Books related to Development of a Draft Balanced Scorecard for Zara Affiliate Marketing A to Z Thrivelearning Institute Library $0.99 Startup Weekend Marc Nager $15.00 Managing Outsourcing Deirdre Garvey $6.99 Human Resources Management: An Overview Cultural Human Resources Council $8.00 Supply Chain Management. Analysis of Zaras stakeholders Balanced Scorecard analysis of Zara Inditex is a comprehensive effort to integrate and align strategy and operations. Employee satisfaction and retention, or the opposite (turnover rate) There is also room to add budget information for your projects. Barney, J. Data collection challenges apart from digitally native companies, traditional organizations still faces lots of problem in collecting and organizing data. Figure 2 clearly shows those stakeholders (enclosed by the dashed red circle) whose importance definitely needs to be reflected in the draft BSC: customers (1), Inditex (2), Zara employees at HQ (7), Zara employees in stores (9), and competitors (12). However, Zara''s success is not cast in stone. Evolving market needs necessitate a company to innovate to remain competitive continuously. Published by HBR Publications. Introduction to Balanced Scorecard Analysis. - How do customers perceive Zara Inditex? . Kumar and Linguri (2006: 84) describe them as trendy city youngsters. V rmci sv praxe ve firmch pochopily omezenou schopnost pouhch finannch ukazatel pro stanoven, men a kontrolu spnosti realizace . Inventory management and centralized logistics are also an important part of Zaras unique supply chain system. What Does the Future of Work Look Like, in the 21st Century? Analysis of Zaras strategy Some of the questions answered by Balance Scorecard Analysis of Zara: IT for Fast Fashion are -. The study aimed at fitting existing systems of key figures of organizations to the increasing complexity of the business world. Simon Irvin of Credit Suisse, criticising Inditexs recently lacklustre financial performance, noted that business models were not likely to remain brilliant forever, and that Zaras parent company were no exception to the rule (Buck, 2014). Product development cycle Market share in target segments Thirteen years later, Tobias Buck of The Financial Times called the Spanish fashion brand "one of the most striking corporate success stories of recent years" (Buck, 2014). 4.2 Explanation and justification of KPIs Posted in Articles, Organisational performance. It enables entities to discover their shortcomings and come up with strategies to overcome them. From a financial perspective, the company's primary goal is to increase revenues and manage risk. In particular, the BSC complements financial performance measures, usually reflecting past performance, with operational measures in the areas of customer satisfaction, internal processes, and a firm''s innovation and improvement activities, all of which can be said to be drivers of future performance (Kaplan & Norton, 1992). These relative cost disadvantages are partly offset by low inventory levels, negligible marketing expenditure, and the ability to sell products at full price. Existing customer business development Some of the Internal Processes metrics that can be used in Balanced Scorecard approach are - Published by HBR Publications. More precisely, Zaras sales strategy is not to generate a high purchase volume per customer per visit, but to stimulate frequent purchases and thus realise a high accumulated purchase volume per customer over the course of a year (Kumar & Linguri, 2006). Balanced Scorecard stter virksomheden i stand til, at realisere de forventede konomiske resultater - som forandringen vedrrer. O. E. Williamson, Markets and Hierarchies(New York: Free Press, 1975) We then dive into formulating actionable goals based on the strategy, good practices in creating metrics and setting objectives, and learn about . Balanced Scorecard Analysis, case solution, Balanced Scorecard Solution. . 1.39%. Gain a more comprehensive, balanced view of your organization's performance with our Balanced Scorecard Professional Certification program. Accounting for their key role, Zara pays store managers an above-average salary and up to 100% of their salary in bonuses if they hit sales targets (Ruddick, 2014). 4.2.4 Innovation and learning perspective, 5. For the results, refer to table 1. The balanced scorecard is about learning. Appendix F-BSC Scorecard H&M strategy map includes the 4 factors of the balanced scorecard and is depicted as it follows. Barney, J. Accordingly, the formulation of BSc will include the following factors. Theoretically there are no great disadvantages of Balance Scorecard approach but in practices managers face a number of hurdles such as The study identifies a faster response strategy in supply chain perspective management as the key to the success of ZARA brand in the fashion industry. Basically Zara placed their bets on the impulses of trend-chasing shoppers, acquiring a regular clientele base that knows what it wants and when it wants something new, allowing the company to maximize their profits compared to other retailers in the industry. In the context of the draft BSC to be developed, however, the analysis shall focus on relatively aggregated stakeholder groups. Thirteen years later, Tobias Buck of The Financial Times called the Spanish fashion brand ''one of the most striking corporate success stories of recent years'' (Buck, 2014). 