Implementing beyond budgeting unlocking the performance potential 2nd edition

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Implementing Beyond Budgeting Implementing Beyond Budgeting Unlocking the Performance Potential Second Edition BJARTE BOGSNES Copyright © 2016 by Bjarte Bogsnes All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be created or extended by sales representatives or written sales materials The advice and strategies contained herein may not be suitable for your situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002 Wiley publishes in a variety of print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com Library of Congress Cataloging-in-Publication Data is available: ISBN 978-1-119-15247-7 (Hardcover) ISBN 978-1-119-22228-6 (ePDF) ISBN 978-1-119-22227-9 (ePub) Cover Design: Wiley Cover Image: © Eugene Sergeev / Shutterstock Printed in the United States of America 10 For Jeremy and Peter Contents xi Foreword Acknowledgments xiii About the Author xv xvii Introduction CHAPTER CHAPTER Problems with Traditional Management Introduction Which Way in a New Business Environment? The Trust and Transparency Problem The Cost Management Problem The Control Problem The Target-Setting Problem The Performance Evaluation Problem The Bonus Problem The Rhythm Problem The Quality Problem The Efficiency Problem 14 22 26 30 34 45 49 52 Beyond Budgeting 55 The Philosophy Beyond Budgeting Roundtable The Beyond Budgeting Principles 55 65 69 vii viii Contents Handelsbanken—the Pioneer Miles—a Master of Servant Leadership The Reitan Group—Values at the Core 74 80 84 The Borealis Case 91 Introduction Creation of Borealis The Journey Begins The Borealis Model Implementation Experiences and Lessons Learned Borealis Today 91 92 94 99 115 119 The Statoil Case 123 Introduction Creating the Foundation Starting Out The Statoil Model A Dynamic Ambition to Action What Could Be Next? The Beyond Budgeting Research Program How Are We Doing? A New Start for Statoil? 123 126 130 134 190 199 210 212 217 CHAPTER Beyond Budgeting and Agile 221 CHAPTER Making the Change: Implementation Advice 229 Create the Case for Change Handle Resistance Design to 80 Percent and Jump 232 238 240 CHAPTER CHAPTER Balanced Scorecard Pitfalls 257 are a bit better informed, as they sit closer to the cockpit door, which from time to time is open They also find the trip more comfortable than those back in economy class Some passengers react to all of the instructions from the cabin crew, from those with less impressive uniforms than the guys up front in the cockpit There seems to be a sharper edge in their voices the farther back in the cabin they move, passing on messages from the cockpit and issuing instructions about seatbelts and luggage Don’t misunderstand me I still want the guys in front to fly me safely home I am just questioning how applicable the metaphor is In today’s organizations, people no longer accept being passive passengers, leaving their destiny completely in the hands of a few guys at the top People want to be informed and involved They not accept being intimidated by middle managers who believe authority comes from stars and stripes A Paralyzing Balance A scorecard is a much bigger and better radar screen than a financially oriented budget and business plan The broader focus includes other stakeholders: employees, customers, shareholders, and society at large We formulate cause-andeffect relationships between the different perspectives and stakeholders How does the organization’s learning and development impact our operating processes, which are necessary for the satisfied customers we need in order to create revenues and value? There might still be conflicts between different stakeholder interests Employees might want higher salary levels, customers might want lower prices, and taxes or restrictions imposed by society might conflict with shareholder interests If we want to create sustainable value, we cannot ignore any stakeholder At the same time, we cannot aim for simultaneous short-term maximization of all stakeholder interests, as this 258 Making the Change: Implementation Advice might cause a paralyzing balance When a scorecard does not sufficiently address choices and priorities, and does not distinguish between today and tomorrow, we risk sending the message that everything is equally important This might leave the organization in limbo, trying to run after everything at the same time Again, strategy is about making choices If you never say no, you not have a strategy Choices must be made and reflected in the scorecard A final reflection on balance: Sometimes it is actually lack of balance that brings movement and progress, like the human body walking Each step leaves us out of balance, which we handle by taking another step, and another one, and the result is that we keep moving forward It Is a Finance Thing The