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To maximize employee alignment and productivity, it is not sufficient to just change the way compensation is structured – companies need to ensure their employees are plugged in to the strategy, and are aware of how their performance affects it. Travis Manzione's article "Empowering the Individual to Execute Strategy" in the Balanced Scorecard Report discusses the challenges of connecting individual employees to organizational strategy. He also gives advice and provides real-life examples of how workers have been able to build effective Personal Balanced Scorecards that align with the organizational scorecard that covers their area of business.
Users of the Executive Strategy Manager (ESM) who are creating their own targets are only a click or two away from this and a myriad of other articles and resources to help them think about and create the best possible targets for their organization.
Organizations which have been successful in making strategy execution a core competency have turned to the ESM Personal Balanced Scorecard (PBSC) module to implement a strategically-aligned performance management process. As part of the ESM Enterprise Edition the PBSC module enables individuals within organizations to rapidly develop and align personal objectives (including measures and targets) to enterprise and business unit strategic objectives. Realizing the diversity of organizational culture, the PBSC fields can easily be edited to fit your specific needs. The PBSC provides organizational leaders a view of enterprise goals and how they are executed by individuals.
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Initiatives play the pivotal role of change agents for the Strategy Focused Organization (SFO). Many organizations fail to appropriately manage their initiative portfolio, and in turn lack the mobility to execute on their strategy. The successful SFO is able to focus the following key steps on initiative management: mobilizing executive leadership, translating strategy into operational terms, aligning and motivating the organization, and creating a continuous strategy review process. The ability to implement these key factors determines the fate of strategic change initiatives.
The Executive Strategy Manager gives companies the tools they need to implement their initiative management systems. The ESM is developed by the minds behind the Strategy Focused Organization, Drs. Kaplan and Norton, and provides the meeting management, communication, and governing tools organizations need to execute strategic change.
The Executive Strategy Manager allows for better meeting management by enabling you to communicate your corporate strategy and identify the key performance drivers at all levels of your organization. The ESM will help you create strategic alignment at the corporate, division, and individual level and encourage active participation in strategic themes throughout the organization. The ESM has proven itself as a successful guide in helping organizations create a sustainable strategy execution program.
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Strategic Risk Management (SRM) is the key to an integrated risk management approach which Professor Mark Frigo discusses in his most recent article, "Strategic Risk Management: The New Core Competency." Professor Frigo sees the lagging development of SRM in a sea of new risks as the driving force behind the recent meltdown of financial markets. While companies focused on the upside of new business developments such as globalization and supply chain innovation, they made the fatal error of disregarding the associated risks. This evidence strengthens the need for a holistic approach to risk management in today's economy, an approach echoed by Frigo's emphasis on Strategic Risk Management within the Balanced Scorecard Concept.
One downfall found often in risk management approaches is a strictly siloed approach, where finance accounts for financial risks while HR manages their own risks. Though many companies strive for SRM, this movement has been hampered because "holistic performance management is still evolving, and many companies lack a culture or mechanism for managing cross-enterprise issue." This common mistake is where the Balanced Scorecard Concept (BSC) plays a pivotal role in successful SRM.
Frigo stresses the link between Strategic Risk Management and the BSC by concluding "[s]trategic frameworks like... the BSC provide a mechanism for managing strategic risk in an integrated and holistic way, across the enterprise." The Executive Strategy Manager(ESM) is a web-based software application that takes you step by step through both the construction of, and reporting on, Balanced Scorecards and strategy maps. The only application built and managed by the creators of the Balanced Scorecard, Drs. Kaplan and Norton, the ESM will help you create strategic alignment at the corporate, division, and individual level. The ESM provides the perfect resource for the company struggling to align it's Strategic Risk Management.
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Drs. Kaplan and Norton have focused their thoughts on strategy on the most pertinent topic in the American economy today, managing strategy in a downturn. In their most recent blog posting, Drs. Kaplan and Norton ask whether the Balanced Scorecard Concept could have helped some of today's failing industries, using the financial and auto sectors as examples. Can a Balanced Scorecard approach help industries be aware of and mitigate some of their risk?
