Presentasi Manajemen Review

Management review
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If The Only Tool You Have Is a Hammer, You Treat Everything Like a Nail Abraham Maslow Rizal Nangoy 1 Management Cycle Objectives Objectives gap Diagnosis Generation of responses Analysis of consequences Selection Programming Measurement of performance Communication and leadership Perception of trends Ansoff, 1990 To others in the firm Rizal Nangoy External environment 2 Manager Archetypes Leader Administrator Statesman Planner System Architect Entrepreneur Ansoff, 1990 Rizal Nangoy 3 Selecting a management system to fit the firm Implementation decision Compliance monitoring Action instructions Productive units Implementation management Rizal Nangoy 4 Selecting a management system to fit the firm Historical control management Control decision Performance evaluation Implementation decision Historical standards Performance measurement Compliance monitoring Action instructions Productive units Rizal Nangoy 5 Selecting a management system to fit the firm Goals E n v i r o n m e n t Control decision Profit budgets Resource budgets Action programs Performance evaluation Feasibility Implementation decision Performance and resource forecast Performance measurement Compliance monitoring Action instructions Productive units Rizal Nangoy Extrapolative management 6 Rizal Nangoy 7 Business Products / Services CONSISTENCY ? Benefits Brand Accelerating Factor Images TRUST I S O E X P E R I E N C E S MANAGEMENT SYSTEM Rizal Nangoy 8 Sales Process Sell Your Self Sell Your Company Sell Your Products Rizal Nangoy 9 Smarter Sales Insight-based selling Solution-based selling Product-based selling Rizal Nangoy 10 Needs Wants Expectation Fears Rizal Nangoy 11 Marketing mixes All other stimuli Economic needs Psychological variables Social influences Purchase situation Consumer decision process Need awareness Problem solving • Information search • Identify alternatives • Set criteria • Evaluate alternatives Purchase decision Experience after purchase Postpone decision Feedback based on experience Rizal Nangoy 12 Buyers Users Buying Center Influencers Gatekeepers Deciders Rizal Nangoy 13 Risk Job security Comfort Individual’s needs Career advancement Money/Rewards Other needs Overlap In needs Innovation Survival Customer satisfaction Company’s needs Growth Profit Other needs Rizal Nangoy 14 What does she THINK AND FEEL? what really counts major preoccupations worries & aspirations What does she What does she HEAR? what friends say what boss say what influencers say SEE? environment friends what the market offers What does she SAY AND DO? attitude in public appearance behavior toward others PAIN Fears, frustrations, obstacles Rizal Nangoy GAIN Wants/need measures of success 15 Managing Risk Preventable Risk Strategy Risk • Internal risk • Controllable and ought to be eliminated or avoided • Voluntarily accepts by the company in order to generate superior return from its strategy External Risk • Some risks arise from events outside the company and are beyond its influence or control Rizal Nangoy Kaplan 2012 16 Company Resources Tangible assets Intangible assets Organizational Capabilities Performance Rizal Nangoy 17 VRIO Framework Value • Does it provide customer value and competitive advantage ? Rareness • Do other competitors posses it ? In-imitability • Is it costly for others to imitate ? Organization • Is the firm organized to exploit the resource ? Rizal Nangoy Barney, 1994 18 What makes a resource valuable ? Value creation zone Demand Scarcity Appropriability Collis et al, 1995 Rizal Nangoy 19 Organizational Capability Managers Mentality Climate Culture Competence Problem solving Power Distribution of power Informal system Management systems Organizational structure Reward and incentives Information and technology Competence Capacity Ansoff, 1990 Organizational capacity Rizal Nangoy 20 ORGANIZATION CAPABILITY LEADER MMGD ? BIG COMPANY : -Annual sales > 500 bilion -Employee > 100 persons SMALL COMPANY : -Annual sales < 500 bilion -Employee < 100 persons COMPETENCE