IAI Jawa Timur | Ikatan Akuntan Indonesia Wilayah Jawa Timur - Materi Workshop Holding materi hari 1
PENGENDALIAN MANAJEMEN
DAN
SISTEM MANAJEMEN KINERJA
HOLDING COMPANY
BAMBANG TJAHJADI
PUSAT TATAKELOLA DAN DAYASAING
UNIVERSITAS AIRLANGGA
A KESAMAAN KORPORASI BERIKUT?
NGAPA HOLDING COMPANY?
ESSURE FOR SHAREHOLDER VALUE
2000s : RETHINKING
• ACCOUNTING SCANDALS
• CORPORATE GOVERNANCE
• GLOBAL MARKET RETREAT
1980s : INCREASING
• RESTRUCTURING
PATHOLOGICAL PORTFOLIOS
• TAKEOVER PREMIUMS
INCREASE
1990s : INTENSE
• ACTIVE SHAREHOLDERS
• ACTIVE BOARDS
• GLOBAL PRODUCT MARKETS
• GLOBAL CAPITAL MARKETS
1970s : LITTLE
• GROWTH AT ANY COST
• WEAK RIVALS
• FRAGMENTED, PASSIVE SHAREHOLDERS
• INEFFECTIVE BOARDS
Collis & Montgomery
ISU-ISU PENGENDALIAN HOLDING COMPANY
APA YANG DIKENDALIKAN?
RAKTERISTIK HOLDING COMPANY
CORPORATE
SBU 01
SBU 02
SBU 03
SBU 04
SBU 05
Performance
“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)
Conglomerate Discount
“It is clear that we really do not do corporate
strategy well today” (Collis & Montgomery)
Diversification
PORATE STRATEGY IN HOLDING COMPANY
CORPORATE CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
SBU 01
CONFIGURATION
SBU 02
SBU 03
SBU 04
SBU 05
COORDINATION
CORE
“Corporate Strategy is the way a
company creates value through the
configuration and coordination of
its multi market activities”
RELATED
DIVERSIFICATION
UNRELATED
DIVERSIFICATION
(Collis & Montgomery)
“Business Strategy or Competitive
Strategy is performing different
activities
from
rivals’
or
performing similar activities in
different ways” (Porter)
PORATE STRATEGY TRIANGLE : CONTROL ISSUES
(ASSETS, SKILLS, CAPABILITIES)
What makes resource as a source of advantage?
• Valuable
• Rare
• Costly to Immitate
• Non-substitutability
VISION
GOALS & OBJECTIVES
CORPORATE
ADVANTAGE
(Collis & Montgomery)
PORATE STRATEGY IN HOLDING COMPANY
CORPORATE CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
SBU 01
CONFIGURATION
SBU 02
SBU 03
SBU 04
SBU 05
COORDINATION
DIVERSIFICATION = PORTFOLIO
• ECONOMIES OF SCOPE
When it is less costly to
combine two or more
product line in one firm
than to produce them
separately”
• ECONOMIES OF SCALE
“When the average cost
of producing each unit
declines as more units
of a good or service are
produced”
SYNERGY
OURCE OF VALUE CREATION
CORPORATE ADVANTAGE
CORPORATE
COMPETITIVE ADVANTAGE
SBU 01
CONFIGURATION
SBU 02
SBU 03
SBU 04
SBU 05
COOORDINATION
SYNERGY
Corporate Derived Value
Value
Creatio
n
Value
Creatio
n
Strateg
=
=
Custom
er
Derive
d
Custome
Value
r
Value
Prepositi
+
+
Enterpri
se
Derived
Value
Enterpris
e
Value
Prepositi
SISTEM MANAJEMEN KINERJA :
KONSEP DAN METODE
LUE CREATION IN HOLDING COMPANY
Corporate
(Creating Enterprise
Derived Value)
Line Businesses
SBU
A
SBU
B
SBU
C
SBU
D
Financial Synergies
“How do we increase
the shareholders value of our
SBU portfolio?”
F0
FA
FB
FC
FD
C0
CA
CB
CC
CD
“To achieve our vision, how
Should we appear
To our customers?”
Internal Process
P0
PA
PB
PC
PD
Learning & Growth Synergies
“How do we develop and share
our intangible assets?”
“To succeed financially, how
Should we appear to
our shareholders?
Customer
Internal Process Synergies
“How do we manage SBU
Process to achieve economies
of scale or value chain integration
(Creating Customer
Derived Value)
Financial
Customer Synergies
“How do we share the customer
Interface to increase total
customer value?”
The SBU Scorecard
“To satisfy our shareholder
And customers, what business
Processes must we excel at?”
