operational value creation management

Operational value creation management is an essential module of a value-based controlling system. In the context of company value-oriented management and its implementation in value-oriented controlling, the focus of interest is on company valuation. The company value is all the more likely to be used as a supplementary basis for decision-making if its defining properties are affected by the problem:

Relation to the future (e.g. returns that can only be achieved in the future such as the regional expansion of the sales network or the establishment of a new business unit),

Multi-period (analogous to the future reference, effects of measures that can only be achieved in the medium and long term),

Berücksichtigung des Zeitwertes des Geldes (d.h. Inflation und Opportunitätskosten; die Anschaffungs- und Manufacturing costs übersteigenden Zeit- und Marktwerte),

Payment orientation (e.g. if the accounting and payment-related effects of measures fall apart, e.g. in the case of investment measures),

Consideration of risks (e.g. different risks of different businesses) and

Consideration of the financing requirements of future growth (e.g. to map rationalization measures in the merchandise management system or capacity expansions).
Jedes Unternehmen muss sich daher fragen, inwieweit sein wertorientiertes Management in der Lage ist, diese methodischen Anforderungen an die Steuerungsunterstützung zu erfüllen. Diese Charakteristika sind bereits implizit in der Bewertungsmethodik des Shareholder value-Konzeptes berücksichtigt.
If the path is chosen via one-period company value-related key figures such as EVATM, CVA, CFROI (company value-oriented performance measures), the criteria of future reference, multi-periodicity and, in some cases, the consideration of the financing requirements for future growth can at best be recorded by comparing the annual key figures over time.

However, there is no aggregation by discounting the returns from different periods to a uniform value such as the company value. Therefore, there are a number of fields of application in operational value creation management, with which precisely this gap, which opens up short-term, profit-oriented control instruments, is to be closed:

Company value-oriented performance measures to supplement “traditional” profit-oriented success variables in order to be able to control and evaluate decentralized company units.

Development of company value-oriented key figure systems in order to be able to gradually break down the highly aggregated target value "company value" into value drivers and levers or to be able to show the influence of individual parameters on the company value.

Complement of the "traditional" profit-oriented profitability calculations with long-term, cash flow-based profitability calculations.

Extension of the period-related, profit-oriented break-even analysis by a multi-period, enterprise value-oriented break-even analysis.

Control of planned value contributions by means of a company value-oriented control and deviation analysis in order to be able to detect deficits in time and initiate countermeasures.

Representations of the uncertainties and risks behind long-term shareholder value analyzes.

Integration of value-oriented elements in the “traditional” cost and performance accounting (e.g. risk-adjusted cost of capital rates) and in the investment and financial accounting (e.g. risk-specific hurdle rates or taking real options into account when making investment decisions).

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