Addressing strategy management and the balanced scorecard (part 3)
To effectively bridge the gap between strategy and execution, it is vital that companies address 4 areas: corporate goal clarification, process alignment, measuring and monitoring, integration and communication. The Balanced Scorecard, created by Robert Kaplan and David Norton, has emerged to be a powerful strategy management tool as it makes strategy become “everyone’s everyday job”.
It is a framework that:
- Communicates corporate strategy so that everyone understands the objectives and their role in achieving them
- Aligns resources to focus on the key drivers of strategy
- Monitors the execution of strategy by tracking measurable results
The Balanced Scorecard methodology typically addresses strategy management across the four perspectives:
- Financial—What financial returns are required by investors?
- Customer—What do our customers want?
- Internal Process—What do we need to do to deliver?
- Learning and Growth—How do we sustain the business?
Download the third part of the white paper “Addressing strategy management and the balanced scorecard” to understand more about this methodology and strategy management