majority of scorecard projects and operating responsibilities sit firmly in the finance function One reason is probably that Finance is the main number collector and also the reporting and control function In many companies the scorecard process is about just that, so Finance is the obvious candidate for the job Could other functions take it? What about the strategy function, or HR? This is the wrong discussion The main issue is not where to place the responsibility but how the responsible function works together with other functions Whoever the owner is, a close coordination across traditional functional borders is required The scorecard process must involve Strategy, Finance, and HR It is about integrated performance management, from overall strategies and strategic objectives to KPIs, actions, and forecasts; and further to team and personal goals, evaluation, and reward There is in fact no perfect candidate for the scorecard job within the traditional functional structure in companies Obviously, it is a line responsibility, but so is everything You need a clear owner Balanced Scorecard Pitfalls 259 who drives, coaches, and ensures a continuous development of both process and system Finance is probably best positioned for the job, simply because it sits in the middle between strategy and people It requires, however, a different mindset and competence than we typically find in Finance, including a holistic perspective and a broad understanding of strategy and organizational behavior, on top of the necessary business and financial competence Add on communication skills beyond the ability merely to read out the numbers Some companies have set up a dedicated unit, as suggested by Kaplan and Norton The “Office of Strategy Management” holds an overall responsibility for the strategy execution process It is an interesting idea, but it also introduces an additional interface to manage On balance, I believe a more sustainable solution is to take the longer and more demanding route of growing Finance into this role Or maybe a Finance/HR alliance could be a solution, as discussed earlier Sometimes the context in which a scorecard is introduced can something with the perception of ownership When a big PC producer introduced scorecards several years ago, it also made changes to its bonus system, including a tight link to scorecards For several years, people talked about scorecards only as “the bonus system.” It Is a Manual Thing An active and pulsating scorecard process, living from the boardroom to the control room, cannot be based on a manual collection and publication of data Some kind of system is needed Whatever your system choice is, it is important not to let the system become a straitjacket for your process design It might be wise to start out manually on a small scale, maybe with a few pilot tests to learn and improve before a more permanent 260 Making the Change: Implementation Advice model is automated The manual period should not be too long, though, as manual scorecards are demanding to operate and often not provide the best data quality A number of scorecard packages are on the market, ranging from standalone systems with varying integration possibilities to scorecard modules in larger enterprise performance management (EPM) solutions Beyond all the IT-technical issues that someone else must help you with, my advice is to pressure test the system candidates with these questions: ◾ ◾ ◾ ◾ ◾ Does the package focus on KPIs only, or does it also have good functionality for handling strategic objectives and actions and other free-text information? Is the user interface simple and intuitive, a no-brainer for managers who still have their secretaries print all their e-mails? Can you easily add on information that teams need in their daily jobs, so that the application becomes more of a management information portal? Can the system follow you on your scorecard journey? Can you adjust and improve without mobilizing armies of IT people? Does the system vendor understand performance management from an organizational point of view or only see it as a mechanical drill-down data-collecting and reporting exercise? It goes without saying that the final decision must lie with the scorecard-responsible function and not with IT Revolution or Evolution? Implementation as a revolution or an evolution is often debated in the Beyond Budgeting community Former Handelsbanken Revolution or Evolution? 