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Title: Oil Production Balanced Scorecard
Author: Sam Miller
Word Count: 653
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The complex business process of oil production gave rise to a
newer concept of Balanced Scorecard in this industry. Balanced
Scorecard, also known as BSC, is a performance assessment system
to manage oil assets.
A balanced scorecard, was developed by Dr. Kaplan and Dr.
Norton in 1992, is used to monitor the performance of any
industry and to provide a proper communication among the various
channels into the production line. A balanced scorecard is
simply the next step of Japanese concept Quality circle, which
empowers the employee to realize their strengths and to work on
their weaknesses to overcome them, by a proper chain of
communication in all the levels of organization of the oil
producing firm. The balance scorecard provides a link between
the strategies and performance, thence a proper alignment of
actions to strategy and its proper implementation.
Balance scorecard is highly useful in industries, as they
provide better quality, revenue, customer loyalty, and employee
knowledge. Balance scorecard differs from MIS (Management
Information Systems) in various ways. Executives can make use of
ISHIKAWA principle or cause-and-effect relationship to come up
with the proper solutions to those wrenching in the oil
producing industries.
The Process of a BSC is basically employed in four step
process:
1) Developing
2) Mapping
3) Cascading
4) Executing
The process is employed in the plant to achieve excellence, by
improving excellence in communication in the layout, finding the
proper causes of the problems and then obtaining the optimum
solution to that problem. After proper execution of BSC, it will
measure the performance of the oil producing industry in
financial as well as non financial visions, some of them are as
follows: financial Indicators, Customers, Education and Growth
and Internal Processes.
The Financial Indicators of BSC improves the shareholder'
value as it improves the productivity and revenue growth. The
productivity can be improved by improving the cost structure and
improving asset utilization. But the revenue growth could be
achieved by building more franchise and increasing customer
values.
The Customer perspective depends upon price of the products,
quality of the products, time taken to deliver the product, and
the functions employed for the processes improves the service
attributes of the oil producing companies. The service and brand
provided by the companies help them in a long run.
The internal perspectives of the oil production should be
improved to achieve the excellence in a long run, that it to
employ innovative processes, customer management process,
operations process and regulatory processes that are building
the franchises, increasing customer values, achieving
operational excellence and being a good neighbor of the various
companies respectively.
The learning process in any industry is the most important
parameter, as it creates lots of new ideas and strategies for
the production plant. The whole and sole growth of the oil
production depends upon the strategic technologies, strategic
competitions and climate for action, which helps the growth to
be the maximum and to create a motivated and prepared workforce
to make the scorecard balanced and to achieve the best from the
technique.
There are several evidences of balanced scorecard utilization
in oil companies which helped them to get the boom. Like, a US
oil producing company, going down in income by 13% in last 5
years, and after the implementation of BSC, they expect to add $
350 million over the next 10 years. Another example in the same
process line was of a Teekay shipping Canada Ltd. Teekay
shipping is an essential marine link in the global energy supply
chain, serving the world's leading and oil and gas companies.
They were very keen to improve the performance of the company
from several years and considered balance scorecard as an
outstanding tool in assertion to promote the concept as well as
providing real time performance data through out global
organization.
About The Author: If you are interested in oil kpi, check this
web-site to learn more about oil production kpi.
http://www.strategy
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