Dr. Kaplan points out that companies generally lack adequate measures to quantify risk during unpredictable economic times. However, use of the BSC could help to broaden executives' views so they are not tied simply to short-term profits. Implementing the BSC with applications such as the Executive Strategy Manager helps companies maintain a larger strategic awareness of potential risks. The BSC also stimulates discussion in strategy meetings, allowing companies to aggregate the risk exposure onto their scorecard.
The BSC leads companies away from a short-term financial focus and towards a more encompassing strategic view. Use of applications such as the ESM facilitate a focus on strategy, an especially relevant concern during a downturn.
You can access the article and learn more by clicking here!
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Palladium's Managing Director and CMO sent out a note this morning exploring Cari Tuna's article in today's Wall Street Journal.
An article in today's Wall Street Journal, "Executives Shift to Survival Mode," reports that The Conference Board has reconfirmed that executing strategy remains the number one issue facing executives worldwide. Palladium's value proposition addresses this issue directly, now prominently featured in the banner at the top of our home page:
Palladium Group is the global leader in helping organizations execute their strategies by making better decisions. Our expertise in strategy, risk, corporate performance management, and business intelligence helps clients achieve an execution premium.
The Conference Board, based in New York, conducted surveys in August and October; 190 executives responded to both surveys. The top two challenges of "greatest concern" cited were: (1)"Excellence in execution" and (2) "Consistent execution of strategy by top management." "Excellence in execution" (actually executing) moved up in importance by 9 percentage points in two months; "Consistent execution of strategy by top management" (consistently executing) increased by more than 5 percentage points.
That's what Palladium BSC Hall of Fame organizations do to achieve their execution premiums: achieve results, and consistently continue to achieve them. The concerns of executives around the world and Palladium's value proposition have never been better aligned.
The ESM supports Kaplan and Norton's best practice methodology to drive "excellence in execution."
To access the article, click on: http://online.wsj.com/article/SB122714668753343401.html
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Independent research shows Balanced Scorecard users achieve superior shareholder returns (execution premiums) over non-users.
http://www.thepalladiumgroup.com/KnowledgeObjectRepository/PR_BSCStudy_10_30_08.pdf
In a recent article in McKinsey Quarterly (Sept 2008) they wrote about managing IT during a downturn. They stressed the importance of not making across the board cuts, but that it was now more important than ever to look at IT's role in the business and be more strategic (read selective) in what investments and reductions are made. Our strategy maps, scorecards, and initiative management processes and practices can help companies navigate these treacherous waters in a resource constrained world. We should listen for these cues during our client and prospect conversations and think about how we can help them make better decisions that will address short term issues, yet still position our clients for longer term success when things turn positive. Remember those who make the better decisions now will do better (survive longer) and be positioned for the next upturn in the economny.
Palladium Announces XPA™--Execution Premium Assessment--based on the Kaplan-Norton Strategic Management System
New Tool and Book Based on Close Collaboration between Palladium, Kaplan, and Norton
Palladium Group Inc., the global market leader helping organizations execute their strategies, has announced the Execution Premium Assessment (XPA), the newest offering designed to help companies understand the strategic performance gap between where they are and where they want to be. XPA, the latest tool in an integrated suite from Palladium, is based on more than fifteen years of research by Drs. Robert Kaplan and David Norton, the world's preeminent authorities on strategic performance management, and the best practices of more than 100 high performing organizations.
XPA is a two week process consisting of executive interviews, document reviews and a comprehensive survey that capture's an organization's view of its performance and issues through the lens of execution premium best practices. The survey uses a proprietary algorithm to show the cause and effect relationships between drivers of performance and performance results. In addition, XPA can show organizations how their performance compares to high performing companies globally, and where to focus improvement efforts to maximize near-term results. Insights from the process provide a shared framework integrating the diverse components of the management systems to help the organization clarify strategy, drive performance, and optimize data.
"Palladium's approach to assessment helped us to gain a better understanding of how to close our performance gaps," said John Smith, division senior vice president, Store Development, Collective Brands, Inc. "It enabled us to achieve measureable results."
"Palladium assessment tools provided us with an understanding of where we were and where we needed to be," said Sophie de Villers, vice president, Strategy Management, Canadian Blood Services. "The resulting roadmap put us on the path of translating our strategy into measureable results."