1.62%. with a 9.28% stake, and Rosp Corunna Participaciones Empresionales, S.L.U., holding approximately 5.05% of the groups shares (Inditex, 2014). Balanced Scorecard: Pengertian, Konsep, Perspektif dan Contohnya. In particular, the BSC complements financial performance measures, usually reflecting past performance, with operational measures in the areas of customer satisfaction, internal processes, and a firms innovation and improvement activities, all of which can be said to be drivers of future performance (Kaplan & Norton, 1992). Samtidig overvges, hvordan det gr med at opbygning . Regarding SO 4, continuously bringing new designs to market encourages customers to visit Zara stores frequently, and to constantly spend money on Zara products, thereby increasing sales. The Balanced Scorecard translates Mission and Vision Statements into a comprehensive set of objectives and performance measures that can be quantified and appraised. - Which internal processes can add value? . A number of times they often clash with the chain of command in the organization. Leaders at Zara's Extraordinarily can use Balanced Scorecard strategic tool to build sustainable competitive advantage by better understanding the relationship among - financial resources, internal processes, customer preferences, and operations management in Zara's Extraordinarilys overall strategy. Instead, it keeps a significant share of its production in-house (Ferdows et al., 2004). Some of the Customer Perspective metrics that can be used in Balanced Scorecard approach are - Revenue and/or value added per employee Only basic items with minimal fashion content, such as T-shirts and lingerie, for which competition is likely to be on price are outsourced to third parties in low-cost countries, while more complicated items that depend on the latest fashion are produced in nearby company-owned factories (Kumar & Linguri, 2006). Zara: Moda Rpida Hechos Generales: Inditex es una empresa espaola propietaria de Zara y otras 5 compaas dedicadas al comercio minorista de ropa. 9, Issue 4, pp. Building and Implementing the Balanced Scorecard (the 9-step framework) There are literally thousands of Balanced Scorecard toolkits and building methodologies, but the 9-step framework designed by Howard Rohm of the Balanced Scorecard Institute, a Strategy Management Group, (US, Washington), was found to be the most relevant, practical and . Some users, including executives, really wanted a tabular, scorecard style of KPIs. Note that SOs 1, 2, and 3 are associated with the financial perspective of the BSC; SOs 4, 5, and 7 with the customer perspective; SOs 6, 8, and 10 with the internal business perspective; and SOs 11, 12, and 13 with the innovation and learning perspective. The BSC framework is based on the balance between leading and lagging indicators, which can respectively be thought of as the drivers and outcomes of your company goals. Other political actors with a potential interest in Zaras performance are local trade unions and organisations in charge of consumer protection. The corresponding process is presented in figure 1. New sales as a percentage of total sales From the lesson. This stakeholder group comprises both external suppliers of finished products and external suppliers of fabric and other materials. Do the firm require to make either small tweaks or big changes in the internal processes to build of maintain sustainable competitive advantage. Also, Zara buys more than 50% of its fabric undyed to be able to react quickly to in-season colour changes, which makes external suppliers more interchangeable (Ferdows et al., 2004). CVV What is the CVV? While in the past the so called push strategy was associated with this industry, since most retailers were pushing new styles and outfits on the market, nowadays it has shifted to a more customer-centric approach. It takes your big, fuzzy strategic vision and breaks . Lack of review structure often Balance Scorecards are made by consultant and lacks a clear organization wide review structure. Use it to: Facilitate effective and consistent communication because everyone speaks a shared language of metrics Drive focus around key requirements Facilitate reviews on a regular basis Ensure organizational alignment Information availability relative to need. The balanced scorecard is anchored on four perspectives, which include financial, business process, customer, and organizational capacity. The name "balanced scorecard" comes from the idea of looking at strategic measures in addition to traditional financial measures to get a more "balanced" view of performance. The aim is to avoid focusing only on short term financial The Balanced Scorecard is a very mature methodology; it's been around since the early 1990s. At EMBA PRO, we believe that Balanced Scorecard approach is highly efficient strategic tool to formulate a cohesive strategy. Over the past years Zara has perfected their Fast Fashion model, meaning that even though the average fashion retailers take 6 months to produce garments, Zara manages to do it in 3 weeks. To add to this, other retailers such as IKEA or H&M have alsoconcludedthat fostering an open, integrative approach is key to maximizing results and profitability. View Revised Fast fashion retailing-case of Zara, H&M and UNIQLO.docx from MANAGEMENT OPERATIONS at Egerton University. The Balanced Scorecard (BSC) is the right tool to achieve this, as it translates a firm''s strategic objectives and competitive demands into a coherent set of performance measures (Kaplan & Norton, 1993a). Moreover, Spain is still by far the most important market for Inditex and Zara, accounting for 19% of the groups total sales in FY2014 (Inditex, 2015). Despite these impressive facts, Zaras success is by no means cast in stone. For this, we developed a second custom visual called Power KPI Matrix. 