5. Concluding Remarks and Future Research Directions
The cost and volume of algae-based biofuel is significant, since they can dictate the success of biofuel commercialization. Such success often hinges on various influential factors such as temperature, light intensity, and algae strain. Since each step of biofuel production poses unique challenges, performance monitoring systems are needed. As such, this paper proposed both dashboards and BSC as a way of systematically monitoring and evaluating the biofuel production process. Additionally, the strategy map was developed to visualize the biofuel production and commercialization strategy from different perspectives under varying environmental factors. To verify the usefulness and practicality of the proposed data visualization tools (i.e., dashboards, BSC, and the strategy map), this paper developed their prototypes using the SAP software.
5.1 Main Contributions
One of the main contributions of this research is the development of a comprehensive list of financial and non-financial key performance indicators with an actionable data dictionary relevant to the success of algae-based biofuel commercialization that can be easily adopted with little to no modifications. Specifically, this research is one of the first to develop specific performance metrics and data visualization techniques for gauging the commercialization potential of biofuel alternatives based on algae nurturing. Contrary to the traditional performance evaluation, the proposed metrics, based on both dashboards and BSC, shed light on four different perspectives (i.e., financial, internal process, innovation, and sustainability) of biofuel creation.