K: Conclusion
Key Learning Points
Case Study: Skandia
Case Study: Nestlé
Chapter 8: Developing the Finance Scorecard
Executive Summary
Section A: Context
Section B: Benefits of a Finance Scorecard
Questioning the Value of Finance
Value Components
Case Report: Coca-Cola Beverages Sweden
Research Findings
Can a Finance Scorecard be Stand-alone?
Section C: Designing and Implementing a Finance Scorecard
Key Factors
Functional Vision
Case Report: Coca-Cola Beverages Sweden
An Implementation Template
Case Report: ABB Sweden
Human Resource Policies
Choosing Measures
Section D: Finance Scorecard Templates
The Balanced Scorecard Collaborative
Melville Template
Summary
Section E: Skills Requirements
Overview of Skills Required
Financial Perspective
Customer Perspective
Internal Perspective
Learning and Growth Perspective
Section F: Conclusion
The Balanced Scorecard
A Considerable Challenge
The Future: Finance in 2005
Key Learning Points
Case Study: Coca-Cola Beverages Sweden
Appendix — Listings
References
Index
AbstractWith a Foreword by Dr David Norton, President of Balanced Scorecard Collaborative, this major new report from Business Intelligence reveals how top finance professionals are doing just this through implementing management techniques such as activity-based management, value-based management, financial shared services centres, e-commerce strategy implementation and intellectual capital development. Crucially, the report places these skills within the framework of a Balanced Scorecard, both organization wide and specific to the finance function.
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