Constructing Performance Measurement Index for the Manufacturing Industry: An Empirical Study

Studies have been carried out along with literature on supply chain performance, yet manufacturing companies fail to attain a precise performance measurement evaluation due to a lack of an Integrated Supply Chain Performance Measurement (ISCPM) model and knowledge in the manufacturing industry. Though it has been widely accepted and adopted—performance evaluation through the Balanced Scorecard (BSC) and the Supply Chain Operations Reference (SCOR) model, however, it needs to address a holistic approach considering the current complexity and market dynamics changes. This study formulates a conceptual Integrated Supply Chain Performance Measurement (ISCPM) model with thirty-six performance measurement index through ten attributes in the outlook of input-process-output considering the BSC and the SCOR model at three decisions levels with an application of quantitative techniques to bring synergic effect to all stakeholder issues such as supplier relationship management (SRM), internal supply chain management (ISCM), and customer relationship management (CRM). The conceptual model was tested in the manufacturing industry of Bangladesh. Finally, it recommends the urgency for an Integrated Supply Chain Performance Measurement (ISCPM) model which connects all the stakeholders aligning the organizational performance.


Introduction
American Production and Inventory Control Society conceptualized the defini-tion of Supply Chain Management (SCM) as the process of overseeing the flow from raw materials to the consumption of end products by consumers (Agrawal et al., 2019). This description implies that SCM is a system that synchronizes the entire functions and sub-functions of the internal and external entities of an organization. In the same line, some other authors extended the importance of emphasizing the incorporation of the information system in the definition of SCM.
Manufacturers have been investigating innovative methods to attain competitive leverage in consequence of globalized competition. Practically, such methods can be referred to as SCM, which has been chosen as an enormous measure of consideration by the analysts and experts. SCM is reflected as an effective strategic approach to enhance competitive advantage in this modern era of intense global competition, and as such, SCM is gaining endless attention. Indeed, the effectiveness of SCM is impactful on the quality of product value, logistics, and by extension on customer satisfaction and organizational profitability (Elnouaman & Ismail, 2016).
Performance evaluation of an integrated supply chain management for the manufacturing industry induces supply chain management (SCM) to deal as an extended movement connecting organizations in diverse areas and empower business partners to escalate efficiency to understand the bottom-line impacts of an organization from procurement, manufacturing, warehouse, distribution, customer service as well as financial aspects of an organization. Manufacturing companies have been studying innovative methods to attain competitive leverage where integrated SCM is reflected as an effective strategic approach to enhance competitive advantage in this modern era of intense global competition.
Business dynamic forces have been transformed that put the arm on the legislative requirements to measure the performance for the manufacturing industry where companies have been witnessing to unlock the tools that can assess the supply chain performance measurement (SCPM) commendable (Kurien & Qureshi, 2018). As of now, the supply chain performance measurement (SCPM) is evaluated into a financial and non-financial measurement system. Business enterprises witnessed a paradigm transformation to evaluate SCPM, where Global companies adopted either Supply Chain Operations Reference (SCOR) model or Balanced Scorecard (BSC) model. A

Literature Review
The Balanced Scorecard (BSC) model was pronounced as an authoritative performance measurement instrument, and it allows administrators to detect a composed understanding, where the researchers recommended four basic perceptions that administrators should observe and follow-financial, customer feedback, internal business processes & innovation, and learning perceptions. The author demonstrated how SCM structure is connected in a balanced scorecard model, where the BSC model is dominant in delivering managers with a comprehensive image of business performance. Nevertheless, it undergoes two elementary restraints. First, it is a top-down tactic. Hence, it is not participative and might miscarry to perceive prevailing collaborations between different procedure metrics (Kurien & Qureshi, 2018). A group of research scholars unlocks multi-dimensional limitations of the BSC model, particularly in its thoughts, execution, and usage. The same group of research scholars resists that could either challenge the efficiency of the BSC model or trigger businesses to modify the BSC model for an improved and comprehensive performance measurement substitute. Hence, encouraged by the above, these critiques deliver a methodical assessment of the execution, practice, benefits, and restrictions of the model and exercise of the BSC model that finally endorses a substitute performance measurement model (Saleheen et al., 2018). The Balanced Scorecard (BSC) model was conceptualized to resolve the gaps of the conventional financial-based performance measurement tool that was eventually endorsed and implemented by large corporations. Since then, organizations have been adopting the BSC model to encounter the conventional performance measurement methods which emphasize the financial metrics on isolation. Besides, the BSC model stresses three performance metrics (learning and Similarly, absence of provision for benchmarking, lack of association with the organization's mission and strategy, failure in addressing the practicalities of measurement, lack of methodical thinking of measuring SC as a whole, and lack of a systematic method for prioritizing measures (Saleheen et al., 2019).