30. Knowledge flow $0.99 Case study of Revenue growth, in the case of Zara, is contingent on the company adhering to CSR standards (SO 7), frequent introducing new, attractive designs (SO 4), and offering a superior price-performance ratio (SO 5). ***It is a broad analysis and not all factors are relevant to the company specific. Customer profitability and customer life time value Moreover, when it comes to international brands, they also have to tackle the issue of geographic locations, different spending patterns and different demands that exist in every market. How to create a balanced scorecard Launch Canva - Open Canva and search for "Balanced Scorecard" to start your design project. For instance, Zara manufactures and distributes garments in small batches instead of aiming to realise economies of scale (Ferdows et al., 2004) and produces the majority of its products in relatively high-cost countries such as Spain, Portugal, or Morocco instead of sourcing from distant low-cost countries (Buck, 2014). - Are we innovative and ready for the future? - What is important for Zara's Extraordinarily shareholders? For leaders, it gives a way to connect . Existing customer business development El Balanced Scorecard (BSC) es una herramienta de gestin empresarial que permite enlazar estrategias y objetivos clave con desempeo y resultados a travs de cuatro reas crticas en cualquier organizacin: desempeo financiero, conocimiento del cliente, procesos internos de negocio y aprendizaje y crecimiento. To ensure flexibility and short lead times, Zara does, unlike major competitors, not rely on external manufacturers in low-cost countries, e.g. A number of times they often clash with the chain of command in the organization. However, it remains extremely popular. Sticking to a fast-paced predictable rhythm thats based around order fulfillment for their stores, everyone involved, from design to retail, knows the process and knows how their actions contribute to the outcome. Based on the above discussion, the nature of each stakeholders interest in Zaras performance shall be described briefly. Examples for the former case are the numerous articles praising the firms business model, while an example for the latter case is a 2014 Bloomberg report describing how Zaras parent company Inditex had shifted profits to a small business unit operating in the Netherlands and Switzerland to reduce its tax burden (Drucker, 2014). These four perspectives / components of Balance Scorecard are . Handling service calls. The speed at which raw materials are turned into clothing allows the company to ship more often and in small batches, limiting the distribution for every shop to the bare necessity. Meeting product introduction goals Learning is fundamental to its design, implementation and use. A BSC was developed providing the detailed measures for performance evaluation comprising five key elements: learning and growth, clients, internal business processes, financials, and audit . Feel free to connect with us if you need business research. Meeting product introduction goals A balanced scorecard focuses on both high-level strategy and low-level measures. Having said that, numerous attempts have been made by competitors to copy Zara''s successful business model and thereby eliminate the firm''s competitive advantage. Instead of predicting months before a season starts what women will want to wear, ZARA observes what's selling and what's not and continuously adjusts what it produces and merchandises on that basis. Buy Development of a Draft Balanced Scorecard for Zara by Marvin Mertens online at Alibris. Broadly there are four main components / features of Balance Scorecard. According to by Robert S. Kaplan and David P. Norton , 85 percent of executive teams spent less than one hour per month discussing strategy, with 50 percent reporting that they spent virtually no time on strategy discussions. Pankaj Ghemawat, Jose Luis Nueno (2018), "ZARA: Fast Fashion Harvard Business Review Case Study. The balanced scorecard allows managers to look at the business from four different perspectives. The first step to building your balanced scorecard is to identify your strategic objectives for each business perspective: learning and growth, internal business processes, customer, and financial. Andrew McAfee, Anders Sjoman, Vincent Dessain (2018), "Zara: IT for Fast Fashion Harvard Business Review Case Study. Access full book title Development Of A Draft Balanced Scorecard For Zara by Marvin Mertens, the book also available in format PDF, EPUB, and Mobi Format, to read online books or download Development Of A Draft Balanced Scorecard For Zara full books, Click Get Books for access, and save it on your Kindle device, PC, phones or tablets. The balanced scorecard includes financial measures that tell the results of actions already taken. Turning strategy into action. 