Viewing Category: BSC Hall of Fame
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Record Attendance at Palladium Group's 11th Annual North American Summit Indicates Strategy Execution High Priority Among Global Executives Palladium Group, Inc., the global market leader in helping organizations execute their strategies, today announced the successful completion and new attendance record of its annual North American Summit: Achieving the Execution Premium: Linking Strategy to Operations held November 3-6, 2008 in San Diego, Calif. Winners of the Palladium Balanced Scorecard Hall of Fame for Executing Strategy TM were honored among some 400 executives, brought together to learn how to more effectively link strategy and operations to achieve an execution premium.
"Given the economic climate, companies' executive teams are under fire from their shareholders. There is little room for financial error and every business unit is expected to do more with less. Our North American Summit provided organizations and their leaders with tools and an understanding of how to bridge their strategy and execution to protect shareholder value in a tough economy," said Dr. David B. Friend, M.D., Chairman of the Board, President, and CEO of the Palladium Group. "Leaders that cannot successfully execute on their strategy cannot remain competitive. With tight budgets, this year's record breaking attendance is a testament to the role of strategy execution in executives' priorities. Key to executing is learning how to make better decisions." Exemplars of strategy execution were honored at this year's Balanced Scorecard Hall of Fame ceremony. Inductees included the Army & Air Force Exchange Service, the City of Corpus Christi, New Brunswick Power Group, and Weichert Relocation Resources, Inc. Welcomed into a global network of more than 116 high performing organizations to date, this community successfully used the Balanced Scorecard (BSC) to achieve and sustain performance results. Underscoring the continued importance of the Balanced Scorecard in today's economy, recent research published in Advanced in Accounting reveals that companies that adopt a BSC outperform firms that do not adopt the BSC over a three year period. The creators of the Balanced Scorecard, Drs. Robert S. Kaplan and David P. Norton, conducted the event's first ever Master Class that took delegates through each stage of their best practice management system, introduced in the January 2008 issue of Harvard Business Review. Participants had the unique experience to participate in interactive troubleshooting sessions with Drs Kaplan and Norton during the class. While keynotes and session tracks focused around four themes: Developing and Translating the Strategy, Aligning the Organization, Linking Strategy to Operations, and Monitoring and Adapting the Strategy, an invitation-only breakfast addressed risk management practices – considered by CFOs the number one cause of the current financial crisis, according to a study conducted by an affiliate of The Economist. Led by Andrew Pateman, vice president and strategy practice leader and Philip Peck, vice president and finance practice leader, the interactive discussion touched on the concept of key risk indicators (KRIs) and reviewed categories of risk that organizations should monitor. Business from around the globe attended, participated and presented on how they have achieved an execution premium. The following list of organizations shared their experiences and best practices for achieving and sustaining success: • Bank of Tokyo – Mitsubishi UFJ • Canon U.S.A., Inc. • Guaranty Bank • Kaiser Permanente • Lagasse • Merck & Co., Inc. • Nemours • Saatchi & Saatchi Worldwide • U.S. Postal Service Palladium will offer its 2008 Balanced Scorecard Certification Boot Camp on December 9-12, 2008 at its training facility in Lincoln, MA. Participants will meet Dr. Norton at an exclusive Harvard Faculty Club reception and book-signing as part of the program. For more information, or to enroll, contact Patricia O'Donnell at 781.402.1276. Palladium's Master Class with Drs. Kaplan and Norton will next be offered on March 17-19, 2009, in Orlando, Florida. The program provides direct access to the strategy execution gurus who will walk delegates through each stage of their new management system and explore the process for linking strategy to operations in detail as presented in their new book, The Execution Premium: Linking Strategy to Operations for Competitive Advantage.
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The Balanced Scorecard--created by Drs. Robert S. Kaplan and David P. Norton--is the world's predominant strategy execution framework. Based on the simple premise that "what gets measured is what gets done," the BSC is also a performance management philosophy and system that links strategy to operations. Launched in 2000, the BSC Hall of Fame Program publicly honours organisations that successfully use the BSC to achieve and sustain performance results. The 106 organizations inducted to date represent a broad cross-section of private- and public-sector industries from more than 19 countries across the globe. A Steuben crystal Rising Star, designed by Robert Cassetti, is presented to senior officers of each winning organization. The Dubai Electricity & Water Authority (DEWA) provides electricity and water to nearly 800,000 customer accounts in the emirate.
One of the largest government agencies in Dubai, with an annual operating budget of $3B and a 2008 capital budget of nearly $10B, DEWA operates one of the largest desalination plants in the world. One of the best-run agencies in Dubai, DEWA is ranked number-one in customer e-service by the government. "At DEWA, we are faced with unrelenting pressure to keep pace with Dubai's double-digit economic growth, which shows no sign of abating," according to Saeed Mohamed Ahmad Al Tayer, Managing Director and CEO. "We have used the Balanced Scorecard to create a focus on our strategy...with unprecedented results." DEWA is both the first organisation from the United Arab Emirates and the first from the Middle East to be inducted into the BSC Hall of Fame. DEWA is an avid user of the Executive Strategy Manager application.
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The Balanced Scorecard--created by Drs. Robert S. Kaplan and David P. Norton--is the world's predominant strategy execution framework. Based on the simple premise that "what gets measured is what gets done," the BSC is also a performance management philosophy and system that links strategy to operations.
