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An Approach to Reality: Adoption Initiatives of the Balanced Scorecard in Venezuela

(Project in Development)

Authors: Gloria Morella Torrealba Urdaneta

Universidad Centroccidental “Lisandro Alvarado”, UCLA

tgloria@ucla.edu.ve

Lara, Venezuela

 

Yamileth Pastora Lucena López

Universidad Centroccidental “Lisandro Alvarado”, UCLA

ylucena@ucla.edu.ve

Lara, Venezuela

Abstract

This work is still a study in development. Its purpose is to analyze the experiences of the Balanced Scorecard (BSC) application in Venezuela, focuses on the own features of its application in this country. This field research is from quantitative paradigm. It is descriptive and adopts the inductive-deductive method. Ten (10) organizations that undertook processes of BSC adoption will be studied in Venezuela through the survey technique, with the application of questionnaires, which will be analyzed with descriptive statistics. In addition, an interview which was submitted to content analysis will be made to three (3) experts. From these interviews were derived the preliminary results of this paper, which are: the predominance of large enterprises and the manufacturing sector in the implementation of the BSC, the incomplete deployment in organizations and the attachment to the original structure of this tool. The high management support and the use of computer applications are emphasized among other critical factors for the successful implementation of the BSC. The limited understanding of the BSC and the difficulties in identifying strategic objectives constitute barriers to its implementation. It is concluded that in Venezuela the BSC application faces limitations that involve basic elements of its theoretical model.

 

             Keywords: business management; management; management control.

            

 

 

Un Acercamiento a la Realidad: Iniciativas de Adopción del Cuadro de Mando Integral en Venezuela

(Proyecto en Desarrollo)

 

Resumen

Este trabajo constituye un estudio en desarrollo, cuyo objetivo es analizar experiencias de aplicación del Cuadro de Mando Integral (CMI) en Venezuela, con interés en los rasgos propios de dicha aplicación en el país. Esta investigación de campo, enmarcada en el paradigma cuantitativo, es descriptiva y adopta el método inductivo-deductivo. Se estudiarán diez organizaciones que emprendieron procesos de adopción del CMI en Venezuela, mediante la técnica de encuesta, con aplicación de cuestionarios, que se analizarán utilizando estadística descriptiva. Esta técnica se acompaña con la entrevista aplicada a tres expertos, que fue sometida al análisis de contenido. De estas entrevistas se derivan los resultados preliminares del estudio, entre los cuales figuran: predominio de grandes empresas y del sector manufacturero en la aplicación del CMI; despliegue incompleto del mismo en las organizaciones; y apego a la estructura original de dicha herramienta. Se destacan el apoyo de la alta gerencia y el uso de aplicaciones informáticas, entre otros factores críticos para la aplicación exitosa del CMI, mientras, la comprensión limitada del mismo y las dificultades para identificar objetivos estratégicos constituyen barreras a su implementación. Se concluye que en Venezuela la aplicación del CMI enfrenta limitaciones que involucran elementos básicos de su modelo teórico.

 

Palabras clave: gestión de empresas; gestión; control de gestión.

 

 

 

1.    Introduction

The Integral Scorecard (BSC) has been cataloged in the management literature as a tool of wide acceptance in the organizational world and of indisputable projection in academic research (Porporato and García, 2007, page 18). Within the framework of this enthusiasm, affirmations and empirical evidence have emerged that attribute the BSC an outstanding position as a tool to support strategic management (Banchieri and Campa, 2012a, p.2, Urrea, Jiménez and Escobar, 2004, p.25).

 

However, some investigations question these assertions, showing results according to which, within the contexts analyzed, the application of the Balanced Scorecard covers a small percentage of the companies under study (Banchieri and Campa, 2012b, p.14, Quesado, Aibar and Lima, 2012a, p.117), in contrast to the affirmations that attribute to the aforementioned tool a broad rootedness in the organizational reality. As suggested by Banchieri and Campa (2012c, p.14), this disparity could be explained by the typology of the companies studied, since the works whose results show a wide application of the BSC focus on organizational universes constituted by large companies, originated in developed countries.

