Balanced Scorecard: Transforming Strategy Into Action
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Balanced Scorecard: Transforming Strategy Into Action Course
Introduction:
In order to achieve operational excellence, it is essential to align business activities with a company's vision and strategy. However, this task is not without its challenges. It requires implementing specific processes to effectively communicate objectives to all stakeholders and establishing a robust system for monitoring the organization's performance against strategic goals from various perspectives. To address these needs, the balanced scorecard, developed by Dr. Robert Kaplan of Harvard Business School and Dr. David Norton, provides a solution.
In this practical course, participants will be introduced to the elements of the balanced scorecard, which include vision, mission, goals, objectives, Key Performance Indicators (KPIs), targets, and initiatives. They will then have the opportunity to apply this knowledge by constructing a balanced scorecard for a virtual company, using a tested step-by-step model.
Attending this course will equip participants with the knowledge and skills to review or develop a balanced scorecard for their department or organization. By implementing this framework, they will be able to align business activities with the company's vision and strategy more effectively, monitor performance, and drive operational excellence.
Course Objectives:
By the end of the Balanced Scorecard Transforming Strategy training course, participants will be able to:
- Explain the benefits and importance of a Strategy Focused Organization (SFO)
- Develop a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, vision and mission statements, and strategic goals for their organization or department
- Use 'SMART' objectives and key performance indicators to track the performance and productivity at all levels in their organizations
- Apply the approach of best-in-class benchmarking technique to set targets for each KPI
- Design a balanced scorecard based on the Kaplan and Norton model
Who Should Attend?
All managers and supervisors involved in strategic planning and performance management. The course is also very helpful to those involved in improving performance and measuring results.
Target Competencies
- Management and leadership
- Strategic planning
- Performance management
- Influencing and communicating for impact
- Innovation
- Analytical thinking
- Entrepreneurship
Course Outlines:
Benefits of Strategic Management and Planning
- The strategy focused organization
- Why implement the balanced scorecard
- Strategic planning needs and benefits
- A strategic planning model
- The importance of the balanced scorecard
- Balanced scorecard steps and timeline
'SWOT' Analysis, Vision and Mission Statements
- The purpose of a 'SWOT' analysis
- 'SWOT' in brief
- Linking the results of the 'SWOT' findings to future objectives and initiatives
- Definition of a vision statement
- Importance of a structured mission statement
Developing Performance Measures and Control Systems
- Goals, objectives, and targets
- 'SMART' objectives
- Key performance indicators and Units of Measures (UOMs)
- Aligning KPIs to company strategy
- Obstacles to measurement
- Developing strategies and initiatives that will assist in achieving the targets
- Developing strategies
Benchmarking as A Tool to Set Targets
- Objectives and basics of benchmarking
- The who, what and why of benchmarking
- Different methods of benchmarking
- Who to benchmark against
- The benchmarking processes
The Balanced Scorecard as A Strategic Management System
- Strategic planning and strategy execution
- Reasons behind failures of well-formulated strategies
- Translating the vision into everyday actions
- Importance and history of the balanced scorecard
- The premise behind the balanced scorecard
- Principles of the strategy focused organization
- Measuring business strategy from the financial, customer, internal, business or process and learning and growth perspectives
- Strategic alignment and goal setting
- Linking the balanced scorecard's KPIs to strategy
- Strategy map: specifying relationships and making them testable
- The importance of initiatives
- Evaluating initiatives
- Managing initiatives
- Soft and hard KPIs
- Leading and lagging KPIs
- Reporting and evaluating results
- Cascading the balanced scorecard
- Implementing a balanced scorecard program