Learning & Growth
L0
LA
LB
LC
Source: Alignment, Kaplan and Norton
Organization Derived Value
LD
“To achieve our vision, how
Will We sustain our ability
to change and improve?”
Customer Derived Value
The Enterprise Scorecard
Enterprise
Value
Proposition
NERGY : SOURCE OF VALUE
The Enterprise Scorecard
Financial Synergies
“How can we increase
the shareholders value of
our SBU portfolio?”
Customer Synergies
“How can we share the customer
Interface to increase total
customer value?”
Sources of Enterprise-Derived Value (Strategic Themes)
• 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.
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?”
Source: Alignment, Kaplan and Norton
• 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.
NERGY : SOURCE OF VALUE
Enterprise
Strategy Map
Board of
Directors
2
Enterprise
Strategy Map
1
Enterprise
Strategy
Update
Board
Strategy Map
Enterprise
Strategy Map
Corporate Support Units
Finance
IT
Functional
Strategy
Update
3
HR
Functional
Strategy Map
4
Enterprise
Functional
Strategy Map
SBU
Strategy Map
Business Units
Functional
Strategy Map
8
Finance
SBU
Strategy Map
6
Customers
SBU
Strategy Update
5
IT
HR
Support Unit
Strategy Update
Vendor/Alliance
7
Source: Alignment, Kaplan and Norton
Corporate
Planning
Process
Support Unit
Services
Integrated
Business
Planning
Process
Support Units
X
= Alignment Checkpoints
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
8. Corporate support: The strategies of the local business support units reflect the
priorities of the corporate support unit.
re 1-5 : Corporate and SBU Alignment
Source: Alignment, Kaplan and Norton
Corporate and SBU Alignment at Sport-Man Inc.
Source: Alignment, Kaplan and Norton
Support Unit Alignment at Sport-Man Inc.
1
Customer
Financial
Enterprise Value
Proposition
Lines of Business
(Growth)
4
• Internally
Funded Growth
5
Purchasing Department
Service Agreement
Long Range Planning and
Sourcing Strategy
• Migrate Mature
Customer
• Destination Stores
• Sourcing Economies
Support
Units
3
1.
2.
3.
4.
5.
6.
7.
8.
Quality
Delivery
Satisfaction of Order
Price
Fashion Investment
Capabilities
Response Time
Relationship
Management
• Sourcing growth
• % revenue from
departments
DAN
SISTEM MANAJEMEN KINERJA
HOLDING COMPANY
BAMBANG TJAHJADI
PUSAT TATAKELOLA DAN DAYASAING
UNIVERSITAS AIRLANGGA
A KESAMAAN KORPORASI BERIKUT?
NGAPA HOLDING COMPANY?
ESSURE FOR SHAREHOLDER VALUE
2000s : RETHINKING
• ACCOUNTING SCANDALS
• CORPORATE GOVERNANCE
• GLOBAL MARKET RETREAT
1980s : INCREASING
• RESTRUCTURING
PATHOLOGICAL PORTFOLIOS
• TAKEOVER PREMIUMS
INCREASE
1990s : INTENSE
• ACTIVE SHAREHOLDERS
• ACTIVE BOARDS
• GLOBAL PRODUCT MARKETS
• GLOBAL CAPITAL MARKETS
1970s : LITTLE
• GROWTH AT ANY COST
• WEAK RIVALS
• FRAGMENTED, PASSIVE SHAREHOLDERS
• INEFFECTIVE BOARDS
Collis & Montgomery
ISU-ISU PENGENDALIAN HOLDING COMPANY
APA YANG DIKENDALIKAN?
RAKTERISTIK HOLDING COMPANY
CORPORATE
SBU 01
SBU 02
SBU 03
SBU 04
SBU 05
Performance
“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)
Conglomerate Discount
“It is clear that we really do not do corporate
strategy well today” (Collis & Montgomery)
Diversification
PORATE STRATEGY IN HOLDING COMPANY
CORPORATE CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
SBU 01
CONFIGURATION
SBU 02
SBU 03
SBU 04
SBU 05
COORDINATION
CORE
“Corporate Strategy is the way a
company creates value through the
configuration and coordination of
its multi market activities”
RELATED
DIVERSIFICATION
UNRELATED
DIVERSIFICATION
(Collis & Montgomery)
“Business Strategy or Competitive
Strategy is performing different
activities
from
rivals’
or
performing similar activities in
different ways” (Porter)
PORATE STRATEGY TRIANGLE : CONTROL ISSUES
(ASSETS, SKILLS, CAPABILITIES)
What makes resource as a source of advantage?