 

To the approaches that refute the widespread use of the BSC, some skeptical positions are added regarding the validity of the hypotheses of this instrument (Norreklit, 2000a, p.82). In the same order of ideas, empirical evidence has been provided that questions the supposed balance between the financial and non-financial elements that make up the tool analyzed (Lipe and Salteiro, 2000a, p.284). Additionally, the management literature reports on some studies that provide elements to argue the setbacks faced by the BSC in its implementation (Waal and Counte, 2009a, p.377, Wagner and Kaufmann, 2004a, pp. 273-278).

 

In light of the contrasts and questions raised, it is reasonable to ask questions about the universal validity of the Balanced Scorecard hypotheses and the feasibility of applying it in all types of organizations, mainly, considering the universe of small and medium-sized enterprises. companies (Quesado et al., 2012b, p.93) and the context of countries that do not belong to the sphere of developed economies. In this analytical line, the challenge of deepening research efforts aimed at studying experiences of application of the Balanced Scorecard in areas different from those of its original context, with a view to verifying the validity of the original model for said realities.

 

In view of the research concerns exposed, this paper intends to study initiatives for the application of the BSC in the Venezuelan context, with a view to clearing questions of the following tenor: a). What is the profile of the organizations that have undertaken the implementation of the BSC in Venezuela? b) What is the level of progress that Venezuelan organizations have achieved in the implementation of such a tool? c) What adaptations have been incorporated into the BSC model in the analyzed context? d). What factors have favored or hindered the application of the Balanced Scorecard in the organizations of the country? and). What is the impact of the application of the BSC in achieving the strategic objectives of the Venezuelan organizations?

 

Based on the research questions asked, this work sets out as a general objective to analyze experiences of application of the BSC in organizations of the Venezuelan context, with the interest focused on the features and situations of such application in our reality. It should be noted that the theme studied in this work suffers from a great vacuum in Venezuela, since the bulk of the contributions focused on the Balanced Scorecard are projective studies, which revolve around the design of this type of tool for specific organizations ( Clemente and Ríos, 2016, Zambrano and Buyones, 2015).

 

It is pertinent to add that in current Venezuelan reality the role of management control tools, such as the BSC, takes precedence over an economic, social and political environment that includes limitations on the profit margins of lucrative activities and regulations around to the consumables likely to be included in cost structures, all of which requires managing critical variables and optimizing processes.

 

This study constitutes a research in development, reason why, only preliminary results derived from one of the data collection techniques used are presented, specifically, the interview with experts, in which the questions of research before considering, except the considerations on the impact of the application of the BSC in the achievement of the strategic objectives of the organizations that use it.

 

The work begins with a few brief notes on the BSC model and the debate on the validity of its premises. Next, the methodology of the study is presented, followed by the preliminary results of the same. As a final element of the work, some brief conclusions are formulated.

 

2. Theoretical Bases

2.1. Integral Scorecard.

2.1.1. General features.

The Balanced Scorecard was introduced by Kaplan and Norton (1992a), is a model on the basis of which it is possible to establish a management system to support the organizational strategy. The creators of this tool argue that it "translates the vision and strategy of a company into a coherent set of action measures" (Kaplan and Norton, 2000a, page 38). Therefore, it allows expressing the strategy in terms of actions and results, thanks to which, it can be understood by the entire organization (Terán, Sánchez and Ruiz, 2012, p.123).

 

According to Kaplan and Norton (2000b, p.38) the BSC transforms the mission and strategy into objectives and indicators, grouped into four perspectives: financial, customers, internal processes and learning and growth. Between these perspectives, cause-effect relationships are established, which also link the objectives and indicators contained within them. The BSC scheme allows balancing financial and non-financial measures; short and long-term objectives; and outcome measures with performance inducers (Andel-Kader, Moufty and Laitinen, 2011, p.214).

