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Manager, controller and controlling Figure II: Lagging indicators of the market share Figure VI: Generic value chain model of the internal business process Figure VII: Early and lagging indicators of the learning and growth perspective Table I: Differentiation of controlling duties Table II: Criteria of operative and strategic controlling in comparison 1.
To be able to exist in the market, a company must be in a position to recognise future developments early and include them in the strategy. A company should therefore use management instruments which make it able to adjust strategies quickly and communicate them transparently in the whole company.
There is increasing criticism of the classical controlling instruments.
It is argued that controlling is supposed to provide management relevant data for the management which do not only include financial historical information as so far, but also include future related non-monetary figures.
It extends the previous focus on finance issues to assess the performance of a company with a range of other aspects and ratios.
The customer perspective, the internal process perspective and the learning and development perspective are supposed to be considered equally next to the financial perspective in the BSC.
The main target of this paper is split again into two parts: The sub target of this paper is to provide a link between theory and practice by applying the theory to a current example taken from the insurance industry.
The result is a recommendation for a BSC as a strategic controlling instrument for that specific insurance company. With this specific BSC for an insurance company comes also a tool for a well structured evaluation of the chances and risks involved with its application.
Thereby the analysis is focused on the Balanced Scorecard as a strategic controlling and steering instrument to solve this problem. In the second step of this thesis the theoretical background of the Balanced Scorecard is presented. Therefore the paper provides a definition and explanation of controlling, its goals and a differentiation between strategic and operative controlling as it is seen in economic literature.
Moreover a comparison of the BSC with different other performance measurements systems is given at the end of the first part. The thesis continues with a detailed analysis of the BSC as a strategic controlling instrument. At the beginning the accruement, development and structure of a BSC is presented.
This part of the analysis ends with a comparison of the opportunities and risks of the BSC. To build a linkage between theory and practice, in the forth chapter a recommendation for a BSC in the ABC1 Versicherungs AG is given - and finally evaluated in comparison to theory.
Afterwards the BSC is described as a strategic controlling instrument for that specific company under consideration of the necessary perspectives and the implementation process. In addition to this, the opportunities and risks connected with an implementation of a BSC in this company are identified.
At the end of the fourth chapter theory and practice are compared. Herewith similarities and differences between the theory used and the example presented from practice are elaborated.
The paper finishes with a summary and a brief outlook of future steps to implement the BSC successfully. Rather it can be understood as affecting, giving orientation and keeping in check. Therefore it means to have something under control, to be informed about processes and occurrences as well as the possibility to recommend and intervene in order to realise the ideas and visions of the management and the business objectives.
There exist no consistent definition or translation for the term controlling in the economic and scientific literature. Furthermore controlling was and will steadily be enhanced and therefore several definitions of the term are given.
Thereby the coordination of all activities is just as important as gathering all relevant information and data for decisions. Elsewhere in his publications: Controlling understood as coordination can not be seen as synonymous with management.
According to HEIGL controlling shall be understood as function for the purchase, editing and evaluating of information for its application to steer the economic operation adjusted to its targets.
Controlling has the duty to secure the rationality of leadership. HORVATH defines controlling as a subsystem for top management, which systematically coordinates planning and monitoring as well as the providing of information.
By this controlling supports the adjustment and coordination of the whole management system. Accordingly controlling is a support for management. Controlling enables management to adapt the entire system and orientate it to opportunities of their business environment as well as to fulfil their coordination duties in regard to the operating system.
Controlling includes the acquisition and processing of information. Thereby controlling performs more than the only monetary orientated accounting, because also quantitative- non-monetary- and qualitative information has to be acquired and processed and can have relevance for decisions.The Balanced Scorecard is the performance measurement system which incorporates financial and non-financial measurements from four different perspectives – financial, customer, internal business processes, and learning and growth (Kaplan and Norton, ).
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Anirudh Dinesh Research/Tech Associate Fellow. Anirudh Dinesh conducts research on governance innovation. He is a member of the team designing and piloting experiments for new models of public engagement, what the GovLab calls people-led innovation, to improve the legitimacy and effectiveness of policy making and solve urgent problems..