Suncorp Group: Balanced Scorecard and Strategic Performance Report

This report examines the implementation and effectiveness of the balanced scorecard (BSC) within Suncorp Group, a major financial services provider. The analysis covers the BSC's features, including financial evaluation, customer perception, internal business processes, and learning and growth perspectives. It highlights the benefits of the BSC for strategic performance management, emphasizing its role in improving various business functions like financials, administration, and sales. The report contrasts the BSC with traditional performance measurement systems, underscoring its suitability for Suncorp Group due to its comprehensive approach to performance measurement and strategic planning. It also explores the strategic priorities of Suncorp and the operational model. The report concludes that the BSC is a valuable tool for enhancing performance and achieving organizational objectives within Suncorp Group, providing a framework for monitoring and improving employee performance.

Suncorp Group Limited

Executive summary
This report has included the balanced scorecard and implementation of a balanced scorecard in
Suncorp group. It is analyzed that the balanced scorecard is helpful in Suncorp Group as it helps
in improving the performance and measuring the performance of the company effectively. The
various features of balanced scorecard are helpful for an organization and for improving the
performance in future. It provides various benefits for strategic performance management. It is
analyzed that the balanced scorecard is effective for Suncorp Group. It can help the company in
improving the various business functions like financials, administration and selling and
distribution.

Contents
Introduction......................................................................................................................................2
Description of the chosen company.................................................................................................2
Balance score card and its features..................................................................................................3
Difference between BSC and traditional performance measurement systems................................5
Suitability of BSC............................................................................................................................6
Conclusion.......................................................................................................................................6
Reference.........................................................................................................................................7

Introduction
Balance scorecard is an essential tool for measuring the performance of the employees in the
organization. This report includes the application of a balanced scorecard in Suncorp Group
which deals in banking services and financial services. It is important for the company to
implement a balanced scorecard for managing the employee's performance for achieving the
objectives of the company. This report includes the Balance scorecard and its various features
and analyzes the difference between traditional performance measurement systems and balance
scorecard. The balanced scorecard system is suitable for the Suncorp group as it includes the
number of employees and activities which are required to be monitored for improving future
performance. Balance scorecard helps in measuring the performance which includes the different
groups are financial, internal business process, customers and learning, and growth. It is used by
the management for the strategic planning and techniques for management.
Suncorp Group
Suncorp Group Limited is a public company that deals in general insurance, banking, Life
insurance, wealth management, and superannuation. It was founded in 1996 and its headquarter
is in Brisbane, Australia. The areas in which they provide the services are Australia and New
Zealand. It is the leading company in providing financial services to customers. they provide the
services to approx. 9 million customers and a number of employees are 13,300 and own $99
billion assets (Kliger, 2016). The other brands of Suncorp are AAMI, GIO, Apia, and Vero.
They provide the various services and solutions to the customers by protecting the most valuable
assets of the customers, they enable the business for achieving the full potential by setting the
objectives, helps the customers in achieving their financial goals, deliver the exceptional and
seamless experiences to customers (Bostan and Grosu, 2011). They are partnering through
strategic alliances, partnerships, and joint ventures to meet the needs of more customers. Their
purpose is to create a better way for their customers, shareholders, people, and communities.
Suncorp Group provides the various financial services to customers along with the non-financial
services as well as helps in improving the performance of employees for making effective
decisions. The major factors which are to help in Suncorp Group are financials, customers,
internal business processes for the learning and growth of the organization. Their principles are
resilient people and communities, trust and transparency, responsible financial services and