FORMAL SYSTEM, PROCEDURE, SOP, STRUCTURE Rizal Nangoy CLIMATE INFORMAL, SYSTEM RELATIONSHIP, CULTURE, COHESIVENESS, 21 . The greatest danger in times of turbulence is not the turbulence … it is to act with yesterday’s logic Peter Drucker Rizal Nangoy 22 Professional Knowledge carewhy knowwhy knowhow knowwhat Pattern Learning Org. Learning how to alter Mental Model Double-loop Learning Dynamic Business Complexity Systems Thinker Structure Time Rizal Nangoy 23 CLASSES OF ASSETS FINANCIAL PHYSICAL HUMAN REPUTATION KNOWLEDGE RELATIONSHIPS Rizal Nangoy 24 Discipline of Market Leader “Best product” Product Leadership Product differentiation Operational Competence Customer Responsive Operational Excellence “Best total cost” Rizal Nangoy Customer Intimacy “Best total solution” 25 Strategic Fit . . . . . . Strategic gap Rizal Nangoy Environmental Turbulence leaders competence climate Org Strategy Igor Ansoff, 1991 26 Organization Effectiveness 7S, McKinsey strategy structure systems shared values skills staff style Rizal Nangoy 27 External Environment Rizal Nangoy 28 Issue Priority Matrix Rizal Nangoy 29 Industry Analysis Rizal Nangoy 30 Industry Analysis Bargaining Power of Buyers -Buyer is powerful when: Buyer purchases large proportion of seller’s products Buyer has the potential to integrate backward Alternative suppliers are plentiful Changing suppliers costs very little Purchased product represents a high percentage of a buyer’s costs Buyer earns low profits Purchased product is unimportant to the final quality or price of a buyer’s products Rizal Nangoy 31 Industry Analysis Bargaining Power of Suppliers -Supplier is powerful when: Supplier industry is dominated by a few companies but sells to many Its product is unique and/or has high switching costs Substitutes are not readily available Suppliers are able to integrate forward and compete directly with present customers Purchasing industry buys only a small portion of the supplier’s goods. Rizal Nangoy 32 Corporation’s Value Chain Rizal Nangoy 33 SWOT Matrix Rizal Nangoy 34 Porter’s Competitive Strategies Rizal Nangoy 35 Risk of Generic Strategies Risks of Cost Leadership Cost leadership is not sustained: • Competitors imitate. • Technology changes. • Other bases for cost leadership erode. Proximity in differentiation is lost. Cost focusers achieve even lower cost in segments. Risks of Differentiation Differentiation is not sustained: • Competitors imitate. • Bases for differentiation become less important to buyers. Cost proximity is lost. Differentiation focusers achieve even greater differentiation in segments. Risks of Focus The focus strategy is imitated: The target segment becomes structurally unattractive: • Structure erodes. • Demand disappears. Broadly targeted competitors overwhelm the segment: • The segment’s differences from other segments narrow. • The advantages of a broad line increase. New focusers subsegment the industry. Rizal Nangoy 36 8 Dimensions of Quality Rizal Nangoy 37 BCG Matrix (Portfolio Analysis) Rizal Nangoy 38 GE Business Screen (Portfolio Analysis) High Winners A Winners B C Question Marks D Winners E Medium Average Businesses F Losers Losers G Low Profit Producers Strong Average H Losers Weak Business Strength/Competitive Position Rizal Nangoy 39 Staffing & Directing Rizal Nangoy 40 Evaluation and Control Rizal Nangoy 41 Financial Perspective Long-term Shareholders Value The Balanced Scorecard Framework Kaplan & Norton (2004) Cause-and-Effect Relationship Revenue Growth Defines the chain of logic by which intangible assets will be transformed to tangible value. Productivity Customer Perspective Product/Service Attributes Price Quality Time Function Relationship Partnership Image Brand Customer Value Proposition Clarifies the conditions that will create value for the customer. Internal Process Perspective Manage Operations Manage Customers Manage Innovation Manage Regulatory and Social Processes Value-Creating Processes Defines the processes that will transform intangible assets into customer and financial outcomes. Learning and Growth Perspective Human Capital + Information Capital + Organization Capital Rizal Nangoy Clustering of Assets and Activities Defines the intangible assets that must be aligned and integrated to create the value. 