 

 The central hypothesis of the Balanced Scorecard states that the generation of profitability for the shareholders is based on the creation of value for the clients, which depends, in turn, on the performance of the critical processes to generate said value, based on the human, structural and technological capabilities of the organization. This dynamic is developed through the cause-effect relationships between the four perspectives of the model, which are discussed in the following section.

 

2.1.2. Perspectives of the Balanced Scorecard.

The financial perspective reflects the final results of the organization's performance in traditional financial terms and measures the final success in executing the strategy. It includes indicators such as return on investment, revenue growth and cost reduction (Kaplan and Norton, 2004a, p.59). The central aspect of this perspective must be to generate sustainable long-term value growth in favor of shareholders (p.69).

 

The client's perspective contains the proposal for the creation of a differentiated and sustainable value that will allow attracting and retaining the segment of the selected market as the target customer for marketing the products of the organization, which, according to Moro (2005, page 7) , is the central aspect of the strategy of the same. The value proposition for the client describes the combination of "products, prices, services, relationship and image that the company offers to customers" (Kaplan and Norton, 2004b, p.70).

 

The internal processes perspective identifies the critical processes that allow the business unit to deliver the value propositions necessary to attract and retain the clients of the selected segments and meet the expectations of shareholders' financial returns (Malgioglio J., 2002, cited in Contreras and Pérez, 2009a, p.23).

 

According to Kaplan and Norton (2004c, p.61), the learning and growth perspective describes how the human resources, technology and climate of the organization combine to support the internal processes of value creation. The cited authors consider the three elements mentioned as intangible assets and explicitly state that the perspective of learning and growth focuses on the significance of the assets in question, as the basis of the organizational strategy.

 

2.2. Integral Scorecard: from the theoretical model to the empirical world

One of the aspects that has nurtured the literature on the Balanced Scorecard has been the debate on the validity of its hypotheses and the feasibility of applying its premises, a line of work that includes among its derivations the study of the factors that favor or impede the success of the experiences of application of this instrument.

 

Next, some works are commented that have contributed elements to the generated discussion around this thematic one. This content is divided into three aspects: validity of the premises of the BSC, factors that favor the implementation of the same and barriers that hinder its application.

 

 

2.2.1. Validity of the premises of the BSC.

The literature that analyzes the validity of the hypotheses proposed by the BSC does not reflect a unanimous position on the matter.

  

From the point of view of the purely theoretical critique of the BSC model, the analysis of Norreklit (2000b, p.82) stands out, arguing that the relationships raised within the framework of this tool are not causal, since they can not be object of empirical verification in an unobjectionable way. He adds that these relationships are only logical.

 

The evidence offered by the empirical studies seems to coincide with the approaches of the mentioned author, since they do not provide conclusive results regarding the causal relations of the BSC. The works developed by Davis and Albrigth (2004, p.145) and by Chen, Yamauchi, Kato, Nishimura, and Ito (2006, p.345), validate the relationship between the use of the BSC and the improvement in performance. On the other hand, Ittner, Larcker and Randall (2003, p.735), found no evidence of association between the use of the aforementioned tool and the economic results. On the other hand, the findings of Neely, Kennerley and Martínez (2004, p.771), reveal that, although the implementation of the BSC had a positive impact on sales and profits, the change was not significant.

 

In another questioning of the assumptions of the BSC, Lipe and Psalter (2000b, p.293), they contribute elements that call into question the balance between the use of financial and non-financial measures. In a similar orientation, Banchieri and Campa (2012d, p.13) conclude that companies give greater importance to the financial perspective of the BSC.

 

2.2.2. Factors that favor the success of the BSC.

Among the studies that analyze the factors favorable to the implementation of the BSC, mention should be made of the work of Assiri, Zairi and Eid (2006a), which is based on a model made up of 27 critical success factors, with the potential to influence implementation of the BSC. Based on this model, the study carried out in 25 countries allowed classifying the success factors of the BSC into three categories: dominant, main and support, according to the assessment given to them by the organizations consulted. The first category included the commitment of management, the characteristics of the team in charge of the BSC and the identification of perspectives. Important factors include: clarity of mission, vision, values ​​and strategy; staff training to adapt to the changes that the BSC brings; and automation of it.