261 CFO Lennart Francke used the following metaphor on Beyond Budgeting implementation choices: “Picture a busy London street Could you imagine the UK changing from driving on the left to driving on the right by starting with buses one month, trucks the next, and finally the cars?” It is a nice metaphor, but I am afraid it isn’t that simple The ideal starting point is, of course, a full and unanimous support for the entire Beyond Budgeting model Getting the whole management team onboard is a huge task, though Even when top management understands it all and wants it all, implementation will still be a long and phased journey And even if it is possible to synchronize all process changes in a common launch and a big bang, the implementation will not be over before the understanding and acceptance of process changes have been translated into a corresponding change in behaviors throughout the organization This is a long-haul change, not a quick fix Even if the revolution is roaring on the management process side, the required change in leadership, behaviors, and culture will always be an evolution So, even if we switch traffic from left to right overnight, as Sweden did in 1967, we will still see people driving on the wrong side of the road for many years to come Some will so because they simply disagree and refuse to change Others simply forget themselves, without any bad will involved As long as they are few, these ghost drivers are not as dangerous as those in real traffic Over time, this kind of driving is of course not acceptable, and such drivers must be brought in line or have their driver license confiscated But it is unavoidable that there will be a transition period where things will look messy Many will be confused because there are old and new behaviors on the street every day But remember, if there is no mess and no confusion, we are not seeing any real change, just a bit of singing and dancing to the latest music in the charts 262 Making the Change: Implementation Advice As discussed earlier, organizations embarking on a Beyond Budgeting journey often get braver along the way What seems scary when starting out almost always becomes less scary and sometimes even blindingly obvious at some point down the road This not only increases the appetite for more, it also tends to stimulate the creativity and innovation needed The result is typically an evolution through a number of mini-revolutions in management processes over time Each one requires their own, sometimes slow, digestion in the organization before resulting in the desired change in leadership and behaviors This should not prevent us from thinking like revolutionaries, every single day At the same time, we need to watch out for the counter-revolution The dark forces have long lives in most organizations Sometimes they get outside help All those great new, simpler and better processes developed over many years can be terminated by a new CFO or CEO, typically externally recruited Unlike the more step-wise revolution, the counter-revolution can easily be a big bang, a sweeping decision as part of those dangerous “100 first days” programs The way back to the old processes needs no experiments, no testing and no learning It is all too familiar Many will remember, most with horror The corresponding change in leadership and behaviors back to the sad old way will however be slower, even if the counter-revolution banned all the great stuff overnight Fortunately, we have seen very few counter-revolutions so far, on the contrary Almost all organization that has started out seems to continue Some very cautiously, though, but discussions are still more about how to improve and move forward and not about going back Maybe because going back is nothing but a dead end Closing Remarks W hen we started out in Borealis way back in 1995, before Beyond Budgeting even had a name, I was convinced that what we had discovered was so brilliant that it could only be a question of time before this would become the new way of managing organizations It has not happened on that scale, not yet The adoption has been slower than for many other concepts, for reasons already discussed I feel, however, that we are approaching a tipping point, given the huge interest not just from organizations around the world, but also from academia and the consulting business It can only be a question of when, not if The uncertainty and pace of change in our business environments is not slowing down People’s expectations toward their employers and leaders keep increasing Beyond Budgeting may be the most important new idea out there addressing the totality of these radical changes, due to its broad scope and coherent approach A number of other management innovation concepts and communities are also attacking traditional management The more we join forces, the stronger we will be I don’t care what we end up calling it, as long as it helps organizations to become more agile and more human One day, we will all smile about how we used to think about leadership and management Just like we now smile about the time before the Internet An indication of the strong interest is all the requests for keynotes and workshops that keep coming in Personal highlights include addressing GE’s top 600 managers at their 263 264 Closing Remarks legendary Boca Raton