"Industry research and conversations with our clients reveals that execution is the number one challenge for CEOs. XPA will help our clients execute their strategies successfully, allocate resources efficiently, and improve decision making with insight based on data they can trust" says Dr. David B. Friend, Chairman and CEO of Palladium. "The Kaplan-Norton approach is a proven model that helps our clients achieve their own execution premiums."
The Execution Premium: Linking Strategy to Operations for Competitive Advantage (Boston: Harvard Business Press, August 2008) is the most recent in a series of books authored by. Kaplan, a Baker Foundation Professor at Harvard Business School and Chairman of Professional Practice at Palladium, and Norton, Founder and Director of Palladium. The book profiles organizations that have achieved a true execution premium. The premium, evidenced by outcomes such as share price, revenue, profit, customer loyalty, employee engagement, or brand value, is achieved "by doing the right things right." The book describes a six-stage management system that shows organizations how to integrate strategic planning with operational execution. This system serves as the foundation for XPA.
Palladium collaborated closely with Kaplan and Norton in the development of the book through its various education, conference, and research programs. Most of the cases are Palladium clients, representing a variety of business models throughout the world and across multiple industries. The ideas in the book were tested and vetted by these and other organizations that have adopted the Kaplan-Norton approach to strategic performance management. Palladium practitioners contributed practical advice and implementation experience in the use of strategic themes for multiple strategy execution processes, initiative management, driver-based planning, rolling forecasts, and how to link strategy to operational process improvement.
About Palladium Group, Inc. Palladium Group helps its clients link strategy and operations to achieve an execution premium. Palladium's expertise in strategy, finance, and IT--delivered through consulting, education, training, and technology implementation services--help more than 500 clients clarify strategy, drive performance, and optimize data. Palladium has offices throughout North America, Europe, the Middle East, Latin America, Africa, and Asia-Pacific. Palladium's Balanced Scorecard Hall of Fame for Executing Strategy™ recognizes organizations that have achieved an outstanding execution premium.
For more information on how the ESM helps track your progress over time as reflected in the assessment, visit www.executivestrategymanager.com
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In today's demand-driven and increasingly competitive market; the need for effective strategic management is imperative. This need has spurred the conceptualization of several management theories. Naturally, as delivery on promise differed, some have fared better than others.
One framework in particular, that of the Balanced Scorecard, has gained sustainable ground since its introductions by Drs. Kaplan and Norton in 1992. In fact, the BSc has even been regarded as the single most important management tool in Western organization, so much so, that over 50 percent of Fortune 500 companies utilize the methodology.
The BSC methodology enables the translation of strategy into action by helping everyone in an organization to understand and work towards a shared vision. This, however, necessitates the establishment of a support infrastructure to integrate, access, and communicate relevant data to the right people.
Increasingly, companies are turning to IT solutions to facilitate information transparency and the decision making process. Automated software applications, such as the Executive Strategy Manager, can assist in BSC implementation in ways such as providing a visual representation of strategy, integrating and communicating information throughout all levels of the organization, and making strategy execution an ongoing process by providing a new framework for reporting and feedback.
Many companies, however, are still supporting their BSC implementation with unsophisticated solutions like simple spreadsheets or slideshows. Consequently, they may be afflicted by problems resultant of lacking scalability; labor intensity; collaboration limitations; and analytical impediments.
Selecting the wrong solution can result in a significant loss of time, energy and money, and more importantly, it can also undermine the entire BSC development effort. This brings rise to questions such as "How can my company extract the full benefits of the BSC model?" and "Can a technologically advanced solution, such as the ESM make a difference in the success rate of my BSC implementation and work?"
These questions, and more, will be addressed in future installments; based on the findings referenced in the August 4th blog post titled "Independent Study Confirms: ESM Will Help You Succeed!"
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I recently came across a case study, published just last month, titled "Information System Effects on Organizations Balanced Scorecard Work". This study was focused exclusively on the ESM application – something our team believes to be the first of its kind!
The study concluded that the ESM does, in fact, positively impact an organization's rate of successful BSC implementation and utilization. The findings also allude to a correlation between the time of ESM introduction and the avoidance of common pitfalls.
Read at http://biblioteket.ehl.lu.se/olle/papers/0002989.pdf or stay tuned for more!
