PENGENDALIAN MANAJEMEN
DAN
SISTEM MANAJEMEN KINERJA
HOLDING COMPANY
BAMBANG TJAHJADI
MENGAPA HOLDING COMPANY?
PRESSURE FOR SHAREHOLDER VALUE
1970s : LITTLE
•
GROWTH AT ANY COST
•
WEAK RIVALS
•
FRAGMENTED, PASSIVE SHAREHOLDERS
•
INEFFECTIVE BOARDS
1980s : INCREASING
•
RESTRUCTURING
PATHOLOGICAL PORTFOLIOS
•
TAKEOVER PREMIUMS
INCREASE
1990s : INTENSE
•
ACTIVE SHAREHOLDERS
•
ACTIVE BOARDS
•
GLOBAL PRODUCT MARKETS
•
GLOBAL CAPITAL MARKETS
2000s : RETHINKING
•
ACCOUNTING SCANDALS
•
CORPORATE GOVERNANCE
•
GLOBAL MARKET RETREAT
ISU-ISU PENGENDALIAN HOLDING COMPANY :
KARAKTERISTIK HOLDING COMPANY
CORPORATE
SBU 01
SBU 02
SBU 03
SBU 04
SBU 05
“Empirical research shows that, on average, the stock
of diversified corporations trade at a 20 percent
discount to the value of their separate businesses.
The same research shows that even if 40 percent of
diversified companies do create shareholder value,60
percent actualy destroy value”(Lang and Stultz)
“It is clear that we really do not do corporate
strategy well today” (Collis & Montgomery)
Performance
CORPORATE STRATEGY IN HOLDING COMPANY
CORPORATE
SBU 01
SBU 02
SBU 03
SBU 04
SBU 05
“Corporate Strategy is the way a
company
creates value
through the
configuration
and
coordination
of
its multi market activities”
(Collis & Montgomery)
CONFIGURATION
COORDINATION
CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
“Business Strategy or Competitive
Strategy is performing different
activities
from
rivals’
or
performing similar activities in
different ways” (
Porter
)
CORE
RELATED
DIVERSIFICATION
UNRELATED
CORPORATE STRATEGY TRIANGLE : CONTROL ISSUES
VISION
GOALS & OBJECTIVES
CORPORATE
ADVANTAGE
(Collis & Montgomery)
(ASSETS, SKILLS, CAPABILITIES)
What makes resource as a source of advantage?
•
Valuable
•
Rare
•
Costly to Immitate
CORPORATE STRATEGY IN HOLDING COMPANY
CORPORATE
SBU 01
SBU 02
SBU 03
SBU 04
SBU 05
CONFIGURATION
COORDINATION
CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
•
ECONOMIES OF SCALE
SYNERGY
•
ECONOMIES OF SCOPE
DIVERSIFICATION = PORTFOLIO
When it is less costly to
combine two or more
product line in one firm
than to produce them
separately”
Corporate Derived Value
Value
Creatio
n
Custom
er
Derive
d
Value
Enterpri
se
Derived
Value
=
+
Value
Creatio
n
Strateg
y
Custome
r
Value
Prepositi
on
Enterpris
e
Value
Prepositi
on
=
+
CORPORATE
SBU 01
SBU 02
SBU 03
SBU 04
SBU 05
CONFIGURATION
CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
SYNERGY
COOORDINATION
SISTEM MANAJEMEN KINERJA :
Financial Synergies
“How do we increase the shareholders value of our
SBU portfolio?”
Customer Synergies
“How do we share the customer Interface to increase total
customer value?”
Internal Process Synergies
“How do we manage SBU Process to achieve economies of scale or value chain integration
Learning & Growth Synergies
“How do we develop and share our intangible assets?”
Financial
“To succeed financially, how Should we appear to
our shareholders?
Customer
“To achieve our vision, how Should we appear To our customers?”
Internal Process
“To satisfy our shareholder And customers, what business
Processes must we excel at?”
Learning & Growth
“To achieve our vision, how Will We sustain our ability
to change and improve?”
F
0C
0P
0L
0F
AC
AP
AL
AF
BC
BP
BL
BF
CC
CP
CL
CF
DC
DP
DL
DOrganization Derived Value
SBU A SBU B SBU C SBU DC
u
st
o
m
er
D
er
iv
e
d
V
al
u
e
The Enterprise Scorecard
(Creating Enterprise Derived Value)
The SBU Scorecard
(Creating Customer Derived Value) Line Businesses Corporate Enterprise Value Proposition
Source: Alignment, Kaplan and Norton
Financial Synergies
“How can we increase
the shareholders value of
our SBU portfolio?”
The Enterprise Scorecard
Customer Synergies
“How can we share the customer
Interface to increase total
customer value?”
Internal Process Synergies
“How do we manage SBU
Process to achieve economies
of scale or value
chain integration
Learning & Growth
Synergies
“How do we develop and share
our intangible assets?”
•
Internal Capital Management
– Create synergy through effective management of internal
capital & Labor markets.
•
Corporate Brand
– Integrate a diverse set of businesses around a single brand,
promoting common values or themes.
•
Cross-Selling
– Create value by cross-selling a broad range of product/service from
several business units.