 

Finally, the following aspects were classified as support factors: integration of the BSC as part of the management system, self-assessment systems (for example, quality systems) linked to the BSC and final completion of the measures and the total model of the same.

 

2.2.3. Factors that harm the implementation of the BSC.

Within the framework of the topic that addresses the factors adverse to the viability of the BSC model, it is pertinent to mention the work of Wagner and Kaufmann (2004b, pp. 273-278), who studied a group of large, mainly multinational, companies. German origin.

 

Among the obstacles that threaten the success in the implementation of the BSC are: lack of commitment; scant support from top management; shortcomings in the formulation and understanding of vision and strategy; difficulties in identifying strategic objectives and cause-effect relationships; loss of project sustainability due to resistance to change; difficulty in having data on performance; and absence of linkage between the BSC and the organization's reward system.

 

On the other hand, Waal and Counte (2009b, p.377), find evidence that points out as unfavorable factors to the BSC, the lack of culture of performance measurement, the low commitment of management and the lack of information systems for measurement From the results. Similarly, Banchieri and Campa (2012e, p.11), identify as limiting the implementation processes of the BSC: stumbling blocks in the selection and preparation of indicators and lack of information for the functioning of the BSC.

 

The previously commented findings are corroborated, to a large extent, by the work of Quesado et al. (2012c, p.118), which highlights the difficulties in identifying indicators, as well as in formulating objectives for operational levels.

 

In the Venezuelan context only the work of Contreras and Pérez (2009b), which focuses on the linkage between the Balanced Scorecard and the reward systems, was found as a background relative to the study of the application experiences of the BSC.

 

3. Methodology

3.1. Type of Research.

The research is framed in a paradigm attached to the quantitative approach, in which the methodological rigor to appreciate the reality is given by the data, that is, instruments are applied whose data are coded, tabulated and analyzed to reach the conclusions. (Palella and Martins, 2010, page 40). Within the framework of this approach, the inductive-deductive method is adopted, whose first component (inductive) allows the data obtained from the selected samples to serve as the basis for formulating approaches that can be generalized. On the other hand, the deductive features are appreciated in the analysis of the results, which are interpreted in light of a theoretical framework, from which, new logical conclusions are generated from general formulations.

 

The research is descriptive in that it is aimed at: characterizing the organizational scope of application of the BSC in Venezuela, as well as identifying the features that this tool adopts within the framework of the country's organizational reality. For Cerezal and Fiallo (2004), "... in this type of research, empirical methods are fundamentally used ... such as: observation, surveys, interviews, etc". (p.12).

 

3.2. Variables.

Based on the research objective proposed in this paper and the specific purposes that derive from it, the study variables indicated in Table 1 have been identified, in which the elements that describe these variables are also detailed. the criteria or sources that are the basis for such elements.

 

Table 1. Study Variables.

SEE IN THE ORIGINAL VERSION

Source: (self made).

 

3.3. Data Collection.

For the purposes of data collection, the use of two (2) techniques is contemplated: the survey and the expert interview (semi-structured). The survey will be based on the use of two (2) questionnaires, whose target population is represented by the organizations of the Venezuelan context that have adopted the BSC and use it at present. Since there is no database of these organizations, it is not possible to identify or quantify them accurately, therefore, an intentional non-probabilistic sample composed of ten (10) organizations will be used. According to Carrera y Vásquez (2007, page 94), in this type of sample, the units of the population are "chosen according to previously established criteria, selecting typical or representative units".

 

In this case, the criteria adopted to select the sample are: that the organizations are willing to participate in the study; that are identified through bibliographic sources or references of consultants and / or scholars of the subject in the country.

 

The first questionnaire will be aimed at obtaining information focused on the five (5) specific objectives of the research (see Table 1) and will be applied to the BSC responsible for the organizations in the sample. The second instrument is aimed at the area managers and supervisors of said entities. This questionnaire excludes the elements related to the profile of the organizations consulted and the structure of the BSC adopted by them, considering that this general information may not be available to the staff in question. The questionnaires include, mainly, questions of closed answers, of simple and multiple selection. Questions related to the last two (2) specific objectives take the form of a Likert scale.