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After nearly 10 years in the strategy space certifying many of the big name business intelligence software vendors out there for their Balanced Scorecard module (meaning that their business performance management software meets the minimum standards for building and managing scorecards), I've formulated a concrete opinion on how most differ from the Executive Strategy Manager. I've seen cases where both types of applications are needed, neither is needed, and just one will meet the needs of the organization.
What the ESM is and is not
The Executive Strategy Manager is truly a strategy management platform. It should be thought of as a data presentation layer by which leadership and employees alike can review strategic performance and make informed decisions on how to proceed. It provides powerful alignment around objectives, measures and initiatives within a cascaded scorecard environment, breaks up the strategy map into digestible "theme" slices for simplified reporting meetings, and personal views into the strategic elements most important to individuals and teams. The ESM is not an application for sophisticated forecasting and trend scenarios, detailed analytics, or for managing hundreds or thousands of operational measures. Remember, it is a strategic management platform and tries to present the strategic level of information in an organization for informative decision making. It is not trying to manage all the data consolidations that some organizations demand.
The strengths and weaknesses of the BPM component within CPM applications
Most BPM solutions have a solid capability to handle thousands of measures that may or may not be organized in any logical fashion within an organization. They can consolidate them according to the rules established by the user, run analysis reports, trends, and forecasts. While they can display strategy maps and scorecards, they do not have the data presentation layer that is found to be so powerful by ESM clients worldwide. This presentation layer is precisely what creates the right dialogue within strategy review meetings and keeps the discussion at the strategic level.
So what solution is right for your organization?
My recommendation on what is the right solution for you is based off the sophistication of your organization's data needs, reporting culture, and the leadership team level buy in for managing their strategy with strategy maps and Balanced Scorecards. Larger data intensive organizations with a "bought in" leadership team require both the ESM strategy presentation layer AND a BPM/CPM solution to truly manage both their strategic and operational data (Yes the two integrate with one another nicely.). Less data intensive organizations often find they are successful with simply the ESM for managing their strategy as few measures below the strategic level are actively managed. Less data intensive organizations are also typically, but not always, smaller organizations and quickly find themselves priced out of the BPM/CPM space. And finally, I find myself turning away organizations who are looking for a measures database tool. I encourage them to seek out a good BPM/CPM solution set for their metrics management.
Need more guidance?
Please reach out to me at ksmack@thepalladiumgroup.com and I'll be happy to provide you with a frank and honest opinion on if the ESM is the right application for your organization.
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If you are a client of the Executive Strategy Manager, you probably know by now that we pride ourselves on providing unlimited technical support as well as knowledgable staff that can understand your strategy problems as well as recommend technical solutions to these issues. Adobe has highlighted how we provide some of this support.
We provide support through proactive and reactive calls and emails. We even provide demos and troubleshooting through Adobe connect and other software. Please check out this presentation.
http://www.adobe.com/products/acrobatconnect/customers/cs_video/palladium/
If you have any questions or want to learn more about our support, please let us know. We believe our support is a competitive advantage.
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Balanced Scorecard champions or sponsors are often faced with two critical "buy in" challenges: getting fellow leadership team members on board and then rallying an entire organization to manage to a Balanced Scorecard.
Great ideas need to start somewhere and that place is usually close to or within a leadership team. BSC champions might pick up a scorecarding article in a lounge, come across a testimonial on the Harvard Business School Publishing website, or learn about the practice through colleagues. Regardless, there is a "marketing job" that needs to take place that will both educated colleagues and get them equally excited to adopt this new approach.
The best place to start is with educational materials, either in the form of multimedia toolkits from http://store.palladiumes.com or in the form of a multimedia demonstration from the Executive Strategy Manager team at Palladium. You need to get individuals excited to embark down this journey and case examples and testimonials is a great place to start. Once the leadership team is bought in to the process, we turn our attention on an even great hurdle: transforming an entire organization.
Organization transformations occur one person at a time. A great way to begin this process is to identify "change agents" and "catalysts" within the organization and get them involved in the process. They could simply have the role of adding comments to the strategy as compiled by the leadership team in the ESM or a more formal role around "owning" the reporting and management of one or more objectives on the strategy map and Balanced Scorecard. Regardless, if a leadership team hand selects the right individuals to carry the message through to the rest of the organization, chances are good that the change management process will have a synergistic effect within the organization.
