Representation of enterprise capital assets usage efficiency in the balanced scorecard

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Authors:

S.B. Dovbnia, Dr. Sci. (Econ.), Professor, National Metallurgical Academy of Ukraine, Head of the Department of Economy of Industry, Dnipropetrovsk, Ukraine

Abstract:

Purpose. To improve the structure of balanced scorecard taking into account features and problems of domestic industrial enterprises and to substantiate the index set that represents the condition and usage efficiency of capital assets.

Originality. We have developed the concept of the balance and improved the balanced scorecard and the methods of its formation. It has been determined that balance of the system is achieved by reaching the balance in the following fields: between the factors of internal environment and those of external environment; between lag indicators and lead indicators; between indices characterizing different aspects of enterprise activity, including: production, marketing, usage of primary resources, personnel, management system and others; between indices of different hierarchy levels of an enterprise; between financial and nonfinancial indices. The analysis of the traditional structure of balanced scorecard and its indices shows the lack of indicators representing the usage efficiency of capital assets.

Findings. As a result of the research the improved methods of balanced scorecard formation have been developed. These methods suppose to introduce the component of “Operating Activities” which consists of the following units: “Raw Materials”, “Capital Assets”, “Management of Operating Processes”. The composition of indices for every additional block has been substantiated.

Practical value. The improved structure of balanced scorecard is of practical value as it precisely reflects the specificity of industrial enterprises and allows us to evaluate the condition of capital assets promptly and correctly, to determine the efficiency of their usage, to analyze actions on capital assets renewals and also to provide efficient resources allocation corresponding to the strategy of the enterprise. The usage of the given system at industrial enterprises will allow providing validity of strategy formation and will increase the efficiency of its fulfillment.

 

References:

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Robert S. Kaplan and Dale P. Norton (1996), The Balanced Scorecard: Translating Strategy into Action, Harvard Business Press Books.

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ISSN (print) 2071-2227,
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