DR. ENG. SILVER MUGISHA ADVISES ACCOUNTANTS ON BALANCED SCORECARD

By our reporter

www.mknewslink.com

In Kampala

The Managing Director of the National Water and Sewerage Corporation (NWSC), Dr. Eng. Silver Mugisha has advised accountants to utilise the balanced scorecard for transformational planning, and monitoring and evaluation.

The balanced scorecard is an organisational strategy implementation and management tool which focuses on four key areas: the customer perspective, technical or operational perspective, people perspective and the financial perspective.

Dr. Eng. Mugisha was speaking at the 24^th Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU), on 4 September 2019 where he delivered the keynote speech on the theme, ‘maintaining a sustainable enterprise.’

For the people perspective, Dr. Mugisha underscored the need for organisations to invest in staff productivity, through staff engagement programmes and continuous learning.

He further noted the need for employee Job Descriptions (JDs) to be continuously reviewed and aligned to strategic objectives.

For the technical perspective, he urged organisations to focus on the use of internal talent, as opposed to heavily relying on contractors. He also emphasized innovation, the creation of systems aimed at improving operational excellence, creation of strategic alliances, and social responsiveness.

Regarding the financial perspective, he emphasized focus on business growth, and the importance of “working with” the rules and procedures instead of “following” rules and procedures. According to Dr. Mugisha, this involves applying empathy in dealing with customers, and having the flexibility to avoid breaking the rules, without destroying the customer’s confidence.

He further emphasized the importance of ensuring a social return, but he cautioned that it should not affect the overall sustainability of the organisation.

The financial perspective also involves: containing costs through placing a cap on contractual expenditure and rationalising expenditure. 

Customer interaction and customer surveys were also emphasized, for the customer perspective.

Dr. Mugisha defined a sustainable enterprise as one that maintains its competitive advantage. NWSC is ranked very highly as a utility service provider in Africa. The organisation has been voted African Water Utility of the year, for 3 consecutive years. The services of NWSC have expanded exponentially over the last six years. Coverage has grown to 253 towns up from 23, while connections have increased from 270,000 to 650,000 . The organisation has an asset value of 1.9 trillion and turnover has increased to 440 billion.

The Annual Seminar was held from 4-6 September 2019, at Imperial Resort Beach Hotel, Entebbe, sponsored by Uganda Reinsurance Company, Stanbic Bank, Atomic Energy, Umeme Limited, Standard Chartered Bank, the National Social Security Fund (NSSF), KPMG, Ernst & Young, National Water and Sewerage Corporation, BodyWise Fitness, Nakasero Blood Bank, Statewide Insurance Company, ICEA Group, Insurance Institute of Uganda, Jubilee Insurance, Liberty Group, Uganda Insurers Association and PAX Insurance.

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