Once Driven, Forever Transformation
Cheng & Co initially started its business in 1993 as a Malaysian chartered accountant firm, with an ambition to achieve ten partners, ten branch offices, and ten million annual revenue by 2003. The mission was not accomplished until 2015 after Cheng & Co had spent two years implementing a strategic planning and management system – the Balanced Scorecard. Since then, we have embarked on a journey of ongoing transformation through strategic alignment, services innovation, and forward.
Today, we have grown into a local leading professional services firm with an international presence, and we are continuing to grow. The Sustainable Growth Vision 2025 (iSGV 2025) is our next journey towards the firm of the future. In the next five years, we aim to engrave Intelligence, Innovation, and Integration into Cheng & Co to ensure we deliver sustainable value to all our stakeholders.
Taking Shape In 2013
While the Balanced Scorecard (BSC) was officially implemented in 2014, taking the theme “Alignment”, planning for the execution of this methodology began in 2013.We wanted to ensure the performance measurement of our employees and business clusters are fully aligned with our firms vision, mission and growth strategies. The BSC is a crucial tool that initiated our firms. Transformation as it provided important indicators on employee performance, increased cost efficiency, and client satisfaction.
2014 – Alignment
We started our transformation journey by introducing Balanced Scorecard (BSC) into Cheng & Co Group by watching the movie Money Ball. Financial, Customer, Internal Process and Learning and Growth are the aspects that we monitor and analyse every quarter in BSC to make sure our group is on path with our planning and strategy.
After introducing BSC into Cheng & Co Group, we immediately do an Alignment initiative in the following year. Alignment is to make sure every subsidiaries, departments and employees in Cheng & Co Group are heading towards the same direction to serve our customers better by using BSC.
2015 – Forward
After getting the environment and service idea in place, we move Cheng & Co Group forward to corporate transformation. We set up business clusters and build in the synergy with each department to enhance the performance of every business clusters.
2016 – Innovation
Innovation is a series of new ideas, practice, business process that we put into our services. We bring in a lot of Value Added Services (VAS) partners to serve our customers, such as Funding Society, Experian, Money Match etc. The objective is to provide an innovative service experience and environment to our clients to move towards the next technology era together.
2017 to 2020 – Transformation
After go through all the process we have come to the Transformation stage. At Development stage, we have multi-disciplinary expansion (level of services, market shares, branches), building up skills, knowledge, and experience. We go through the Adaptation stage through a comprehensive partner network and align people, process and technology.
After adopting the network and technology into Cheng & Co Group, the processes bring us to combine expertise for greater opportunities and intelligent automation at Mutation stage Transformation is a series of painful changes takes a lot of courage, time and creative ideas to make the process Beautiful.