Research Methodology
The study applied an exploratory study method based on primary and secondary data. Review of journal papers on supply chain performance measurement was made. The target population in this study was Bangladesh manufacturing industry, which consists of twenty-four manufacturing sectors. Based on the analysis, twenty-four manufacturing sectors have around 7570 manufacturing companies.
Therefore, the population size is 7570. From the 7570 lists of the respondent companies, 1832 individual companies have been chosen randomly and emails have been sent to the supply chain heads to respond.
An individual company's supply chain professional has been considered as the unit of analysis. This study applied simple random sampling and used the Taro Yamane table at ±7% precision level, and confidence level at 95% the sample size of this research is 199. In this study, the researcher composed 207 respondents from the manufacturing industry. Hence, 207 respondents are the sample size in this study. Apart from these, the study also explored secondary data from Emerald, IJSCM, IGI, Nova publishers etc.

Conceptual Framework
The researcher classified thirty-six performance measurement index (PMI) under ten performance attributes through which Integrated Supply Chain Perfor- at three decision levels with strategic (ST), planning (PL), and operational (OP).
In order to bring a competitive position, a company needs to be strategically equipped to formulate its supply chain (SC) strategy either through responsiveness or efficiency, where six driving forces govern the competitive positions are-sourcing, facility, transportation, inventory, information, and pricing illustrated in Figure 1 are beefed-up to formulate an SCM strategy either at a responsive or an efficient level. And then, the concept is infiltrated and attached to the framework.
In the conceptual model, the researcher classified the SRM in Figure 1 where the attention was on the supplier as well as supplier's supplier for the supplier to supply all types of materials such as raw, packaging. These semi-finished or finished component materials are considered as supplied inputs. Supplied inputs will be transported through inbound logistics services at the factory premises.
The researcher classified the ISCM in Figure 1, which is considered as a core process, where the focus is on the internal purchase, production, and distribution of goods from inbound logistics to outbound logistics. The purchase function focuses on the internal procurement which is seamlessly connected through factory production as well as the distribution to ensure the raw materials to bring in time to the manufacturing site and to bring out the finished goods from the manufacturing site to the end customers. Commercial activities such as clearing & forwarding (C&F), freight forwarding (FF), customs, port terminals, inbound and outbound logistics are closely knitted through this process.
The researcher identified the CRM in Figure 1, which is considered as a customer's as well as a customer's customer who will consume the finished goods.
CRM deals with finished goods (FG) for different customers internally as well as externally. This exploratory study identifies SC macro-environmental process in

ISCPM Model
This exploratory study classifies the ISCPM model in Figure 2 where the ba-   attributes and thirty-six performance measurement indexes in three decision levels which are strategic, planning, and operational.

Discussion and Results
The researcher in Section 3, illustrated the 36-performance measurement index (PMI) which have been constructed through 10 attributes discussed in Table 1.

Conclusion
In the past few decades, the world has witnessed a lot of turmoil such as global financial crashes, natural calamity, terrorist activists, cyber-attacks, and the recent one-the global pandemic outbreak has affected an enormous impact on people's lives, and societies. Amid these critical conditions, organizations are operational in uncharted waters. It is evident that crafting supply chain procedures and results based upon cost-competitiveness is no longer adequate; businesses will require to reconsider approaches that hold "risk-competitiveness" to warrant resilience moving forward. While there are, many elements associated, succeeding resilience will require that the next generation of supply chain winners move away from the traditional competitive advantages originated from economies of scale toward a greater highlight on what we stretch "economies of skill". The study formulates a conceptual model where thirty-six performance measurement indexes have been illustrated through ten attributes. With these attributes, an organization can evaluate the supply chain performance holistically connecting the qualitative as well as quantitative factors through seamless integration of the top and bottom-line performance of an organization.

Recommendation and Future Research
The 36 Performance Measurement Index (PMI) illustrated above has been developed through 10 attributes in Table 1, which are directly connected to the ISCPM model in Figure 2 based on twenty-four manufacturing industrial sectors and validated empirically. And this model can measure supply chain performance measurement holistically where the stakeholders such as shareholders, However, it is suggested to implement this in real-life applications, particularly in the manufacturing industry. This model also could be implemented in the service industry as well such as tourism & hotel, hospital, banking, etc. Simultaneously, other than twenty-four sectors there are many industrial sectors that could be explored by future researchers. Therefore, the application of the ISCPM model in both the manufacturing and service industry through PMI could have elaborate research opportunities with scope in applied research.