4.1 Identification of KPIs Information availability relative to need. At the end of the financial year 2014 (FY2014), Zara accounted for 28.77% of Inditexs stores, 62.14% of the groups selling area, 64% of its net sales, and 66% of its EBIT2. Identify your company's mission and vision. To evaluate the importance of each stakeholder group and thus to decide whose interests need to be taken into account when designing the draft BSC, the power and interest levels of all stakeholders shall be assessed briefly. This indicates the effect negative publicity may have on the attitude of Zaras customers and, consequently, on the companys sales. Some of the Human Resources metrics that can be used in Balanced Scorecard approach are - A Balanced Scorecard (BSC) is a deeply integrated performance metric that help organizations identify internal problems and overcome them through effective planning, strategy, and executions. Companies generally fail at implementing a strategy or managing operations because they lack an overarching management system to integrate and align these vital processes. 13 years later, Tobias Buck of The Financial Times called the Spanish fashion brand which was founded in 1975 by Amancio Ortega by now the worlds fourth richest person according to Forbes (Forbes, 2015) one of the most striking corporate success stories of recent years (Buck, 2014). the balanced scorecard is an integrated approach to assesses performance of business strategy and how changes can be made in the areas such as - financial objectives and goals, customer preferences and choice architecture, operations management and supply chain bottleneck resolutions, and organizations learning ability and capacity building AbeBooks.com: Development of a Draft Balanced Scorecard for Zara (9783668002135) by Mertens, Marvin and a great selection of similar New, Used and Collectible Books available now at great prices. Translating Strategy Into Goals and Metrics. 3.1 Introduction of strategy map Choose a balanced scorecard template - Explore our selection of templates and choose the design you prefer. The major fashion brands have taken in the fact that in order to keep their competitive advantage, in an environment where there are new competitors at every corner, the importance of recognizing what a consumer wants and responding quickly, is crucial. Concerning SO 7, not adhering to CSR standards may generate negative publicity and thus discourage customers from purchasing Zara products. Generally, profit is defined as the difference between revenue and cost. in Asia. EMBA PRO immersive learning methodology from case study discussions to simulations tools help MBA and EMBA professionals to - gain new insight, deepen their knowledge of the Strategy & Execution field. 49-61. Customers, who visit Zara stores at least four to five times more often per year than those of competitors (Ferdows et al., 2004; Kumar & Linguri, 2006; Buck, 2014), reportedly wait in front of stores before opening time on delivery days to be among the first to buy new designs (CNN, 2001). VAT Poorly defined metrics metrics are either too broad or too narrow. Inditex is Zaras parent company and publicly listed since 2001. However, the factories in which the firm produces its most important garments are highly automated and thus only to a certain extent dependent on human labour. (1995) "Looking Inside for Competitive Advantage". Secondly people lower down in the organization are more likely to be measured by the non-financial metrics so Balance Scorecard approach provides a good framework to not only include their efforts in overall strategy but also to communicate to them how their efforts is contributing to the overall strategy and success of Zara's Extraordinarily. This balanced scorecard template offers a professional, easy-to-read layout in Microsoft Excel (you can hover over each cell for instructions). The Balanced Scorecard essentially calls for organizations to create a set of internal metrics that will help them to assess their business performance in 4 key areas (sometimes referred to as 'perspectives'): Financial, Customer, Internal Business Process, Learning, and Growing. Balanced Scorecard is a resource focused strategic analysis tool. And it complements the financial measures with operational measures on customer satisfaction,. Some of the Internal Processes metrics that can be used in Balanced Scorecard approach are - Apart from production facilities, Zara operates a giant distribution centre in A Corua that ships approximately 2.5 million items per week and employs 800 people filling orders plus 400 temporary workers during peak seasons to keep lead times low (Ferdows et al., 2004). In todays market place a companys ability to sustain competitive advantage is highly dependent upon Zara Inditex's ability to innovate and stay ahead of the curve vis a vis to its competitors. - What is important for Zara Inditex shareholders? Timely delivery of goods and services Balanced Scorecard strategic analysis can help Zara's Extraordinarily managers in understanding the relationship between activites and take the systems approach rather than the local optimization approach. The purpose of this article is to establish a framework with its related measures for the development of a balanced scorecard (BSC) for auditing firms. Zara has managed to implement a cross-functional operations strategy, along with its vertically-integrated supply chain that enables mass production under push control, leading to lower markdowns, higher profitability and value creation for shareholders in the short and long term. 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