Harvard Case - Becton Dickinson: Designing the New Strategic, Operational, and Financial Planning Process
"Becton Dickinson: Designing the New Strategic, Operational, and Financial Planning Process" Harvard business case study is written by Robert Simons, Antonio Davila, Afroze Mohammed. It deals with the challenges in the field of Accounting. The case study is 19 page(s) long and it was first published on : Jul 12, 1996
At Fern Fort University, we recommend Becton Dickinson (BD) implement a comprehensive strategic, operational, and financial planning process that leverages a balanced scorecard approach, incorporates activity-based costing for enhanced cost analysis, and fosters a culture of continuous improvement through employee engagement and performance management. This process should be supported by a robust IT infrastructure and a clear communication strategy to ensure successful adoption and implementation across the organization.
2. Background
Becton Dickinson, a global medical technology company, faced challenges in its strategic, operational, and financial planning processes. The existing system relied heavily on silos and lacked a holistic view of the organization's performance. This resulted in inefficiencies, missed opportunities, and difficulty in aligning individual units with overall corporate goals.
The case study highlights the key protagonists:
- John Capek: The CEO of BD, who recognized the need for a more integrated planning process to drive growth and profitability.
- The Executive Team: Responsible for developing and implementing the new planning process.
- The Finance Department: Responsible for providing financial data and analysis.
- The Operations Department: Responsible for manufacturing and supply chain management.
- The Sales and Marketing Department: Responsible for generating revenue and building customer relationships.
3. Analysis of the Case Study
Strategic Framework: The Balanced Scorecard framework provides a valuable lens to analyze BD's situation. This framework considers four key perspectives:
- Financial: BD's financial performance, including profitability, revenue growth, and return on investment.
- Customer: Customer satisfaction, market share, and brand loyalty.
- Internal Processes: Efficiency of operations, product quality, and innovation.
- Learning and Growth: Employee skills and capabilities, organizational culture, and innovation.
Financial Analysis: BD's financial statements reveal several key areas for improvement.
- Cost Analysis: The existing cost accounting system lacked granularity, making it difficult to identify areas for cost reduction. Activity-based costing (ABC) can provide a more accurate view of costs by assigning them to specific activities, enabling BD to identify and address cost inefficiencies.
- Profitability: BD's profitability varied across different product lines and regions. Financial analysis can help identify profitable segments and opportunities for growth.
- Cash Flow: BD's cash flow statement reveals the company's ability to generate and manage cash. Optimizing cash flow is crucial for funding growth initiatives and managing financial risk.
Operational Analysis: BD's operational processes were fragmented and lacked coordination.
- Manufacturing Processes: BD's manufacturing processes could be streamlined to improve efficiency and reduce costs.
- Supply Chain Management: BD's supply chain could be optimized to improve responsiveness and reduce lead times.
- International Business: BD's international operations required a more integrated approach to ensure consistency and efficiency.
4. Recommendations
1. Implement a Balanced Scorecard Approach: BD should adopt a balanced scorecard approach to strategic planning. This framework will provide a comprehensive view of the company's performance across key areas, facilitating alignment of individual units with overall corporate goals.
2. Implement Activity-Based Costing: BD should implement activity-based costing (ABC) to improve cost analysis and identify opportunities for cost reduction. ABC will provide a more accurate view of costs by assigning them to specific activities, enabling BD to make informed decisions about resource allocation and pricing.
3. Foster a Culture of Continuous Improvement: BD should foster a culture of continuous improvement through employee engagement and performance management. This includes:
- Employee Incentives: Implement employee incentives aligned with the company's strategic objectives.
- Performance Indicators: Develop clear performance indicators to track progress and measure success.
- Variance Analysis: Conduct regular variance analysis to identify deviations from plans and take corrective action.
4. Enhance IT Infrastructure: BD should invest in a robust IT infrastructure to support the new planning process. This includes:
- Accounting Information Systems: Implement accounting information systems to automate data collection and analysis.
- Data Analytics: Utilize data analytics to identify trends and insights.
- Collaboration Tools: Implement collaboration tools to facilitate communication and coordination across departments.
5. Establish a Clear Communication Strategy: BD should establish a clear communication strategy to ensure successful adoption and implementation of the new planning process. This includes:
- Training and Development: Provide training and development to employees on the new planning process.
- Regular Communication: Maintain regular communication with employees to keep them informed of progress and address concerns.
- Leadership Buy-In: Ensure leadership buy-in to demonstrate commitment to the new planning process.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with BD's core competencies in medical technology and its mission to improve patient health.
- External Customers and Internal Clients: The recommendations will enhance customer satisfaction by improving product quality and responsiveness. They will also improve internal client satisfaction by streamlining processes and providing clearer communication.
- Competitors: The recommendations will help BD stay competitive by improving efficiency, reducing costs, and accelerating innovation.
- Attractiveness ' Quantitative Measures: The recommendations are expected to improve BD's financial performance, including profitability, revenue growth, and return on investment.
- Assumptions: The recommendations assume that BD has the resources and commitment to implement the necessary changes.
6. Conclusion
By implementing a comprehensive strategic, operational, and financial planning process that leverages a balanced scorecard approach, incorporates activity-based costing, and fosters a culture of continuous improvement, Becton Dickinson can achieve significant improvements in its performance, enhance its competitive position, and drive sustainable growth.
7. Discussion
Alternatives:
- Continuing with the Existing System: This option would maintain the status quo, but it would likely lead to continued inefficiencies and missed opportunities.
- Implementing a More Limited Planning Process: This option would be less comprehensive than the recommended approach, but it would still provide some benefits.
Risks:
- Resistance to Change: Employees may resist the new planning process.
- Implementation Challenges: Implementing the new planning process may be complex and time-consuming.
- Cost of Implementation: Implementing the new planning process may require significant investment.
Key Assumptions:
- Leadership Commitment: The success of the new planning process depends on strong leadership commitment.
- Employee Engagement: Employees must be engaged in the implementation and execution of the new planning process.
- Resource Availability: BD must have the resources, including financial and human capital, to implement the new planning process.
8. Next Steps
Timeline:
- Month 1: Develop a detailed implementation plan.
- Month 2-3: Train employees on the new planning process.
- Month 4-6: Implement the new planning process in pilot departments.
- Month 7-12: Roll out the new planning process across the organization.
- Ongoing: Monitor and evaluate the effectiveness of the new planning process and make adjustments as needed.
Key Milestones:
- Develop a Balanced Scorecard: Develop a balanced scorecard that aligns with BD's strategic objectives.
- Implement Activity-Based Costing: Implement activity-based costing in key departments.
- Establish Performance Indicators: Develop clear performance indicators to track progress and measure success.
- Conduct Variance Analysis: Conduct regular variance analysis to identify deviations from plans and take corrective action.
- Evaluate the Effectiveness of the New Planning Process: Conduct regular evaluations to assess the effectiveness of the new planning process and make adjustments as needed.
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Case Description
Describes management's attempts to design and install a sophisticated planning and control system in an international company as it changes its strategy. Issues of strategy implementation, accountability, and performance measurement are at the core of the analysis, as managers confront difficulty and resistance in using the system for strategic, operational, and financial control.
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