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With the city of Boston still reeling from the heady wine of success and the fans and players bask in the glow of a magnificent post season victory some people still have New York State of mind.
More specifically : what is the deal with A Rod and his fantastically scene stealing agent? The bitter aftertaste must linger mightily on the back tongue of such a lauded player. To have received so many awards and yet still come up trophy less has to be a real slap in the face. One would have given A Rod much more credit for showing up in Coors stadium to graciously accept his award and wish his fellow MLB players a good game. Instead under some obnoxious guise was surprisingly absent to only rear his ugly head in the form of a glory hog grabbing press release. This release was sent out during a time when the spotlight should have been on the Boston Red Sox and their excellent ball playing or even the Rockies for hanging in and playing to their best to the end. So if The New York Yankees had a balanced scorecard would they have been able to effectively staunch the flow of blood that is hemorrhaging from the Evil Empire as of late? Could it have anticipated A Rods dissatisfaction? Would it have been able to manage Joe Torre so that he didn't meet the sharp end of a double edged sword? Would they, during a time when Epstein and Franconia so carefully worked to craft the young fledgling team to victory, have been able to cultivate their own succession planning and building blocks for a promising future? If they had the ability to check their balances and balance their checks, might the Yankees be where they are now? Would the mass exodus of free agents be happening with the uncertainly of so many key players possibly deserting a town so burden with baseball blues? And is it just a matter of the right deals and the right players at the right time or it is more than that? Perhaps we will never know and that is why the New York Yankees need a balanced score card.
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The prospective client said that their strategic information seemed to be a grab bag of perspectives, objectives, measures and initiatives all mixed together and that they weren't sure if they had a full Balanced Scorecard once all the information was sorted out. Most organizations who do some level of strategic planning often find themselves in this predicament when they explore the Balanced Scorecard as a long term strategy management solution. My response tends to resonate with most:
I encourage all organizations to begin the scorecard process directly within the design wizard of the Executive Strategy Manager (ESM), regardless of what state their strategy is in. The biggest challenge organizations run into isn't defining the strategy but rather executing a strategy, any strategy. Palladium has found that while a good strategy helps ease the challenges of execution, most any logical strategies, if properly executed will lead to more positive results than the status quo. So how does the ESM support this process?
The ESM has the flexibility to help an organization build out the strategic components that they have captured up to that point in time. Because of its simple and logical approach to strategy organization, leadership can easily identify the gaps that exist in the present strategy. This identification comes from the creation of the visual representation of the strategy in the form of a strategy map and from the organized view of a Balanced Scorecard.
So if you are on the fence about if to use the Balanced Scorecard approach or when to get started, the answer is to sign up for a free trial or for a monthly license to the ESM, get your information into the design wizard and see for yourself how your strategy becomes an actionable process in your organization.
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We mentally prepared ourselves for a photo finish. We ran through all the possible race scenarios. We were all but sure the race would come down to the last few strokes. We were wrong. At the 800 meter mark, I looked across the course and counted 4 boats. I counted again and again to make sure my mind was not playing tricks on me. We had open water on China, Greece, Slovenia, and Belgium and we were a seat up on the Ukrainians. We had only rowed in our line-up for a month and we executed our strategy. We were going to the Olympics!
What's interesting to note in my short recount of our 2004 Athens Olympic qualification race is that we were prepared to react to our environment and augment our strategy to succeed. Likewise, the scorecard is only as good as its execution. You could pay hundreds of thousands of dollars for scorecards from the board room right down to the front line employee, but if the employee doesn't understand the strategy and how he or she contributes to the strategy, you won't be able to react in time and thereby fail to execute. Let me provide some tips and tricks in the Executive Strategy Manager that organizations can apply to ensure your workforce is ready to execute.
Again, the design phase is important, but ultimately, it's all about the execution. To set your organization up for a fast start, select your all stars and put them on the team. Your strategy is worth the best.
Second, get everyone into the Executive Strategy Manager right from day one. The application is built for easy navigation by all types of users.
Third, when the scorecard is fairly set, share ownership of objectives, measures, initiatives, and milestones with as many employees as possible. This reduces the ongoing reporting effort required by any one person, drives communication, analysis, and reflection on the strategy, and ultimately, drives execution.
