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Balanced Score CardHarish G PaiNeetu Dhoot

Manish Tawde

Mayank Paua

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Thoughts on Performance Management

When you can measure what you are speaking

about, and express it in numbers, you know

something about it; but when you cannot

measure it, when you cannot express it innumbers, your knowledge is of a meager and

unsatisfactory kind.

William Thompson (Lord Kelvin), 1824-1907

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Table of contents - Agenda

Balanced Score Card (BSC) basics

How to prepare a BSC

Case Study TALIC Opportunities & Challenges

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What is balanced Score card ?

A new approach to strategy implementation

Developed in the early 1990s by Drs. Robert

Kaplan and David Norton The BSC is a comprehensive management

performance control tool with a strong focus

on vision and strategy

The strategy is translated into specific tactical

performance-driving activities

Measures are established for each activity

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BSC Works on 4 perspectives

Internal Service

Process

To satisfy our shareholders and

customers, what business processmust we excel at?

Financial

To succeed financially how

should we appear to ourshareholders ?

Customer

To achieve our vision, how should

we appear to our customer

Vision and

Strategy Learning and

GrowthTo achieve our vision, how will

we sustain our ability to change

and improve ?

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Financial Perspective

What financial steps are necessary to ensure the execution of

our strategy/goals?

Are the programs/ departments goals, implementation, and

execution contributing to the bottom line? Are we meeting operational and financial targets?

Internal Service Process Perspective

What critical processes must we excel at to satisfy our

customers/stakeholders?

What must be done internally to meet customer

expectations?

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Customer Relations Perspective

Who are our target customers?

How do our customers see us?

How do customers rate our performance?

Learning and Growth Perspective

How can we continue to improve? What capabilities and tools do our employees need to execute

our strategy/goals?

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TALIC vision statement

To be the most trusted life insurance company that valuescustomers financial well being, consistently delivering best-

in-class solutions and respected by all.

Most Trusted: by consistently delivering on our promise topolicyholders, distribution partners, to one another as

professionals.

Values Customers : with customer at centre, growth is bound

to happen.

Respected by all : Good human relations are essential to the

success of any enterpriseJRD Tata

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TALIC operations mission statement

The team will align its objectives to enable business &

strive for excellence with focused efforts in following

areas:

Scalability, expansion & improved time to market.

Customer service & quality improvement

Strategic projects

Risk management

Operational excellence

People development

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BSC as aMeasurement System 4 perspectives

Internal Service

Process

Distribution Servicing

Financial

Profitability

Customer

Complaints Handling

POS FTR

Vision and

Strategy Learning and

GrowthOperations Training conducted

on periodic basis

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Major Opportunities

Good measure for qualitative information

Allows combining several measurements Improves Internal & External

Communication

Helps to integrate strategic planning &Management

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Major Challenges

Maintaining Momentum

Engaged leadership

Myth : Its a short term project Getting participation from all

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