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Introduction
Non-financial aspects such as service quality, corporate flexibility, resource usage, and market orientation are viewed as critical in determining a service firms success. They are frequently defined implicitly by underlying notions like social capital, environmental capital, human capital, and corporate social responsibility reporting (Almansour et al., 2019).
Discussion
These are crucial considerations in any field, including IT services. When evaluating a contract bid, corporate governance, strategy, management quality, operational efficiency, and intellectual capital play a role (Shabbir et al., 2020). It is critical to risk management in todays market. Companies that do not consider non-financial factors in their operations or corporate planning risk losing contracts or not knowing the long-term vision of the companys future (Almansour et al., 2019). Customer satisfaction scores, for example, can serve as a significant source of analysis for a proper contract proposal (Omran et al., 2021). Non-financial performance measurements can help fill in the gaps and give answers to questions about monetary volatility.
There are a variety of non-financial internal and external elements that might impact and benefit a companys contract bids and strategic growth. This might be a retention rate in terms of customer service, such as the percentage of customers that stay with the company during the reporting period (Gamayuni and Dewi, 2019). Internal processes may be followed using a performance indicator, which can be assessed in a variety of ways. For example, this IT firm can look at how many orders were closed in a month and the enterprises availability percentage. Employee productivity can be used to examine a strategic growth element (Omran et al., 2021).
Conclusion
Overall, non-financial factors can play a decisive role in the modern market when it comes to assessing contract bids and a companys growth in general.
Reference List
Almansour, B., Almansour, Y. and Almansour, A. (2019). Small and medium-size enterprise: Access the financial and non-financial factors. Management Science Letters, 9(5), pp. 687-694.
Gamayuni, R.R. and Dewi, F.G. (2019). The effect of incentives and non-financial performance on managerial performance. International Research Journal of Business Studies, 12(1), pp. 41-54.
Omran, M., Khallaf, A., Gleason, K. and Tahat, Y. (2021). Non-financial performance measures disclosure, quality strategy, and organizational financial performance: a mediating model. Total Quality Management & Business Excellence, 32(5), pp. 652-675.
Shabbir, M.S., Aslam, E., Irshad, A., Bilal, K., Aziz, S., Abbasi, B.A. and Zia, S. (2020). Nexus between corporate social responsibility and financial and non-financial sectors performance: a non-linear and disaggregated approach. Environmental Science and Pollution Research, 27(31), pp. 164-179.
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