Launched in 2000, the BSC Hall of Fame Program publicly honours organisations that successfully use the BSC to achieve and sustain performance results. The 106 organizations inducted to date represent a broad cross-section of private- and public-sector industries from more than 19 countries across the globe. A Steuben crystal Rising Star, designed by Robert Cassetti, is presented to senior officers of each winning organization. Bord Gáis Éireann is a publicly owned utility providing natural gas and electricity services in the Republic of Ireland and Northern Ireland.Bord Gáis adopted the Balanced Scorecard to help realize efficiency, growth, and synergy in a liberalizing energy market and to align the organisation to drive performance results. Between 2000 and 2007, revenues grew 245% to €1.2B, profits 218% to €166M, and household customers by 163% to 577,000. More effective organizational alignment and the ability to better anticipate and manage strategic risk were among other benefits achieved. "The BSC provided the ideal management tool to ensure progress on staff, process, customer, and financial objectives in a linked and focused manner," according to CEO John Mullins. "It would not have been possible to address all of these areas without a comprehensive strategy execution tool. No learning initiative has delivered more value to this business." Bord Gáis is the first Irish company to be admitted to the BSC Hall of Fame. Bord Gáis has been an avid user of the Executive Strategy Manager application for several years.
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Keith and I are currently visiting SOHO Group, in Jakarta, Indonesia (a 2007 Hall of Fame winner and ESM user). Jakarta is a city on the fast track to the 21st century, with modern buildings alongside rice fields and industrial plants. And SOHO Group, Indonesia's oldest and largest pharmaceutical company, has been growing even faster than her home country.
From the moment we were picked up at the airport, we have been impressed with the way that SOHO Group has embraced the Balanced Scorecard and the principles of the Strategy-Focused Organization. Balanced Scorecard principles feature prominently in all corporate communications, strategy maps line the walls, and the leadership team is fully committed to using the BSC to achieve their "Vision 2015." Here are a few lessons learned from the SOHO Group:
- Communicate, Communicate, Communicate: You can't communicate the importance of strategy enough. And the BSC provides a perfect vehicle for this communication. As noted above, you can't go anywhere at SOHO without being reminded of the strategy and the BSC.
- Use the right tools for the job. This may be self-serving (OK, it is), but SOHO's choice to roll out the ESM to their entire organization will help them embed the Balanced Scorcard even further in the organization, while making the monthly/quarterly reporting process much easier.
- Keep focused and keep going. SOHO has been implementing their strategy for three years now, and it shows! Their financial performance is exceptional, they are poised for a major international expansion, and they are on the way to executing their Vision 2015 strategy. The focus provided by the BSC is a big part of this success.
It's very gratifying to see the success of organizations that have embraced the BSC and ESM to this level. Congratulations to everyone at SOHO and thank you for your hospitality and generosity.
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You have probably seen the press release by now, but in case you haven't, one of the three companies inducted into the Hall of Fame was Nemours, another ESM user. This was the final global event of 2007, and it was great to see that across the world 3 of the 2007 Hall of Fame companies use the Executive Strategy Manager.
Overall, this was a very successful summit, and while I did not get to sit in many of the presentations, I did speak to many of the delegates, and people were raving about the content. The event had learning teams and many other breakout sessions, so the 400+ delegates were swarming the Fairmont Hotel at the top of Nob Hill throughout the day.
I spent much of the day in 1:1 sessions with delegates and meeting with current and future clients of the ESM. Overall a great experience. If you haven't been to one of our Executive events, I highly recommend it.
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Just returned from the Asia-Pacific Summit, held this year in Tokyo, and wanted to share a few things I experienced while there. First, the Balanced Scorecard market in Japan is more mature than I had assumed, though not nearly as developed as in the US, Europe, and Latin America. The statistic that I heard was that 20-25% of all large-sized Japanese organizations were using some version of the Balanced Scorecard to manage their strategy. Pretty substantial numbers, though a little bit off from the 65% of Global Fortune 1000 companies that are scorecard users.
The conference presentations themselves were excellent. I was able to hear from the president of Bank of Tokyo Mitsubishi about how they created an integrated strategy management system, built around the Balanced Scorecard, as the bank-wide tool for strategic management and performance evaluation. I also heard from the strategy manager of Sharp Corporation how they created a strategic enterprise management system called "eS-SEM" based on the Balanced Scorecard methodology. This framework helps ensure that corporate strategies are implemented at every level of Sharp by cascading them into lower-level organizations and individual managers. Sharp has also created their own web-based system for strategic management and performance evaluation and introduced it throughout their global operations (Wish they knew about the ESM before spending so much time and so many resources on development!). The head of Corporate Planning at Infosys also gave an interesting presentation on BSC use in India, and how Infosys has used the scorecard to power their "innovation engine." I was also excited to see SOHO Group, a pharmaceutical company out of Jakarta, earn election to the Balanced Scorecard Hall of Fame. By doing so, they became the first Indonesian organization elected to the Hall, and bolstered the ranks of ESM users enshrined therein. I'll actually be travelling out to SOHO at the end of the month to help install the ESM locally for them, and continue to automate their Balanced Scorecard program. Overall, it was another great BSC Summit, and very exciting to see how the scorecard continues to proliferate throughout the world. Japan itself is a beautiful country (I headed out a few days early to allow myself to see Osaka and Kyoto as well as Tokyo), and I look forward to doing more business there in the near future.
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