• Valuable
• Rare
• Costly to Immitate
• Non-substitutability
VISION
GOALS & OBJECTIVES
CORPORATE
ADVANTAGE
(Collis & Montgomery)
PORATE STRATEGY IN HOLDING COMPANY
CORPORATE CORPORATE ADVANTAGE
COMPETITIVE ADVANTAGE
SBU 01
CONFIGURATION
SBU 02
SBU 03
SBU 04
SBU 05
COORDINATION
DIVERSIFICATION = PORTFOLIO
• ECONOMIES OF SCOPE
When it is less costly to
combine two or more
product line in one firm
than to produce them
separately”
• ECONOMIES OF SCALE
“When the average cost
of producing each unit
declines as more units
of a good or service are
produced”
SYNERGY
OURCE OF VALUE CREATION
CORPORATE ADVANTAGE
CORPORATE
COMPETITIVE ADVANTAGE
SBU 01
CONFIGURATION
SBU 02
SBU 03
SBU 04
SBU 05
COOORDINATION
SYNERGY
Corporate Derived Value
Value
Creatio
n
Value
Creatio
n
Strateg
=
=
Custom
er
Derive
d
Custome
Value
r
Value
Prepositi
+
+
Enterpri
se
Derived
Value
Enterpris
e
Value
Prepositi
SISTEM MANAJEMEN KINERJA :
KONSEP DAN METODE
LUE CREATION IN HOLDING COMPANY
Corporate
(Creating Enterprise
Derived Value)
Line Businesses
SBU
A
SBU
B
SBU
C
SBU
D
Financial Synergies
“How do we increase
the shareholders value of our
SBU portfolio?”
F0
FA
FB
FC
FD
C0
CA
CB
CC
CD
“To achieve our vision, how
Should we appear
To our customers?”
Internal Process
P0
PA
PB
PC
PD
Learning & Growth Synergies
“How do we develop and share
our intangible assets?”
“To succeed financially, how
Should we appear to
our shareholders?
Customer
Internal Process Synergies
“How do we manage SBU
Process to achieve economies
of scale or value chain integration
(Creating Customer
Derived Value)
Financial
Customer Synergies
“How do we share the customer
Interface to increase total
customer value?”
The SBU Scorecard
“To satisfy our shareholder
And customers, what business
Processes must we excel at?”
Learning & Growth
L0
LA
LB
LC
Source: Alignment, Kaplan and Norton
Organization Derived Value
LD
“To achieve our vision, how
Will We sustain our ability
to change and improve?”
Customer Derived Value
The Enterprise Scorecard
Enterprise
Value
Proposition
NERGY : SOURCE OF VALUE
The Enterprise Scorecard
Financial Synergies
“How can we increase
the shareholders value of
our SBU portfolio?”
Customer Synergies
“How can we share the customer
Interface to increase total
customer value?”
Sources of Enterprise-Derived Value (Strategic Themes)
• 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.
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?”
Source: Alignment, Kaplan and Norton
• 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.
NERGY : SOURCE OF VALUE
Enterprise
Strategy Map
Board of
Directors
2
Enterprise
Strategy Map
1
Enterprise
Strategy
Update
Board
Strategy Map
Enterprise
Strategy Map
Corporate Support Units
Finance
IT
Functional
Strategy
Update
3
HR
Functional
Strategy Map
4
Enterprise
Functional
Strategy Map
SBU
Strategy Map
Business Units
Functional
Strategy Map
8
Finance
SBU
Strategy Map
6
Customers
SBU
Strategy Update
5
IT
HR
Support Unit
Strategy Update
Vendor/Alliance
7
Source: Alignment, Kaplan and Norton
Corporate
Planning
Process
Support Unit
Services
Integrated
Business
Planning
Process
Support Units
X
= Alignment Checkpoints
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
8. Corporate support: The strategies of the local business support units reflect the
priorities of the corporate support unit.
re 1-5 : Corporate and SBU Alignment
Source: Alignment, Kaplan and Norton
Corporate and SBU Alignment at Sport-Man Inc.
Source: Alignment, Kaplan and Norton
Support Unit Alignment at Sport-Man Inc.
1
Customer
Financial
Enterprise Value
Proposition
Lines of Business
(Growth)
4
• Internally
Funded Growth
5
Purchasing Department
Service Agreement
Long Range Planning and
Sourcing Strategy
• Migrate Mature
Customer
• Destination Stores
• Sourcing Economies
Support
Units
3
1.
2.
3.
4.
5.
6.
7.
8.
Quality
Delivery
Satisfaction of Order
Price
Fashion Investment
Capabilities
Response Time
Relationship
Management
• Sourcing growth
• % revenue from
departments