42 Financial Perspective Long-Term Shareholder Value Productivity Strategy Growth Strategy Improve Cost Structure Increase Asset Utilization Expand Revenue Opportunities Enhance Customer Value • Reduce cash • Eliminate defects; improve yields • Manage capacity from existing assets • Make incremental investments to eliminate bottlenecks • New sources of revenue (new products, markets, partners) • Improve profitability of existing customers Rizal Nangoy 43 Customer Perspective • Customer Profitability • Market Share • Account Share • Customer Acquisition • Customer Retention Customer Value Proposition Price Quality Availability Selection Functionality Service Partnership Brand Image Product/Service Attributes Relationship • Customer Satisfaction Rizal Nangoy 44 Internal Perspective Operation Management Processes Processes that produce and deliver products and services • Supply • Production • Distribution • Risk management Customer Management Processes Processes that enhance customer value Innovation Processes Processes that create new products and services • Opportunity ID • R&D portfolio • Design/develop • Launch Regulatory and Social Processes Processes that improve communities and the environment • Environment • Safety and health • Employment • Community • Selection • Acquisition • Retention • Growth Rizal Nangoy 45 Learning and Growth Perspective Creating Alignment Strategic Job Families Strategic IT Portfolio Organization Change Agenda Creating Readiness Human Capital • Skills • Training • Knowledge + Information Capital • Systems • Databases • Networks + Organizational Capital • Culture • Leadership • Alignment • Teamwork Rizal Nangoy 47 Financial Measurement Total assets. Total assets per employee. Profit as a % of total assets. Return on net assets. Return on total assets. Revenues/total assets. Gross margin. Net income. Profit as a % of sales. Profit per employee. Revenue. Revenue from new products. Revenue per employee. Return on equity (ROE). Return on capital employed (ROCE). Return on investment (ROI). Economic value added (EVA). Market value added (MVA). Rizal Nangoy Value added per employee. Compound growth rate. Dividends. Market value. Share price. Shareholder mix. Shareholder loyalty. Cash flow. Total cost. Credit rating. Debt. Debt to equity. Times interest earned. Days sales in receivables. Accounts receivable turnover. Days in payables. Days in inventory. Inventory turnover ratio 48 Customer Related Measurement Customer satisfaction. Customer loyalty. Market share. Customer complaints. Complaints resolved on first contact. Return rates. Response time per customer request. Direct price. Price relative to competition. Total cost to customer. Average duration of customer relationship. Customers lost. Customer retention. Customer acquisition rates. Percentage of revenue from new customers. Number of customers. Annual sales per customer. Win rate (sales closed/sales contacts). Customer visits to the company. Hours spent with customers. Marketing cost as a % of sales. Number of ads placed. Number of proposals made. Brand recognition. Response rate. Number of trade shows attended. Sales volume. Share of target customer spending. Sales per channel. Average customer size. Customers per employees. Customer service expense per customer. Customer profitability. Frequency (number of sales transaction). Rizal Nangoy 49 Internal Operation Measurement Time. On-time delivery receipt. Order cycle time. Order cycle time variability. Response time. Forecast/planning cycle time. Planning cycle time variability. Cost. Finished goods inventory turns. Days sales outstanding. Cost to serve. Cash to cash cycle time. Total delivery cost. Cost of goods Transportation costs Inventory carrying costs Material handling costs All other costs Information systems Administrative Cost of excess capacity. Cost of capacity shortfall. Quality. Overall customer satisfaction. Processing