 

The technique of the interview with experts was applied to three (3) students of the subject related to the BSC, both in the academic field, and in that of the consultancy. The purpose of the interview was to obtain information on the application of the BSC in Venezuela, as seen from the experience and specialized criteria of the interviewees. The aspects focused on the interview respond to the first four specific objectives.

 

3.4. Analysis of data.

The analysis of the data derived from the application of the surveys will be based on the descriptive statistics, with the application of frequency analysis and measures of central tendency, specifically, fashion, because it is compatible with the nominal nature of the variables analyzed. . In the case of the interviews, they were subjected to the analysis of contents product of the subject-object interaction, in order to interpret and understand the information provided, in light of the theory that sustains the study.

 

4. Preliminary results

The results that are presented below constitute an advance in the research findings, derived from the application of the semi-structured interview technique. The results shown refer to the first four specific objectives of the work, included in Table 1.

 

4.1. Profile of the organizations that have undertaken adoption initiatives of the Balanced Scorecard (BSC) in Venezuela.

As was pointed out above, the profile of the organizations that have implemented the BSC in the Venezuelan context, is visualized in two dimensions: the size of the organization and the sector of activity itself.

 

Regarding the first element, the experts consulted agree that the implementation initiatives of the Balanced Scorecard are adopted, mostly by large companies, an approach that agrees with the findings of some studies, whose evidence confirms the existence of a strong relationship between the application of the BSC and the business scale of the organization (Hoque and James, 2000, p.11).

 

Regarding the sector in which the organizations that have applied the BSC in the Venezuelan context are framed, the answers offered by the interviewees point to a predominance of the manufacturing sector, a segment that, according to those consulted, concentrates about 60% of the initiatives of application of the analyzed tool. According to one of the experts, this behavior is explained by the greater urgency of the industrial sector in terms of application of tools aimed at management, given the complexity of their operating processes and the difficulties posed to industries within the framework of reality. current of the country. This sectoral pattern is consistent with the results of Assiri et al. (2006b, p.940), whose study reports the dominant figuration of the manufacturing sector, as the scope of implementation of the BSC, with a percentage of 36.9%.

 

4.2. Scope of the implementation of the BSC in the Venezuelan context.

According to those consulted, most of the organizations that decide to adopt the Balanced Scorecard complete the design and implementation of this tool. However, the percentage represented by those experiences in which the use of the BSC is consolidated and maintains its continuity as a management tool is approximately 40%. This figure coincides with the approach of Waal and Counet (2009c, page 377), who estimate in a range that varies between 50% and 70% the cases of failed application of the BSC and other management systems.

 

On the other hand, the experts indicate that the process of implementation of the BSC does not reach all the spheres of the organization and extends only to the supervisors' link, which implies an inconsistency with the conceptual model of the BSC, according to which, the It must be deployed at all levels of the organization (Olve, Roy and Wetter, 2000, pp. 87-89). The aforementioned finding is consistent with the empirical evidence reflected by Banchieri and Campa (2012f, p.12).

 

According to those consulted, the obstacles that impede the total deployment of the Balanced Scorecard have to do with the resistance of the personnel of the operative levels and the cognitive difficulties of the same, which agrees with the findings of Wagner and Kaufmann (2004c, p.274).

 

4.3. Structure of the BSC applied by Venezuelan organizations.

According to the statements of the interviewees, in general, the Venezuelan organizations that have adopted the Balanced Scorecard adhere to the structure formed by the four perspectives of the original Kaplan and Norton model (1992b). Some variants are introduced for the treatment of corporate social responsibility, with the inclusion of a fifth perspective, a finding that confirms the results offered by Costa, Jorquero and Méndez (2005, pp. 81-82).