Forth, drive all reporting meetings with the ESM. The ESM has a simple interface that allows you to navigate between your scorecard and get at the story behind the strategy. Whether it's a corporate executive team or a divisional support unit group, the ESM creates the right structure to execute your strategy.
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Watch our new 5 minute demonstration video!
As you may have noticed, we have now posted a video on our home page which outlines the Executive Strategy Manager's overall functionality. This may be helpful when you are showing new employees what exactly this so called "strategy software" is meant for and how it is different from all of your other system software. Please go to our home page and click view Multimedia Demo to watch it.
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While there are a lot of early wins that the Balanced Scorecard provides (i.e., eliminating or consolidating redundant initiatives, getting everyone reading from the same playbook, actually articulating the strategy, etc.), the real power of the Balanced Scorecard comes over time.
That's because it takes time to execute strategy, and it takes time to mobilize and change the direction of a major organization. We see the "excitement curve" about the Balanced Scorecard start to wane in many organizations around the 12-15 month mark. At this point, many of the early wins have already been celebrated, but the long-term benefits have not yet been realized.
Now, this isn't to say that the Balanced Scorecard slows down the change process. In fact, the opposite is true: The Balanced Scorecard is accelerating and guiding the change. But when you're right in the middle of things, seeing some improvements in Learning and Growth and Internal Process measures, but more limited improvements on the top line, it's easy to get frustrated.
Fortunately, however, this low point on the curve only lasts for a few months, as the Balanced Scorecard accelerates the organization's ability to grow and change. Many of our Hall of Fame companies have seen breakthrough strategic results (last to first) in as little as 24 months.
So, if you're getting discouraged by the slow pace of change, take a step back and think about what it would be like without the Balanced Scorecard there as your roadmap. And keep your head up, as those who keep with the program can and will get great results.
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I've been surprised by the relatively limited use of the Balanced Scorecard among boards of directors. To me, the BSC and the board are a perfect fit. Why? Because the Balanced Scorecard gives the board a great "dashboard" to check in on corporate and CEO performance.
With the recent push for greater transparency and greater accountability for boards, the value of the Balanced Scorecard is even greater. It's no longer acceptable to join a board, take a few great boondoggles a year, and rubberstamp the CEO's decision. Institutional investors, activist investors, and employees all now look to the board as the owner's representatives.
So what do you need to know as the owner's rep? The financials, of course, but you also need to know much more -- are customers happy and growing? -- are operations running smoothly? -- is the employee base satisfied and productive. Exactly the things that the Balanced Scorecard was designed to report on.
The strategy map is also a great tool to help the CEO communicate to the board about the strategy and the performance of the organization against that strategy. Instead of a thick binder filled with conjecture and footnotes, the strategy map is a one-page view that articulates the strategy in a clear cause and effect fashion that even board members can understand!
If you're currently using the BSC to manage your board (or vice-versa), please let us know -- we'd love to learn more. Or if you're interested in learning more about how the BSC and ESM can help make your board or CEO more productive, please don't hesitate to reach out!
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Today I sat in on a number of speeches and presentations given at the Global Public Sector Summit here in Washington DC. Public Sector organizations from all over the world come to this conference in order to learn best practices and see how other public sector organizations have utilized the balanced scorecard to manage very complex and many times very inefficient agencies.
I sat in on a number of speeches today, but among others, Fulton County, a client of ours, gave a very interesting presentation on how the balanced scorecard has enabled them to achieve break through results with in their top level, student achievement perspective. I'm also very happy to say that the Executive Strategy Manager was mentioned as being the best visual representation of the balanced scorecard. They are currently using our software to link all of their strategic initiatives to their overall objectives within their strategy map, and in doing so they have been able to communicate their strategy very effectively to their board of directors.
Their next plan will be to lock their 2008 balanced scorecard within the Executive Strategy Manager and post the application, set as a browser level, on their website for the entire community to see. This will allow for anyone and everyone to see the performance of their strategic measurements and how those are mapped to their strategic objectives and initiatives.
If you'd like to learn more about Fulton County, please go to our case study section on our website: http://www.executivestrategymanager.com/customers_success_fulton.cfm
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