accuracy. Perfect order fulfillment. On-time delivery Complete order Accurate product selection Damage-free Accurate invoice Forecast accuracy. Planning accuracy. Schedule adherence. Other/Supporting. Approval exceptions to standard. Minimum order quantity Change order timing Availabiltiy of information. Rizal Nangoy 50 Internal Operation Measurement ( cont’d) Average cost per transaction. On-time delivery. Average lead time. Inventory turnover. Environmental emissions. Research and development expense. Community involvement. Patents pending. Average age of patents. Ratio of new products to total offerings. Stockouts. Labor utilization rates. Response time to customer requests. Defect percentage. Rework. Customer database availability. Breakeven time. Cycle time improvement. Continuous improvement. Warranty claims. Lead user identification. Product and services in the pipeline. Internal rate of return on new projects. Waste reduction. Space utilization. Frequency of returned purchases. Downtime. Planning accuracy. Time to market of new products/ services. New products introduced. Number of positive media stories. 51 Rizal Nangoy Learning and Growth Measurement Employee participation in professional or trade associations. Training investment per customer. Average years of service. Percentage of employees with advanced degrees. Number of cross-trained employees. Absenteeism. Turnover rate. Employee suggestions. Employee satisfaction. Participation in stock ownership plans. Lost time accidents. Value added per employee. Motivation index. Outstanding number of applications for employment. Diversity rates. Empowerment index (number of managers) Rizal Nangoy Quality of work environment. Internal communication rating. Employee productivity. Number of Scorecards produced. Health promotion. Training hours. Competency coverage ratio. Personal goal achievement. Timely completion of performance appraisals. Leadership development. Communication planning. Reportable accidents. Percentage of employee with computers. Strategic information ratio. Cross-functional assignments. Knowledge management. Ethics violations. 52 Maslow’s Hierarchy Of Needs Self-actualization needs Esteem needs Belongingness needs Security needs Physiological needs Rizal Nangoy 56 Expectancy Theory of Motivation Effort-to-performance expectancy 0.0-1.0 x x Performance-to-outcome expectancy 0.0-1.0 Sum of all outcomes Environment Valence Valence of all outcomes Effort Performance Outcomes Ability Effort-toperformance expectancy Rizal Nangoy Performance-tooutcome expectancy 57 Remuneration Principles Parties Should be noted Needs and Values Rizal Nangoy 58 People Motivation Rizal Nangoy 59 Remuneration Components Pay for POSITION F I X • Fixed • Cash • Periodic, routine Pay for PERFORMANCE • Variable • Cash • Periodic, routine Direct and Indirect Financial Payment Pay for PEOPLE • Fixed and Variable • Cash and Non Cash • Periodic, routine, Incidental Rizal Nangoy 60 Situational Leadership Supporting (Lo T, Hi R) Coaching (Hi T, Hi R) Delegating (Lo T, Lo R) Directing (Hi T, Lo R) Task behaviors M4 M3 M2 M1 Follower maturity Rizal Nangoy 61 Strategic Renewal and Organizational Change Shifting Competitive Environment Organizational Change Strategic Renewal New Opportunities Altering Behavior Patterns of Employees Rizal Nangoy 62 Component Processes of Business Analysis Business Environment & Strategy Analysis Industry Analysis Strategy Analysis Financial Analysis Analysis of cash flows Accounting Analysis Profitability Analysis Risk Analysis Prospective Analysis Cost of Capital Estimate Rizal Nangoy Intrinsic Value 63 Analyzing Return on Assets-ROA Rizal Nangoy 64 Conceptual map of strategic management Environmental challenge Information Evolution of systems Strategic planning Environmental turbulence Segmentation Competitive posture Strategic port folio Dispersed positioning Strategic analysis Strong signals Issue management Weak signals Surprises Technology strategy Societal strategy Internationalization strategy Strategic diagnosis Organizational design Design of functional capability