gathering, speaking at Harvard, and keynoting at the world’s largest Agile conference A Harvard Business Review/McKinsey Management Innovation award was also a great experience I have throughout the years helped a number of companies get started on their own journey Nothing beats being part of something like that My employer, Statoil, has recently opened for select consulting work to meet a massive demand As retirement from this great company is slowly approaching, I think I know what I want to next, beyond the writing and the speaking In the early pages of this book, I warned that I would some shouting and make things as black-and-white as necessary to get my points across My apologies if I sometimes got too loud, passionate, and emotional It is hard not to on such big and important issues If I did, I hope you were able to hear through the noise I hope you found something to get you started or something that can help if you are already on the move Thank you for listening, and farewell on your own journey, wherever you are coming from and wherever you are heading And remember, if you want to travel far, travel together Index A Abrahamsson, Pekka, 222 Ackoff, Russel L., 212 Adams, Douglas, xvii Accounting, 17, 19, 45, 108–113, 164, 194 Actions, 144, 160, 183, 195 Activities, chart of, 112 Activity accounting, 111–113 Agile xiii, xxvii, 4, 64, 70, 112, 163, 221–227 Agile Manifesto, 223 Airbus, 69 Alignment, 144, 196 Anarchy, 8, 25, 87, 196 Atlassian, 36 Autonomy, 38,64–65, 70, 85, 87, 175 Average, above, 195 B Balanced Scorecard, 98, 127, 132, 142, 251–261 Behavior, 2, 10, 17, 25, 29, 55, 61, 143, 168–169, 216 Bentsen, Siri, xiii Beyond Budgeting Roundtable (BBRT), 65–69 Beyond Budgeting Institute (BBI), 67 Bias, 139, 162 Bjørnenak, Trond, xiv, 80, 210 Boesen, Thomas, xiv Bonus, 34–44, 76–77, 83, 115, 132, 188 See also Rewards Bottom line, 80, 146, 212 Bougette, 14 Bouvin, Anders, 77 Brown, Donaldson, xi Budget: assumptions, 2, 46 purpose(s), 98, 133, 139, 144 Bullshit Bingo, 12, 50, 78 Bunce, Peter, xiii, 65–67, 69 Business: follow-up, 106, 182 partner, 119, 126, 207, 247 reviews, 182–183 C Calendar, 45–47, 70, 107, 191–199, 238 See also Rhythm CAM-I, 65 265 266 Capital allocation, 113–114 See also Resource allocation Capital Value Process, 178–179 Cascading, 29, 145, 196–197 Cause-and-effect, 146, 233 Centralized, 65, 105 See also Decentralized Cockpit, 257 Command-and-control, 138, 142, 255 Communication, 12, 21, 260 Compensation, 37, 44 See also Bonus Competence, 21, 59, 82, 260 Competition, 71, 81, 150, 154 See also Benchmarking and Peers Consultant(s), xxi, 6, 12, 55, 95, 230–231, 248–249 Continuous, 7, 49, 159, 195–199, 226 Continuous improvement, 63 Control, xvii-xxv, 2, 22–26, 58, 64, 89, 196, 211, 216 See also Command and control Controller, 19, 22, 126, 130 Coordinate, coordination, 196–197 Core Team, 67 Corporate Knights, 213 Cost management, 5, 14–22 See also Dynamic Resource allocation Creativity, 86, 224 Index Cryan, John, 41 Cultural due diligence, 207 Culture, 85, 87, 129, 170, 176, 207, 214–215 Customers, 70, 75, 77–78, 84–85 Cynefin, 233 D Dannemiller, Kathie, 233 Danone, 69 Dark forces, 176, 216, 250 Decentralized, 74, 105 See also Centralized Deloitte, 34 Democracy, 9, 11 Dilbert, 54 Drachten, 62 Drucker, Peter, Dynamic forecasting , 163, 191–194 Dynamic resource allocation, 163, 169–182, 226 See also Cost management E Efficiency problem, 52–54, 234–236 Einstein, Albert, 27, 207, 254 Elevator rides, 53 Employees, 5, 8, 9, 36, 63, 78–79, 81–85 Entitlement, 16, 19 Engie, 69 Evaluation, 3, 30–34, 64, 70, 115, 157, 161, 191, 183 Event(s), 43, 46, 64, 70, 141, 193 Index Execute, execution, executing, 32, 86, 136, 151, 170, 254 Executive Committee, 102, 118, 120, 125, 127, 133, 149 Expected outcome, 50–51, 117, 131, 141, 160, 235 Expedia, 34 F Financial capacity, 20, 50, 114, 160, 175, 193 Fixed performance contract, 71, 189 Flexibility, xxi, 22, 75, 143, 172, 177, 225, 256 Forecast(s), 24–26, 47, 51, 70, 78–79, 88–89, 101, 117, 139, 141, 159–166, 182, 191–194, 244 Fortune 500, 213 Flørenæs, Stian, xiii Francke, Lennart, 261 Fraser, Robin, xiii, 62, 65 Free rider, 42 Freedom, 70, 105, 199, 203, 214, 248 Frøberg, Anders, xiv Fundamentalist, 199 G GE, 34, 263 Gemini, 945, 249 General Motors, xi Genton, Kristin, 88–89 Gleicher, David, 233 Global warming, 5, 14, 18, 218 Goals, individual/team, 29, 196, 208, 246 267 Google, 43 Great Place to Work, 78, 81 Grovehill Junction, 62 GSK (GlaxoSmithKline), 37 H Hackett, 52, 234 HCL, 34, 84 Hindsight, 32,42,185,233 Hock, Dee, 55 Holistic, 32–33, 64, 70, 161, 185–198 Hollevik, Arvid, xiii, 128, 205 Holte, Asbjørn, xiv Hope, Jeremy, xiii, 13, 62, 65–67, 69 Horisonten, 111, 221 HR See Human Resources Human: capital, 5, 20–21 nature, Resources, xxii, 8, 21, 25, 34, 41, 44, 116, 188, 201–210, 245–247 Hydro, xxvi, 119, 124, 141, 240 I Ibsen, Henrik, 25 Iceland, 68–69 Implementation, 