Top Management Workshop October 18, 2010 Horgen, Switzerland

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1 Top Management Workshop October 18, 2010 Horgen, Switzerland The fast changing world of Corporate Performance Management Faced with difficult and volatile economic times, executives recognize the importance of measuring and managing their company s business performance. Global surveys regularly report that effective strategy execution is senior leadership s number one priority. External pressure from regulators, media, and the public require improved transparency of the company s performance. Powerful capabilities exist to help with this, such as accurate cost and profitability reporting systems, strategy maps and scorecards, and dynamic budgeting and resource allocation systems. But executives also need to build the necessary organizational and motivational processes to stimulate all managers and employees to respond to the changing market environment, to manage costs, transform unprofitable products, services, and customers into profitable ones, and build the competencies and capabilities for effective strategy execution. Furthermore, all these tools and capabilities need to be integrated into a coherent corporate performance management (CPM) framework. The purpose of this workshop is to better understand Corporate Performance Management and give an overview of the concepts and frameworks associated with it, but also to give you tools and techniques that you can apply immediately to better organize and run your performance management processes. On October 18 th we will explore how strategy maps, Balanced Scorecards, Activity Based Cost systems and dynamic planning and budgeting systems and effective leadership and change management can be integrated for effective resource allocation, employee alignment, and continual performance monitoring, learning, and adapting. Special attention is given to the Time Driven Activity Based Costing innovation which allows for simpler and more powerful measurement of product and customer profitability, even in complex and dynamic environments with millions of transactions each month. We show how this new ABC system can be integrated with the Balanced Scorecard and how it contributes to the effectiveness of planning and budgeting and Value Based Management.

2 Developing a Strategy Focused Organization Building on the Strategy Map and the Balanced Scorecard, organizations can make strategy a continuous process, motivating the entire enterprise, from the senior management team to frontline staff for effective strategy implementation. PRINCIPLE 1: Mobilize Change through Leadership. You, as an energetic leader, can establish a sense of urgency, create a strong leadership team, and develop a clear and shared vision and strategy. PRINCIPLE 2: Translate Strategy into Operational Terms. Executive teams use the strategy map to better understand strategy, translate the strategy map into a Balanced Scorecard, set performance targets, and define the strategic initiatives needed to realize the targets. PRINCIPLE 3: Align the Organization to the Strategy. During the development process, executives cascade strategy down and across the entire organization to ensure aligned performance management processes; vertically from corporate to business units, to functions at all organizational levels and horizontally, promoting interorganizational cooperation to achieve corporate synergies.

3 PRINCIPLE 4: Make Strategy Everyone s Job. Communication and education programs ensure that all employees understand the strategy and are motivated to execute it; including linking personal goal setting and incentive compensation tied to the strategic measures on the business unit s Balanced Scorecard. PRINCIPLE 5: Make Strategy Management a Continual Process. Managers link strategic objectives to operational priorities and implement strategy review meetings for continual review of strategic performance. The periodic meetings incorporate data on operational and strategic performance to test and adapt the strategy. Through the implementation of the Strategy Focused Organization an Execution Premium can be earned. Resources get allocated to strategic priorities, employees receive training and on the job experiences that enhance their ability to execute strategic processes, and performance management systems become aligned to strategic priorities. Through communication and focus the intrinsic motivation of managers and employees increases. Through communication and focus the intrinsic motivation of managers and employees increases. Employees become empowered to take actions that drive successful strategic outcomes. A premium is earned for the company through better execution. Time Driven Activity Based Costing: the engine of the next generation of Corporate Performance Management In their groundbreaking article in Harvard Business Review Professor Robert Kaplan and Steve Anderson developed a new approach to ABC, called Time Driven ABC that both simplifies the development of an accurate cost and profit measurement system, and enables it to be updated easily as changes occur in processes, products, and customers. The innovation of Time Equations enables even highly complex processes and customer demands to be accurately modeled and costed. Compared to traditional rate based ABC, Time Driven ABC is faster to implement, is enterprise wide scalable, gives managers a better insight into the profitability of their strategic options, aligns resource capacity planning to strategic forecasts and continuous process improvements, and helps them identify new strategic initiatives that transform unprofitable operations into profitable ones. Companies experience TD ABC as the central costing engine: Providing cost and profitability performance measures to the Balanced Scorecard Providing detailed information on customer profitability Reporting of Economic Profit on the lowest level of granularity Providing key cost information for strategic pricing and internal transfer pricing Reporting unused capacities Supporting process based management by providing cost and profitability information that reflect performance across functional or departmental boundaries. TD ABC systems help companies to measure, analyze, predict and optimize Cost and Net Operating Profits at any level of granularity desired including products, vendors, customers, even individual transactions, in order to maximize shareholder value.

