THE MANILA TIMES
Business Times p.B1
Thursday, April 21, 2005
LEARNING & INNOVATION
By Moje Ramos-Aquino, FPM
Measures for key value creation processes
Habemus papam! Prayers for Pope Benedict XVI.
As we rejoice and welcome the new Vicar of Christ, let’s move on with our Journey on Entrepreneurship using the Balanced Scorecard. These past many columns we’ve been identifying and discussing key value creation processes of different entrepreneurial endea¬vors.
According to the Baldrige Criteria for business excellence, these are your key product, service and business processes that create value for your customers and other key stake¬holders and improve your marketplace and operational performance.
In order to manage these processes, we need to measure them. To measure them, we need to identify, design, deploy, implement and perform them system-wide to meet the requirements of customers and integrate them to meet your organizational needs.
In his book, Balanced Scorecard Step by Step, Paul Niven identified a number of measures of internal process:
Average cost per transaction
Average lead time
Research and development expense
Average age of patents
Ration of new products to total offerings
Labor utilization rates
Response time to customer requests
Customer database availability
Cycle time improvement
Lead use identification
Products and services in the pipeline
Internal rate of return on new projects
Frequency of returned purchases
Time to market of new products/services
New products introduced
Number of positive media story
It is also important that you have fact-based, systematic evaluation of these processes in place to ensure continuous improvement and organizational learning.
Next columns, we’ll benchmark with successful entrepreneurial ventures on how they measure their internal capabilities vs. their vision, mission, values and goals.
If you want us to feature your own business, just send us an email.
ASTD 2005. The American Society for Training and Development (ASTD) International Conference and Exposition will take place in sunny Orlando, Florida, on June 5 to 9.
Among the 200 featured speakers are former NYC mayor Rudy Giuliani; NYC Leadership Academy head, Bob Knowling; National Geographic staffer Steve Uzzell; world-renowned expert on creative thinking Edward de Bono; father of human capital strategy and analysis Jac Fitz-enz; futurist on technology, learning and people Elliott Masie; leaders in human performance improvement Jim and Diana Gaines Robinson.
A new feature this year is the Innogizer series. These innovative sessions are designed to energize you at the end of a long conference day. Innogizers will revitalize your ability to engage and learn. Likewise, ASTD is partnering with Disney to offer a special preconference workshop entitled, Organizational Creativity, Disney Style. This workshop will provide learners with an opportunity to experience the business behind the magic at the Walt Disney World® Resort by focusing on the ways the business structure fosters a collaborative environment that enhances creativity.
For details go to www.¬astd.org. Simply write the delegation code “10429860” in your registration form to avail of discounted registration fee.
(Moje, president of Paradigms & Paradoxes Corp., assists entrepreneurs in their journey to business, organization and human resource excellence. Her email address is moje¬@mydestiny.net)