Balanced Scorecard Performance in Procurement Department in Insurance Industry

Abstract

The Balanced Scorecard method as the standard measurement of performance at Procurement Department in Life Insurance. The method of research is qualitative method, since this research is not meant to be true. The discussion has shown that the Balanced Scorecard method which interprets the vision, mission and strategy into performance assessment that has four indicators: the financial perspective which indicates the fluctuate figures, the customer perspective show continuous improvement from 2013 to 2016, the internal business process perspective shows that the Procurement Department has made continuous improvement during 2013 to 2016, the growth and learning perspective show that Procurement Department perform continuous improvement, although need improvement on operational team capabilities and e-procurement system must be established to simplify the process. It can be concluded from the above discussion that the use of Balanced Scorecard method can be used as the standard for measurement of performance of Procurement Department. In order to have a continuous performance improvement, some recommendations are recommended as per recommended on strategy maps and strategy recommendation