•
Common Value Proposition
– Create a consistent buying experience, conforming
to corporate standard at multiple outlets.
• Shared Services – Create economies of scale by sharing the systems, facilities
and personnel in critical support process.
• Value Chain Integration – Create value by integrating contiguous processes in the
industry value chain.
• Intangible Assets – Share a competency round the development of human,
information and organizational capital
• Strategic Themes – Provide leadership in complex organizations through
the management of strategic themes.
Sources of Enterprise-Derived Value (Strategic Themes)
Source: Alignment, Kaplan and Norton
Finance
IT
Board of
Directors
Enterprise
Strategy
Update
HR
Functional
Strategy
Update
2
Board
Strategy Map
1
Enterprise
Strategy Map
3
Functional
Strategy Map
Enterprise
Strategy Map
Corporate Support Units
Finance
IT
Customers
SBU
Strategy Update
HR
Support Unit
Strategy Update
6
5
Support Unit
Services
SBU
Strategy Map
Support Units
Vendor/Alliance
7
Corporate
Planning
Process
Integrated
Business
Planning
Process
Enterprise
Strategy Map
SBU
Strategy Map
Enterprise
Functional
Strategy Map
Business Units
Functional
Strategy Map
4
8
X
= Alignment Checkpoints
Source: Alignment, Kaplan and Norton
Alignment : Source of Economic Value
1. Enterprise value proposition:
The corporate office defines strategic guidelines to
shape strategies at lower levels of the organization.
2. Board and shareholder alignment:
The corporation’s board of directors reviews,
approves, and monitors the corporate strategy
3. Corporate office to corporate support unit:
The corporate strategy is translated
into those corporate policies that will be administered by corporate support units.
4. Corporate office to business units:
The corporate priorities are cascaded into
business unit strategies.
5. Business units to support units:
The strategic priorities of the business units are
incorporated in the strategies of the functional support units.
6. Business units to customers:
The priorities of the customer value proposition are
communicated to targeted customers and reflected in specific customer feedback and
measures.
7. Business support units to suppliers and other external partners:
The shared
priorities for suppliers, outsourcers, alliance partners are reflected in business unit
strategies
Source: Alignment, Kaplan and Norton
Corporate and SBU Alignment at Sport-Man Inc.
F in an ci al • Internally Funded Growth C u st o m er
• Migrate Mature Customer
• Build Niche Brand
• Destination Stores
• Sourcing Economies
• Strategic Skills
• Organizational Alignment
• Common System
In te rn al L ea rn in g & G ro w th
Enterprise Value
Proposition
(Growth) (Mature)Long Range Planning and Sourcing Strategy
Purchasing Department Service Agreement
1. Quality 2. Delivery
3. Satisfaction of Order 4. Price
5. Fashion Investment 6. Capabilities
7. Response Time 8. Relationship
Management
• Sourcing growth • % revenue from
departments <2 yrs old • Expenses as % of sales
• Vendor Performance rating • Vendor feedback
Joint Planning • Build Niche Brand
Product Development • # of Product Innovation • % Product from “A” factories Order Execution
• # order fulfillment • Order rejection rate • Human Capital Readiness • Cooperative efforts (global
teams)
• Access to Necessary
Information (employee survey) • % Penetration in dominant
Category
• Customer feedback (service) agreement Long Range Sourcing Strategy Vendor Service Agreement 1. Quality 2. Delivery
3. Satisfaction of Order 4. Price
5. Fashion Investment 6. Capabilities
7. Response Time 8. Relationship Management
Sport-Man Co
(Corporate)
A
B
C
D
E
F
G
1
4
Lines of Business
5
8
3
Support Units7
Independent VendorsSupport Unit Alignment at Sport-Man Inc.
Support Unit Alignment at Sport-Man Inc.
Q1 Q2 Q3 Q4
Ingersoll-Rand Corporate Architecture
Global Industrial Enterprise with Market-Leading Brands
Drive Shareholder Value
Improve Asset Utilization Drive Growth Through Acquisitions Accelerate Organic Growth
Drive Cash Flow Generation
Continuously Lower the Cost Base
Provide the Best Product,
Services, and Solutions Develop Partnerships to Deliver the Best Total Value
Create Loyalty Through Excellence in Quality, Service, and Delivery
Provide Leading Customer-Focused Solutions in the Markets We Serve
Drive Dramatic Growth
Through Innovation
Manage the product portfolio for competitive advantage
Restructure businesses and markets to drive growth and profitability
Identify, acquire, and assimilate complementary solutions
Develop innovative, differentiating applications and solutions
Identify and target growth markets and segments
Drive Demand Through
Customer/End-User Value
Leverage IR channel and customer network
Develop customized marketing programs with key customers
Align with innovative, market-driving customers within target channels
Identify and select target channels
Understand customer and end-user needs
Drive Operational
Excellence
Continuously improve health, safety and environment practices
Continuously improve manufacturing network efficiency and effectiveness
Create best-in-class corporate center
Create best for speed, cost and value
Continuously improve technology efficiency and effectiveness
Leverage Cross Business Synergies Develop Strategic Employee Competence Exemplify IR Guiding Principles Share Best Practices Expand Capabilities with Technology
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