Design of general management General managers Systems Structure Resistance to change Change management Managing Change Institutionalizing change Ansoff, 1990 Rizal Nangoy 65 Matching aggressiveness and responsiveness with turbulence Environmental turbulence Level 1 Repetitive Strategic aggressiveness Stable based on precedents Responsiveness of capability Custodial suppresses change Level 2 Expanding Reactive based on experience Anticipatory based on extrapolation Entrepreneurial based on expected futures Creative based on creativity Production adapts to change Level 3 Changing Marketing seeks familiar change Level 4 Discontinuous Strategic seeks new change Level 5 Surprising Flexible seeks novel change Rizal Nangoy 66 Blue Ocean Strategy Kim and Mauborgne (2005) Value Innovation: The Cornerstone of Blue Ocean Strategy Costs Value Innovation Buyer Value The Simultaneous Pursuit of Differentiation and Low Cost Rizal Nangoy 67 Blue Ocean Strategy Red Ocean Versus Blue Ocean Strategy Red Ocean Strategy Competing in existing market space. Beat the competition. Exploit existing demand. Make the value-cost trade-off. Kim and Mauborgne (2005) Blue Ocean Strategy Create uncontested market space. Make the competition irrelevant. Create and capture new demand. Break the value-cost trade-off. Align the whole system of a firm’s activities with its strategic choice of differentiation or low cost. Align the whole system of a firm’s activities in pursuit of differentiation and low cost. Rizal Nangoy 68 Blue Ocean Strategy The Four Actions Framework Kim and Mauborgne (2005) Reduce Which factors should be reduced well below the industry’s standard? Eliminate Which of the factors that the industry takes for granted should be eliminated? A New Value Curve Create Which factors should be created that the industry has never offered? Raise Which factors should be raised well above the industry’s standard? Rizal Nangoy 69 The 4 Discipline of Execution Discipline 3 Keep a compelling scoreboard Discipline 1 Focus on the wildly important Discipline 2 Act on the lead measures Discipline 4 Create a cadence of accountability McChesney, Covey, 2012 Rizal Nangoy 70 Leading Change Kotter, 1996 Rizal Nangoy 71 Levels of Culture Basic Underlying Assumptions Espoused Belief and Values Artifacts Schein, 2010 Rizal Nangoy 72 How Leaders Embed and Transmit Culture Primary Embedding Mechanisms Secondary Articulation and Reinforcement Mechanisms What leaders pay attention to, measure, and control on regular basis How leaders react to critical incidents and organizational crisis How leaders allocate resources Deliberate role modeling, teaching, and coaching How leaders allocate rewards and status How leaders recruit, select, promote, and excommunicate Organizational design and structure Organizational systems and procedures Rites and rituals of the organization Design of physical space, facades, and buildings Stories about important events and people Formal statements of organizational philosophy, creeds, and charters Schein, 2010 Rizal Nangoy 73 Six Thinking Hats Think of Paper • information • Facts and figures Think of Fire. Think of Warmth. Think of Feelings • Emotional view • Feelings and intuition Think of Caution • Risk, dangers, obstacles, potential problems, and the downside of a suggestion • Point out weaknesses in an idea Think of Sunshine. Think of Optimism • Positive and constructive • Visioning and optimistic Think of Vegetation. Think of Growth • Creativity and new idea • Alternative provocation Think of Sky. Think of “Overview” • Concern with control • The organization of the thinking process, and the use of the other hats Rizal Nangoy De bono, 1985 74 Corporate Valuation FCFF = EBIT ( 1 – Tax ) + depreciation - initial investment - change in net working capital Rm = indext – indext-1 Cost of equity Value to firm = FCFF WACC - GROWTH WACC = Cost of equity + cost of debt ( proportion ) Cost of debt = CAPM model Er = Rf + β ( Rm - Rf ) Ri,t = α + β ( Rmt ) Index t-1 Interest ( 1 – tax ) Ri,t = Pi,t – Pi, t-1 Pi, t-1 Growth = Ln(TAt) – Ln(TAt-1) Ln(TAt-1) Rizal Nangoy 75