 

4.4. Factors that have favored or hindered the implementation and permanence of the BSC in Venezuelan organizations.

Among the factors that the consulted experts consider to be decisive for the success in the implementation of the Balanced Scorecard, are: commitment of the management, linkage of this tool with a system of variable compensation for the personnel, existence of strategic planning elements formalized, use of computer applications to support the monitoring of indicators, existence of a person or unit responsible for the BSC, and training of personnel in specific aspects of the application of this instrument. The success factors identified by the experts interviewed are included in the model that serves as the basis for the study by Assiri et al. (2006c, pp. 940-949).

 

On the other hand, the interviewees recognize the following as factors that conspire against the viability of the Balanced Scorecard: lack of management commitment, scarce personnel management training; limited understanding of the model; difficulties in identifying strategic objectives; lack of support systems for performance data. These findings agree with the evidence provided by several studies that address this issue (Banchieri and Campa, 2012g, p.11, Waal and Counte, 2009d, p.377, Wagner and Kaufmann, 2004d, p.273-278).

 

5. A Way of Conclusions

The preliminary results of the research, based on the interviews with experts, confirm, in a general way, the findings derived from previous investigations framed in different geographical contexts, which could suggest the existence of common behavior patterns that gravitate around the implementation initiatives of the BSC. In this regard, it is confirmed that the inclination to adopt the tool analyzed is more typical of large organizations than SMEs, before which, it is pertinent to deepen the study of the factors that inhibit the incursion of this last business segment in the application of the BSC.

 

In the Venezuelan context, the BSC model faces limitations in the viability of its implementation and permanence, motivated by the presence of some unfavorable factors that, in some cases, are associated with basic elements of the theoretical model of this tool, such as difficulties in the deployment of the BSC at all levels of the organization and obstacles in the identification of strategic objectives.

 

In addition to the impact of the aforementioned obstacles in the implementation of the BSC, the critical role of some factors such as the commitment of senior management, staff training and the use of computer applications are confirmed as elements that support the potential for success in the implementation of the analyzed tool. It should be noted that the last mentioned factor may act as a barrier to the application of the BSC in Venezuela, considering the high costs of technology in the country.

 

 A scenario compatible with the theoretical specifications manifests itself around the adoption of the perspectives of the BSC in the country, since, according to the respondents, the original structure dominated by the four basic perspectives predominates, which reflects that few adaptations have been incorporated of this tool in the national context, in similarity with the findings of other realities, which also reflect the acceptance of the general scheme contained in the BSC conceptual model.

 

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Gloria Morella Torrealba Urdaneta

e-mail: tgloria@ucla.edu.ve

 

Born in Venezuela. She has a degree in Public Accounting, graduated from the Universidad Centroccidental "Lisandro Alvarado", in 1986. Later, she was titled Magister in Administrative Planning, Public Management Mention, in the same institution, in 1996. She obtained the title of Doctor in Management and Business Administration, by the Universidad de Valladolid (Spain), in 2008. She is a full professor of the Deanship of Sciences and Technology of the Universidad Centroccidental “Lisandro Alvarado”. She is the author of several research articles in the line of management control and Social Economy. She is Coordinator of the Research Unit in Social Sciences of the same dean.

 

 

Yamileth Pastora Lucena López

e-mail: ylucena@ucla.edu.ve

 

Natural of Barquisimeto, Lara State, Venezuela. In 1997, she graduated with a degree in Political Science. For 2002 he becomes a Magister in Business Management (UFT). In 2013 she obtained the title of Doctor in Advanced Management. He is currently studying E-Learning Specialization (UCLA) and Master's in Corporate Communication (UFT) (both in graduate work). Associate Professor at the Universidad Nacional Abierta, Lara Local Center and Aggregate at the Universidad Centroccidental “Lisandro Alvarado” (UCLA). She has experience as a Postgraduate Professor in the subjects related to the areas of methodology and business management at the UFT, UNEFA and UNA.

 

The content of this manuscript is disseminated under a Creative Commons License Attribution-NonCommercial-ShareAlike 4.0 International

 

- Original Version in Spanish -

DOI: https://doi.org/10.29394/Scientific.issn.2542-2987.2018.3.7.8.155-176