The tool to find out strengths and improvement potentials and to improve your business success.
In many cases, managers use purely financial figures for corporate management. Corporate management is thus regarded as an “internal matter for the manager”. But financial figures alone are only the result of all actions and decisions. The EFQM model brings structure to the organisation and is intended to provide a holistic view of it. In this way, managers receive important information about the connections between cause and effect in entrepreneurial activity.
EFQM stands for “European Foundation for Quality Management” and is leading the development of the EFQM Excellence Model. It is a model that is intended to provide a holistic view of the organization. This is a self-assessment system by means of which the respective company can assess itself on the basis of 9 criteria.
These criteria are divided into the five enabler or prerequisite criteria:
- Partnership and resources
- Processes, products and services
as well as in the four result criteria:
- Customer-related results
- Employee-related results
- Society-related results
- Key Findings
The enabler criteria and the outcome criteria are placed on the same level and are considered equivalent. Each of the characteristics is described by a set of best practice statements. An objective self-assessment is used to determine what percentage of the content of a statement is achieved. Points are awarded for this. The results of this self-assessment can be compared with those of other organisations. The maximum of 1000 points (500 points for enablers and 500 points for results) represents the ideal company and thus “business excellence”.
Combination of the EFQM model with Balanced Score Card
The EFQM model complements very well with other balanced models such as the Balanced ScoreCard (BSC). Depending on the situation, it even makes sense to combine the strengths of both models and build up an integrated model in the company.
The strength of the BSC is the distribution of strategic goals to the business units and the breakdown into individual strategic and operational projects and measures.
The BSC therefore offers itself as a measuring and controlling instrument for the continuous improvement of the EFQM criteria.
A holistically integrated corporate management with TD Trusted Decisions and the EFQM model.
In order to integrate the EFQM model into the company management, some things have to be considered. It is necessary,
- to consider and optimise the criteria via a continuous improvement process (CIP).
- Expand mission statement and strategy statements to include the criteria of the model.
- Establish clear links between strategic objectives in terms of criteria, strategic measures, budget objectives and operational measures.
- to store key figures that make the achievement of the criteria measurable.
- to set up a structured management and decision-making process that brings the development and controlling strategy, criteria and CIP into a meaningful whole.
- A BI system that provides the best possible overview of the “business excellence” level and the relevant decisions required for it.
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TD Trusted Decisions guides you in this optimal consideration to make the next good business decision. We use QlikView and Qlik Sense as reference platforms. A holistic system can also be created using existing BI platforms.
With the investment in only one one-day workshop you can develop with us the solution architecture incl. Developing organization, processes and IT systems – for the start of an integrated corporate management “powered by TD”.