sustainable growth. The strategic priorities of Suncorp are to achieve the vision with the help of
evaluation of customers, inspiring employees and momentum for growth. Suncorp includes the
operational model which helps in bringing complementary disciplines all together by putting a
common goal for satisfying the customers. In the marketplace, they focus on various strategies
which include the developing of new solutions for customers and improving their digital
capabilities.
Balance scorecard and its features
Balance scorecard is a tool of strategic performance management which is used by the managers
for keeping the track of the various activities which are performed by employees and keep them
in their control for effectively monitoring the various consequence which arises at the workplace.
It helps in measuring the activities of small scale in operations are aligned with the objectives of
the company. this tool is used by the managers for designing and implementing the strategies at
the organizational levels (Gibbons and Kaplan, 2015). It is used by the businesses, industries,
government as well as non-profit organizations for aligning the activities of the business with the
vision and objectives of the organization. it also helps in improving the internal and external
communications and helps in monitoring the performance of the organization for achieving the
strategic goals. it includes the metric for measuring the performance as it helps the management
in making a strategic plan for identifying and improving the various business internal functions.
The balanced scorecard helps in providing a wide range of organizational types as well as
effective methods for designing. It is commonly used in two forms like an individual scorecard
which helps in measuring the performance (Harris, 2016). It is used as strategic management
system. The features of balanced scorecard are financial evaluation, measuring customer
perception, identifying internal business processes, learning, and growth. A balanced scorecard is
used as a tool for communication which helps in conveying the strategies of companies to
members of the organizations. In the business, BSC must be flexible in functionally and
operationally. It includes the aim of linking the strategy of company with organizational culture
and its flexibility feature helps in innovation, learning and growth perspective.

Financial evaluation- It includes the financial costs and for measuring the rate of return on
capital and generating operating income of the business. it also helps in measuring return on
equity, the return on assets and profit margins. A balanced scorecard is effective because of this
feature as it helps in dealing with profits for creating the shareholders’ value.
Customer perception- it is necessary for the business to understand the perception of customers
and balance scorecard helps in understanding the perception of customers with the help of
surveys and asking the customers about the services which they are receiving and BSC helps in
measuring the level of satisfaction of customers, customers retention rate and the market shares
which are held by the organization (Couzens, 2009).
Business process perspective- Balance scorecard helps in measuring the various costs and
qualities of the various activities which are performed by the employees with the perspective of
effective businesses.
Learning and growth perspective- Balance scorecard includes the feature of measuring the
satisfaction of employees and retention rate of employees along with the knowledge management
in the business. it is necessary to analyze the performance of the employees for achieving the
objectives of the organization.
The various factors that are included in the balanced scorecard which are used in measuring the
performance are the objectives, measures, targets, and initiatives. Objectives- Every organization
sets the objectives which include improving the performance for achieving the profitability and
market shares. It is essential for the business to make the profits for the sustainability of the
business in the market (Awadallah and Allam, 2015). A balanced scorecard is needed in the

business for increasing the focus on the business strategies and bringing their effective outcomes
for improving the performance of the business (Amaratunga. Et al., 2001). it helps in leading to
improve the performance of the organization by measuring the activities of the employees and
their dedication towards the work. It helps in aligning the employees for meeting the strategies
for the organization on a daily basis. In business, balance scorecard helps in targeting the various
major determinants which are crucial for the business in improving the performance in future. In
business, the organizational strategies and vision are involved and it is necessary to improve the
level of communication for measuring the performance of the employees and their targets for
achieving the objectives of the business. it helps in preparing the timeframe of the projects
according to their priorities and included factors that are required to be completed on time. It
helps in creating the balance in the various components which are included for the vision and
objectives of the organization (Alzubidi, et al., 2011). it is used as a tool that helps in improving
the communication and process of feedback which links the management and employees
effectively for monitoring the performance of the objectives of the organization. it is necessary to
address the concerns of customers, optimize business process and enhance the tools of learnings
and mechanisms. In the operational activities, vision and strategies are crucial for the
organization. the process also includes communicating the operational activities to the various
other departments of the organizations. It helps in planning the activities which help the
managers in choosing effective strategies that help in achieving the objectives of the business.
the various levels of the organization will be improved by taking the initiative for feedback and
learning by adopting the changing circumstances.
Difference between BSC and traditional performance measurement systems
It is necessary for every organization to measure its performance for analyzing its position. It
includes the strategies for assessing the financial as well as the non-financial position of the
organization. The balanced scorecard is used for interacting with the financial as well non-
financial measures. It helps in analyzing the operations of the business, results and the capacities
of the organization. it helps in learning the customers and their values for achieving the
objectives. Performance measure helps the organization in prioritizing and helps in focusing on
achieving the short term as well as long term goals (Payne, et al., 2009). The traditional
performance management system in comparison to the Balance scorecard is not effective for the

