Following the internship period held at the company ADDA Ondulati S.p,A. , and in agreement with the owner and the managers, it was decided to conduct an analysis of the company and its processes with the aim of creating an infrastructure to monitor management performance. The resulting structure must be simple and understandable to different people working in the company, from department managers to managers, to property. The decision to create a performance measurement system (PMS) took place following the combination of three different factors. First of all, the undisputed utility of these systems to increase operational efficiency in the various departments that make up the company, according to Robert S. Kaplan and David P. Norton, it is essential for an organization to acquire, monitor, know and use the data characteristic of each business in order to provide a comprehensive view of the business. Secondly, the need to overcome the rigidities created following the adoption of the functional organizational structure, avoiding the creation of watertight compartments within the company, in order to guarantee to those who work in the company a more immediate access to the information. Finally, the performance measurement system would allow gathering more useful information to support the generational transition that is taking place in the company, supporting the transition from an entrepreneur-owner figure that has led to success in past years, towards a more managerial structure. A descriptive analysis of the production process was carried out, as the processing departments are the core activity of the company. Later, the main macrotrend were identified through an analysis of the corrugated cardboard industry in Europe and in Italy, culminating in a strategic analysis of the competitive environment through the model of Porter's 5 forces, which highlighted a competitive sector following the strong expansion of the market and the benefits due to the increase in the importance of sustainable policies. To build the system of indicators useful for monitoring the main activities taking place in the company, a financial analysis of the company's financial statements was conducted, comparing the results achieved by ADDA with a sample of 50 Italian competitors. The excellent level of operating efficiency achieved by the company was confirmed, highlighted by ROA and Asset Turnover values above the average of the competitors, and a level of indebtedness much lower than the market average. The financial indicators were flanked by a set of value drivers with the aim of providing monthly and annual targets useful for monitoring the operating results of the various companies. The result is a pyramidal system organized according to the value tree scheme, at the top of which we find the main financial indicators of the company, and at the base the value drivers characteristic of each department. The development of this system has led to an opening towards the analysis of historical data by management in the company, which gives hope for a possible adoption in the immediate future. The adoption process is still long and sees numerous obstacles along the way, nevertheless creating a moment of dialogue and discussion on company performance in the short term can already be considered a partial success and stimulates to continue the work along this path.
Dopo il periodo di tirocinio svolto presso la società ADDA Ondulati S.p, A. si è deciso di condurre un'analisi delle prestazioni dell'azienda e dei suoi processi. La struttura risultante deve essere semplice e comprensibile per le diverse persone che lavorano in azienda, dai responsabili di reparto ai dirigenti, alla proprietà. La decisione di creare un sistema di misurazione della performance (PMS) ha avuto luogo in seguito alla combinazione di tre diversi fattori. In primis l'utilità del PMS per l'azienda. Secondo Robert S. Kaplan e David P. l'utilità indiscussa di questi sistemi per aumentare l'efficienza operativa nei vari dipartimenti, è essenziale per un'organizzazione acquisire, monitorare, conoscere e utilizzare i dati di ogni azienda al fine di fornire una visione completa del business. In secondo luogo, la necessità di superare le rigidità create dall'adozione della struttura organizzativa funzionale, evitando la creazione di "compartimenti stagni" all'interno dell'azienda. Infine, sciogliere il dilemma generato dalla figura dell'imprenditore-proprietario, figura che ha portato al successo negli anni passati, verso una struttura più manageriale. È stata effettuata un'analisi descrittiva del processo di produzione, in quanto i reparti di elaborazione sono l'attività principale dell'azienda. Successivamente, i principali macrotrend sono stati identificati nell'analisi strategica dell'ambiente competitivo e attraverso il modello delle 5 forze di Porter. é stato registrato un aumento della competitività nel settore in seguito alla forte espansione del mercato e ai benefici in seguito all'aumento dell'importanza delle politiche sostenibili . Per costruire il sistema di indicatori per il monitoraggio delle principali attività della società, è stata condotta l'analisi finanziaria dei bilanci della società, confrontando i risultati ottenuti da ADDA con un campione di 50 concorrenti italiani. I valori di ROE e Asset Turnover superano la media dei concorrenti e si registra un livello di indebitamento molto inferiore alla media del mercato. Gli indicatori finanziari sono stati affiancati da una serie di driver di valore con l'obiettivo di fornire le varie società. Il risultato è un sistema piramidale basato sul valore del sistema, in cima al quale troviamo i principali indicatori finanziari dell'azienda. Lo sviluppo di questo sistema ha portato all'apertura dell'analisi dei dati storici dalla gestione dell'azienda, che dà speranza ad una possibile adozione nell'immediato futuro. Il processo di adozione è ancora lungo e vede gli ostacoli lungo la strada, creando tuttavia un momento di dialogo e discussione sulla performance aziendale a breve termine.
Reducing information asymmetries between managers and shareholders through the implementation of a performance measurement system. Insight from the ADDA ONDULATI S.p.A case
PIATTOLI, PARIDE
2017/2018
Abstract
Following the internship period held at the company ADDA Ondulati S.p,A. , and in agreement with the owner and the managers, it was decided to conduct an analysis of the company and its processes with the aim of creating an infrastructure to monitor management performance. The resulting structure must be simple and understandable to different people working in the company, from department managers to managers, to property. The decision to create a performance measurement system (PMS) took place following the combination of three different factors. First of all, the undisputed utility of these systems to increase operational efficiency in the various departments that make up the company, according to Robert S. Kaplan and David P. Norton, it is essential for an organization to acquire, monitor, know and use the data characteristic of each business in order to provide a comprehensive view of the business. Secondly, the need to overcome the rigidities created following the adoption of the functional organizational structure, avoiding the creation of watertight compartments within the company, in order to guarantee to those who work in the company a more immediate access to the information. Finally, the performance measurement system would allow gathering more useful information to support the generational transition that is taking place in the company, supporting the transition from an entrepreneur-owner figure that has led to success in past years, towards a more managerial structure. A descriptive analysis of the production process was carried out, as the processing departments are the core activity of the company. Later, the main macrotrend were identified through an analysis of the corrugated cardboard industry in Europe and in Italy, culminating in a strategic analysis of the competitive environment through the model of Porter's 5 forces, which highlighted a competitive sector following the strong expansion of the market and the benefits due to the increase in the importance of sustainable policies. To build the system of indicators useful for monitoring the main activities taking place in the company, a financial analysis of the company's financial statements was conducted, comparing the results achieved by ADDA with a sample of 50 Italian competitors. The excellent level of operating efficiency achieved by the company was confirmed, highlighted by ROA and Asset Turnover values above the average of the competitors, and a level of indebtedness much lower than the market average. The financial indicators were flanked by a set of value drivers with the aim of providing monthly and annual targets useful for monitoring the operating results of the various companies. The result is a pyramidal system organized according to the value tree scheme, at the top of which we find the main financial indicators of the company, and at the base the value drivers characteristic of each department. The development of this system has led to an opening towards the analysis of historical data by management in the company, which gives hope for a possible adoption in the immediate future. The adoption process is still long and sees numerous obstacles along the way, nevertheless creating a moment of dialogue and discussion on company performance in the short term can already be considered a partial success and stimulates to continue the work along this path.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/144561