99–115, 229–262 Institute of Leadership & Management, 43 J Jefferson, Thomas, 229 Jenssen, Jens R., 130 268 K Kaarbøe, Katarina, xiv, 210 Kaplan and Norton, 102, 254, 260 Kaplan, Robert S., 110 Key performance Indicator(s) See KPIs Kohn, Alfie, 38, 41, 44 KPI(s), 26–33, 102–103 ,115, 132, 143, 150–159, 173–174, 178, 182–187, 189–190, 195, 254 KPT(s), 26, 151 L Laggard, 28, 153, 157 Larsson, Dag, xiii, 67, 150 Leader(s), leadership, xix, xxii, xxiv, 6–9, 33, 39,63–65, 69–71, 80, 116, 134, 143, 163, 168, 175, 189, 206, 212, 214–218, 236, 238, 245 League standing(s)/table(s), 31, 70, 76, 89, 153–154, 157, 177, 188, 205 Lean, 181, 225, 229–231 Learning, 216 Lund, Helge, 130, 133–134, 168, 209–210, 243 M Madsen, Vagn, 110, 112 Management Information in Statoil See MIS Management innovation, xv, 43, 55–56, 263 Master control estimate, 164 Mathisen, Eldar, 246 Index McGregor, Douglas, xxii,63 McKinsey, ,xv, 15 Mercer, William M., 44 Michelangelo, 28–29, 157 Michelen, 69 Micromanagement, xviii, 63, 104, 237, 254 Miles, 80–84 Mindset, xxiv, 1, 4, 70, 85, 113, 170–171, 260 MIS, 127–128,146, 148, 152, 169, 182, 200–201 Monderman, Hans, 62 Monitoring, 98, 128, 145 Morlidge, Steve, xxiii, 66, 134 Motivation, 34–44, 64, 86, 161, 196, 256 My/Our Performance Goals, 143, 149, 167–169 N Nayar, Vineet, 84 Negotiations, 18, 29, 131, 158 Nielsen, Gunnar, xiv “Nimblicity”, 122 NHH, xiv, xx, 80, 181, 210–211 O Office of Strategy Management, 260 Olesen, Anders, xiii, 67 Olsen, Tom Georg, 80–84 OMV, 119 Organizational structure, 73 P Pay, variable See Bonus PCD, 119–120 Index Peers 63, 152, 166 See also Competition and Benchmarking Peer-to-peer bonus, 43 People@Statoil, 149, 167, 169, 196, 201–202 Performance, management, xx, xxiii, xxiv, 60, 143, 201, 208, 145, 247 evaluation See Evaluation problem, 234–237 Planning, 46–48, 70, 75, 101, 141, 160–167, 192, 197, 212 Player, Steve, xxiii, 67–68 Portfolio, 180 Potential, 4, 26, 209, 234, 239 Pressure testing, 185, 187, 190 Profit(ability), 74, 80, 86, 89, 106, 11, 146, 155, 174 Psychology, 49–51, 234–236 Q Quality problem, 49–51, 234–236 R Radar screen, 50, 162–163, 193 Reitan, Odd, 84–90 Reitan Group, xxvi, 84–90 Reitan, Torgrim, xiii, 176, 217 REMA, 84, 87–89 Rennemo, Svein, xiv, xxiv, xxv, 95, 98, 101, 119–120, 239 Research, 35, 37, 39, 69, 80, 210–211 269 Resource allocation, 50, 65, 70 See also Dynamic resource allocation and Cost management Rewards See Bonus Rhythm, 3, 45–49, 64, 70, 169, 191–199 See also Calendar Risk, 108, 239–240 Risk Management, 200 RoACE, 103, 106, 113, 116, 154–156 Rolling forecast(s), 6, 48, 88, 98, 101, 117, 166, 192, 194, 244 Rolling average, 159 Roll-out, 250 Roundabout, 57–62 Rugland, Toralf, xiii, 205 Röösli, Franz, xiii, 67 S SAP, 111–112, 126–129 Schneider Electric, 68 Scorecard See Balanced Scorecard Scrum, 225, 229–230 Self-regulation, self-regulating, 13, 59, 63, 70, 74, 83, 89, 145, 157, 172, 174 Senge, Peter, 229 Sense and respond, 4, 117, 144, 163, 242 Shared Space, 62 Shareholders, 5, 258 Simms, William Gilmore, 25 Sirota, David, 40 Skeptics, xxvi, 239, 240–241 Skinner, B.F., 41 270 Sloan, Alfred, xi SMART principles, 27–28 Snowden, Dave, 233 Societe Generale, 69 Solberg, Jone, xiii Straitjacket, 27–28, 107, 139, 260 Soviet Union, SpareBank1 Gruppen, 80, 246 Spreadsheets, 52–53, 116 Stakeholders, 31, 193, 258 STEP, 181 Strategic direction, 29–30, 149–150 Strategy, 2, 100, 115, 138, 143, 149, 174, 195, 210, 251, 253, 259–260 Sustainable, Sustainability, 39, 146, 181, 186–187, 201, 213, 232 Sætre, Eldar, xiii, 126–127, 130, 133, 178, 217–218 Index Traditional management, xxiv, 1–54, 63, 75, 81, 134, 235, 242, 256, 263 Traffic lights, 57–62 Transparency, 7–14, 60, 64, 70, 74, 82, 86, 90, 167, 169, 196, 213, 225, 236 Transparency International, 213 Trend reporting, 88, 98, 107–108, 183 V Value creation, 20, 164, 178–181, 253 Value for Money, 95 Values, 9–10, 32, 58–60, 64, 70, 75, 81, 84–86, 93, 121–122, 129, 143, 168–169, 223 Variability accounting, 110 Vision, 85, 146–147, 218 VUCA, 5–6, 62, 140, 241 T W Target review, 161,195 Theory X & Y, xxii-xxiv, 8, 10, 23, 35, 63, 241 Time horizons, 139, 159, 193–194, 253 Top-down, 29, 127, 182, 196–197, 256 Wallander, Jan, 74–78 Waterfall, 221–222 Welch, Jack, 96 World Bank, 134 Z Zappos, 43 WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA ... Implementing Beyond Budgeting Implementing Beyond Budgeting Unlocking the Performance Potential Second Edition BJARTE BOGSNES Copyright © 2016 by Bjarte... Problem The Efficiency Problem 14 22 26 30 34 45 49 52 Beyond Budgeting 55 The Philosophy Beyond Budgeting Roundtable The Beyond Budgeting Principles 55 65 69 vii viii Contents Handelsbanken the Pioneer... Environment? The Trust and Transparency Problem The Cost Management Problem The Control Problem The Target-Setting Problem The Performance Evaluation Problem The Bonus Problem The Rhythm Problem The Quality

