“What you measure is what gets done,
What gets done, gets rewarded”
Translating Strategy into Action Using Strategy Map and Balanced Scorecard
Managers and leaders are constantly in search of a “Performance Management System” that can transform the underlying problem of measuring the intangibles. The program focuses on enabling delegates to become familiar with the design and implementation of Strategy using Balanced Scorecard as a source of measuring the intangible and bring about an improvement in strategic performance by offering a comprehensive performance measurement and management system.
This workshop is about translation of strategy into measurable and achievable goals. Moreover Strategy Execution is now taking center stage as against strategy formulation. The Strategy Map and Balanced Scorecard as developed by Norton and Kaplan will show you how to translate strategy into action and measure the outcome of strategic actions.
Participants Will Comprehensively Understand and Learn:
• Basic concepts of articulating mission, values and mission into strategy
• Process of effective strategy development
• Converting strategy into a Strategy Map with measurable goals and objectives and Components of a complete Strategy Map
• To select strategic actions important for their organization and how they can be applied to improve organizational performance
• How the balanced scorecard applies to different types of organizations
• The sequence of steps necessary to build a strategy-focused organization
• Methods and techniques necessary to cascade strategy
• How to align objectives and goals of departments within the organization
Detailed Course Outline:
• Mission, vision and Core Values
• What is Strategy?
• How to De – scribe strategy?
• Strategy Map – value creating process
• What is Balanced Scorecard (BSC)?
• Financial Perspective
• Customer Perspective
• Internal Process Perspective
• Learning and Growth Perspective
• The significance of Balanced Scorecard
• Balanced Scorecard Models
• Designing Organizational Balanced Scorecard
• What do “we” need to do?
• Targets and Initiatives
• Performance measures
• Action Plan
• Strategic Outcomes
• Improvement Actions
• Creating strategy maps including cause and effect linkages across four perspectives (financial, customer, internal and learning and growth)
A step-by-step methodology is used to incorporate mission, values, vision and strategy into a clear cut Strategy Map and deriving objectives from corporate targets and initiatives using Balance Scorecard. This step is highly interactive, with participants sharing their experiences with others, and instructors and other participants sharing their knowledge to help solve real problems thus, getting a chance to address some specific issues related to their organization.
Participants will understand the key concepts and a systematic methodology for building and implementing the balanced scorecard. A strategy map together with appropriate measures will be developed along with a prioritized set of initiatives focused on delivering improved personal and organizational performance.
Who Should Attend
The Workshop is recommended for Managers, planners and analysts who are involved in strategic planning and defining performance measures and also for decision makers who wish to introduce performance based culture in their organizations Novice managers who wish to learn practicalities of Balanced Scorecards are also welcome