Development of standardised Key Performance Indicators within the dry bulk terminals industry

The primary objective of my research project was to work with five worldwide dry bulk terminals to assist them to adopt and/or extend Key Performance Indicators (KPIs) to improve their business performance. The project also explores the case for standardisation of KPIs within the wider Dry Bulk Terminals sector.
The project aims to answer a number of business and academic research questions. On the business front, these include: does effectiveness dimension improve performance of KPIs; how does organisational culture affect implementation of KPIs; and what role do stakeholders play in planning and implementation of KPIs? On the academic front, these include: how do management style and organisational culture interact during the change process; what role do information systems play in the planning and implementation of KPIs; to what extent were planned PAR stages followed in practice; and challenges in becoming an insider researcher?
In answering above questions, the project uses PAR as a research framework through a single research cycle with multiple stages. Representatives from each organisation actively participated during each stage of the project. Even though I was an outsider to participating organisations, I played a leading role and directly participated during each stage of the project.
The project makes a novel contribution in a number of areas. First, it has focused on dry bulk terminals rather than ports in general, therefore bringing forward the important role of this industry sector as well as addressing a gap existed in this area in previous research. Secondly, it has introduced the effectiveness dimension into the planning and implementation of KPIs in addition to the efficiency in order to bring in key stakeholders’ expectations and views into the picture. Thirdly, if focussed on dry bulk terminals which are significantly more complex and diverse in nature in comparison with container terminals where the majority of previous research concentrated. Fourthly, the project examined a large number of areas where performance KPIs are utilised, led by the participants rather than by a limited or predetermined set of KPIs primarily driven by efficiency parameters. Finally, the project worked with multiple categories stakeholders, driven by the participating terminals rather than limiting those to two or three traditionally recognised stakeholder categories.
As a result of adding an effectiveness dimension to performance KPIs, the project made a positive impact at participating terminals in areas such as competitiveness, stakeholder relationships, business continuity and performance. Participating terminals made effective use of elements of their organisational culture and adjusted their management style during the project to ensure success. Stakeholders played a pivotal role in the success of the project by actively participating in it. Information systems played an important role in the implementation of KPIs in coordination with the organisational culture in each participating organisation. The level of standardisation of KPIs in participating terminals was high and this in turn provided a positive platform to explore options for wider standardisation within the industry sector.