Trusted by over 1,300 shareholders, UFC’s Installment finance income in 2007 amounted to $23m and profit for the year to $10mn. The Company employs a staff of 170.
The management of United Finance Company wanted to effectively monitor performance of various functionaries across the organization in order to be able improve the performance of the organization.
To achieve this, UFC wanted to have a strong Performance Management System to drill down the corporate objectives to individual level, for which purpose the most appropriate tool was considered to be the Balanced ScoreCard System (BSC).
As a pilot measure an Excel sheet based Balanced ScoreCard System was introduced to UFC in 2007. Its task was to assess the performance of management members and managers. For this usage it proved to be good, and yielded the required results. However to extend the Performance Management System to all employees across the organization, it needed to be automated to maintain accuracy and proper assessment capturing all the necessary data. This would be a cumbersome process manually.
United Finance Company decided to deploy QPR Software’s performance management software, QPR ScoreCard, to automate the tracking of its Balanced ScoreCard framework. The deployment was completed by Iycon, onsite at Muscat over a duration of four weeks.
Iycon is QPR’s Strategic VAR and Middle East Distributor, and is based out of the United Arab Emirates.
Implementing the automated Performance Management System at the desktops of the key personnel has created considerable improvement in areas, where they were not able to do well hither to.
UFC will percolate its QPR ScoreCard based automated Performance Management System down to the clerical level in a phased manner. In 2008 Balanced Scorecards are implemented to the level of Assistant Managers.
Mr. Raghavan K. Murti, CEO, United Finance Company, commented:
“The Performance management system is amazing and suits to our business requirements exactly. It is now a part of our daily monitoring tool which is proving to be self-development for our managers and employees as well as it have shown considerable improvement at the organization culture.”
To get the Performance Management System automated, UFC called for the quotations from 6 vendors both locally as well as outside Oman to take up the task.
“After vetting all the offers in detail, we observed that the offer made by Iycon was robust and met our requirements,” says UFC’s Project Manager RDS Murthy.
In addition, Iycon had successfully implemented a similar solution to eight major organizations in Dubai, India and other places. One such organization is M/S Mustafa Sultan Enterprise of Oman.
“We also obtained first hand information from some of the users who have already implemented this system at their organization,” Mr. Murthy continues.
The four week long implementation period consisted of 4 main steps:
1. Building the Scorecard Hierarchy (accomplished in week 1);
2. Updating Value Settings & Sample Data (accomplished in week 2);
3. Writing and testing data integration scripts (accomplished in week 3) and;
4. as final step, completing reporting requirements & briefing booklets (accomplished in week 4).
From UFC the CEO and Business Heads took part into the work of the implementation team. From Iycon a project manager and project consultant was involved.
Iycon’s responsibility was to successfully automate the Balanced ScoreCard and performance management reporting. During the implementation project training was provided to UFC employees on QPR ScoreCard as well as an orientation on performance management using QPR ScoreCard.
The implementation was steered by the UFC’s CEO’s Office. Emerged challenges/issues were dealt with during ongoing reviews of the Iycon-UFC team. During the implementation work special attention was paid to integration of data from systems to ensure that all KPI’s were updated at day end.
“Thanks to the strenuous efforts and good co-operation of UFC and Iycon project team members, the implementation went on successfully and smoothly without any problems whatsoever,” evaluates UFC’s Project Manager RDS Murthy.
“The feedback received from the key personnel is good, which remarked that the system is a mirror before them and very transparent with self evaluation,” he concludes.
Thursday, February 26- 2009 @ 10:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.