4 Attend the workshop and learn: How to create sustainable motivation for performance at all levels of the organization. How to create an organization where performance and employee satisfaction go hand in hand. How to create improved transparency and accuracy of costs and profitability in complex and dynamic environments by using Time Driven ABC in cost and profitability reporting. How to integrate strategic planning, Balanced Scorecards, ABC systems, Lean Management, Business Process Management and Individual Performance Contracts into one integrated performance management system. How incentive systems can be optimized. How to design management control systems to stimulate creativity and innovation

5 Program Registration from 08:30 to 09:00 09:00 12:00 Realizing the Execution Premium by creating the Strategy Focused Organization Professor Robert Kaplan, Harvard Business School During this session Dr. Kaplan will describe the new and completely integrated strategy execution system. He will show how to integrate strategy formulation, strategy maps, Balanced Scorecards, cost and budgeting systems, dashboards, and process improvement approaches. His talk will be illustrated with case studies of successful implementations in the profit and non profit sectors. 12:00 13:00 Lunch and networking 13 :00 15 :00 The use of Time Driven ABC to provide accurate cost & performance information for strategy development and strategic learning in complex and dynamic environments Professor Werner Bruggeman, Ghent University and B&M Consulting. During this session Dr. Bruggeman will present a new approach to Activity Based Costing, named Time Driven Activity Based Costing. He will show how the new approach enables manager to drill down corporate profitability to the lowest level of granularity and provides new insights to managers that enable them to enhance profits and lower costs. He will describe how TDABC can be used to identify the most profitable strategies, to motivate managers for strategic change, to implement cost and profitability improvement actions, and to monitor the profit effect of these actions. He will also demonstrate how TDABC can be used as the central engine of corporate performance measurement, feeding the Balanced Scorecard with accurate cost and profitability information on a continuous basis and as a basis for resource capacity planning and operational budgeting. 15:00 17:30 Leading the change and creating a positive, high performance workplace Professor Jean François Manzoni, IMD, Lausanne During this last session, Dr. Manzoni will focus on getting the people side of the equation right. The change process needs to be managed in such a way that the organisation i.e., a large proportion of management and employees not only does not oppose the changes, but in fact develops a more positive attitude toward change and an individual and collective agility. Dr. Manzoni will also discuss the role of incentives in the creation of thriving, high performance work environments. Incentives are a very tempting lever for senior executives to pull, as they can induce rapid, significant improvement in the performance dimensions linked to the rewards. They can also lead to performance decreases in other dimensions and can become addictive, i.e., actually reduce employees intrinsic motivation. They must hence be handled with care. 17:30 18:00 Final questions to the three experts Prof. Kaplan, Prof. Bruggeman and Prof. Manzoni

6 Robert Kaplan Dr. Robert S. Kaplan is Baker Foundation Professor at Harvard Business School, acclaimed thought leader and author on strategy execution, co creator of the Balanced Scorecard, father of ABC and co creator of Time Driven Activity Based Costing. He is member of the advisory board of SMC. Jean François Manzoni Jean François Manzoni is Professor of Leadership and Organisational Development at IMD (Lausanne, Switzerland), where he directs the Breakthrough Programme for Senior Executives. He was previously ( ) on the faculty of INSEAD (Fontainebleau, France), where he founded and directed a large research initiative on High Performance Organizations. His research, teaching and consulting activities are focused on the management of change at the individual and organisational levels, and the creation of thriving, high performance work environments. He has received numerous awards for his research (including two Book ofthe year awards and four Case of the year awards) as well as his teaching. Werner Bruggeman Werner Bruggeman is Professor in Management Accounting and Control at the Ghent University and visiting professor at the Vlerick Leuven Gent Management School. He is Managing Partner at B&M Consulting, specialized in implementing Integrated Performance Measurement and Activity based Cost Management Systems. He is director of the Strategy Execution Research Institute of the Strategy Management Collaborative (SMC), an internationally renowned consulting network on Strategy Execution. His research concentrates on the relation of strategy, organization and management control. He coaches many companies in view of the implementation of the Balanced Scorecard. He is the founder of the Belgian Institute of Management Accountants and Controllers (BIMAC). Fee Normal fee = CHF 900 Special fee for IMD Corporate Learning Network members and IMD alumni = CHF 800

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