business. traditional performance management only focuses on the financial objectives of the
organization. It is analyzed that the traditional measures only include the financial measures
which are for the short-run (Zhang and Li, 2009). It mainly focuses to improve and monitor the
business processes which already exist and does not help in identifying the new business
processes and objectives for achieving success in the market. It only helps in improving the
existing processes of the business and balance scorecard helps in bringing the new processes
which help the business in meeting the needs and desires of customers along with the financial
objectives of the organization. In internal business processes, balance scorecard helps in taking
the future and present innovation and helps in incorporating the innovation of the business. The
traditional measurement system helps in focusing to deliver the existing products and services
for presenting the customers and does not consider the incorporation for future processes. it
includes the short process from the receipt of order from customer and process ends when the
products are delivered to the customers.it results in controlling and improving the existing
process of the business (Suncorp, 2013). In traditional methods, record keeping is not sufficient
and for evaluating the performance and it is insufficient for the business as it does not consider
the intangible assets. A balanced scorecard is efficient for the business as it helps in
incorporating for monitoring the present performance of the company and equally helps in
analyzing the time of the business for the future also. Balance scorecard helps in linking the
performance of the company with the strategy, vision and objectives (Afonso and do Rosário
Cabrita, 2015).
Suitability of BSC
It is analyzed that a balanced scorecard is suitable for Suncorp Group. Suncorp group includes
the various services which are provided for the customers and it is essential for the Suncorp
group for building better strategic planning. A balanced scorecard is effective for building and
communicating strategies. It includes the strategy map which helps the manager of the business
functions and activities for creating an effective relationship with the different strategic
objectives. with the help of the strategy map, it helps in ensuring the consensus in reaching the
set objective of the organization. it helps in bringing positive outcomes and drives the
performance of the business in future and the picture of future is created effectively (Smith, et
al., 2015).

It helps in improving the strategic communications and execution for allowing the companies to
make an effective communication strategy in internal and external of the organization. the
projects and initiatives are aligned properly with the help of a balanced scorecard for the
different strategic objectives which helps in ensuring and providing the focus on delivering the
objectives. in the Suncorp group, the application of balanced scorecard group system for
designing the key performance indicators for the strategic objective of the business. it helps in
measuring the performance which is effective for the business. it helps in giving high-quality
information for management and making a better decision for the organization. the performance
reporting will be improved by designing effective reports and dashboards for providing effective
financial services to the customers. it helps in ensuring for managing and making the focus of
management reports for the issues and helps the companies in monitoring the plan (Sharma,
2009). The process and organizational alignment will be better as balanced scorecard helps in
enabling the companies to make the strategic objective, it helps in ensuring the business units
and supporting the business functions for achieving the goals and objectives of the business. It
will provide budgeting, risk management and analyzing the strategic priorities of the
organization.
Conclusion
In order to conclude the report, it is analyzed that a balanced scorecard is effective for the
Suncorp Group for measuring the performance and making the metric of the strategic objectives
of the organization. it provides the various strategic benefits to the organization like better
strategic planning, improving strategy communications, improving the performance of reporting
and provides better information to management. In the organization, a balanced scorecard
provides the control of strategic dimensions to the management. It helps the company in
communicating with the employee's contribution to the business. It is analyzed that the balanced
scorecard helps in clarifying and updating the visions and strategies of the organization. it helps
the company in communicating the clear way which is required to follow by the employees and
which helps in improving the performance of the entire organization. it helps in facilitating to
provide the internal communication for the strategy, vision, and objectives of the organization.
The available resources are used in an improved way after the implementation of the balanced

scorecard. The balanced scorecard is effective for an organization for improving current as well
as future performance.

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