The Balanced Scorecard: Translating Strategy In...
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Organizing the organization toward a common goal is critical, but it must be accompanied with tangible goals of the business. The business must also align its physical and financial resources withthe strategy. There are four steps in which to achieve a long-range strategic plan and operational budget process. The first is to set stretch targets.Ambitious targets must be set for measures that all employees can accept. The second step is to identify and rationalize strategic initiatives.The idea here is to align initiatives to the scorecard objectives. The third is to identify critical cross-business objectives. This is designed to bring into alignment initiatives that involve otherbusiness units or the corporate parent to the scorecard objectives. Finally, the fourth step involves linking the three to five year plan tobudgetary performance in order to compare the performance to the strategic plan. These steps are critical in translating strategic objectives into actualplans. They allow the vision of the Balanced Scorecard to become a reality.
Beyond balanced scorecards, Kaplan and Norton have also focused on strategy map visuals, which are akin to flowcharts that tie together strategy with measurement. For those interested, the Visio visual (preview) custom visual offers a great option for lighting up strategy maps based on data.
The original thinking behind a balanced scorecard was for it to be focused on information relating to the implementation of a strategy, and over time there has been a blurring of the boundaries between conventional strategic planning and control activities and those required to design a balanced scorecard. This is illustrated well by the four steps required to design a balanced scorecard included in Kaplan & Norton's writing on the subject in the late 1990s:
Although it helps focus managers' attention on strategic issues and the management of the implementation of strategy, it is important to remember that the balanced scorecard itself has no role in the formation of strategy.[7] In fact, balanced scorecards can co-exist with strategic planning systems and other tools.[8]
The first generation of balanced scorecard designs used a \"four perspective\" approach to identify what measures to use to track the implementation of strategy. The original four \"perspectives\" proposed[5] were:
AbeBooksFind in a libraryAll sellers _OC_InitNavbar({\"child_node\":[{\"title\":\"My library\",\"url\":\" =114584440181414684107\\u0026source=gbs_lp_bookshelf_list\",\"id\":\"my_library\",\"collapsed\":true},{\"title\":\"My History\",\"url\":\"\",\"id\":\"my_history\",\"collapsed\":true},{\"title\":\"Books on Google Play\",\"url\":\" \",\"id\":\"ebookstore\",\"collapsed\":true}],\"highlighted_node_id\":\"\"});The Balanced Scorecard: Translating Strategy Into ActionRobert S. KaplanHarvard Business School, 2009 - 322 pages 3 ReviewsReviews aren't verified, but Google checks for and removes fake content when it's identifiedKaplan (accounting, Harvard) and Norton, president of Renaissance Solutions Inc., created the \"balanced scorecard\" to assist businesses in moving from ideas to action, achieving long-term goals, and obtaining feedback about strategy. The balanced scorecard consists of four sections: clarifying and translating vision and strategy; communicating and linking strategic objectives and measures; planning, setting targets, and aligning strategic initiatives; and enhancing strategic feedback and learning. Because the writing is technically oriented and somewhat detailed, this work is geared toward scholars and high-level business planners. However, its clear organization makes reading and understanding the concepts much easier. Recommended for upper-level and graduate business students and senior practitioners in the strategic-planning field. What people are saying - Write a reviewReviews aren't verified, but Google checks for and removes fake content when it's identifiedLibraryThing ReviewUser Review - ndrewtan - LibraryThingThe concept is interesting... but the more I am involved in BSC related initiatives - I appreciate that implementation is many steps away from this 'concept'. Which explains why there are many books written about implementation only. Read full review 59ce067264
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