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  • Cover

  • Title Page

  • Copyright

  • Contents

  • Foreword

  • Acknowledgments

  • About the Author

  • Introduction

  • Chapter 1 Problems with Traditional Management

    • Introduction

    • Which Way in a New Business Environment?

    • The Trust and Transparency Problem

    • The Cost Management Problem

    • The Control Problem

    • The Target-Setting Problem

    • The Performance Evaluation Problem

    • The Bonus Problem

    • The Rhythm Problem

    • The Quality Problem

    • The Efficiency Problem

  • Chapter 2 Beyond Budgeting

    • The Philosophy

    • Beyond Budgeting Roundtable

    • The Beyond Budgeting Principles

    • Handelsbanken-the Pioneer

    • Miles-a Master of Servant Leadership

    • The Reitan Group-Values at the Core

  • Chapter 3 The Borealis Case

    • Introduction

    • Creation of Borealis

    • The Journey Begins

    • The Borealis Model

      • Five-Quarter Rolling Forecasts

      • Balanced Scorecard

      • From Absolute to Relative Performance

      • Trend Reporting

      • Activity Accounting

      • Investment Management

      • Evaluation and Rewards

    • Implementation Experiences and Lessons Learned

    • Borealis Today

  • Chapter 4 The Statoil Case

    • Introduction

    • Creating the Foundation

    • Starting Out

    • The Statoil Model

      • Introduction

      • Separating the Budget Purposes

      • Ambition to Action

      • The Ambition to Action Process

      • Strategy Translation and Target Setting

      • Planning: Actions and Forecasts

      • People@Statoil-My or Our Performance Goals

      • Dynamic Resource Allocation

      • Business Follow-Up

      • Performance Evaluation and Rewards

    • A Dynamic Ambition to Action

    • What Could Be Next?

      • Finance and HR: Time for a New Partnership?

    • The Beyond Budgeting Research Program

    • How Are We Doing?

    • A New Start for Statoil?

  • Chapter 5 Beyond Budgeting and Agile

  • Chapter 6 Making the Change: Implementation Advice

    • Create the Case for Change

    • Handle Resistance

    • Design to 80 Percent and Jump

    • Keep the Cost Focus

    • Don't Start with Rolling Forecasting Only

    • Involve Human Resources and Agile IT

    • You Can't Get Rid of Command and Control through Command and Control

    • Do Not Become a Fundamentalist

    • Balanced Scorecard Pitfalls

      • A New Box on Top of Old Boxes

      • It Is All about KPIs

      • Just Another Command-and-Control Tool

      • Only One Scorecard at the Top

      • A Paralyzing Balance

      • It Is a Finance Thing

      • It Is a Manual Thing

    • Revolution or Evolution?

  • Closing Remarks

  • Index

  • EULA

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