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The following article was published in our article directory on November 4, 2016.
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Strategy Execution and the Balanced Scorecard Benefits

Article Category: Business Management

Author Name: Lee Werrell

It's relatively easy to come up with a corporate vision, with a mission statement, with a set of strategies. But, when it comes down to the delivery of that vision and strategy, things become far more challenging. This difficulty increases as the size of the organisation increases. For proper strategic performance management, a quantity of methodologies and tools exist. The most effective strategic management platform is still the Balanced Scorecard (BSC).

To start with, it's important to define strategic management. Wikipedia states strategic management analyses the major initiatives taken by a company's top management on behalf of owners, involving resources and effectiveness in external environments. It involves specifying the organisation's mission, vision and aims, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and after that allocating resources to implement the policies and plans, projects and programs. It is a level of management activities below setting aims and above tactics.

The goal of every business is to make a profit. Because of this, corporate goals, initiatives, and investments all frequently are tied to financial metrics.

Common questions are;
How will it influence sales?
What is the return on investment?
How long is the payback?

The problem using this is that most strategic management systems zero in purely on Financial Measures. The Balanced Scorecard stands apart in that it takes a "balanced" approach by complementing traditional financial measures with three important non-financial categories:

Customer Relationships
Internal Business Processes
Learning and Growth

This provides greater stability over the longer term perception that companies profess to work to, but they are regularly distracted to the short-term, weak and occasionally greed-driven financial metrics.

The balanced treatment allows organisations to track financial results, while simultaneously monitoring progress in building the abilities and getting the intangible assets they need for ongoing, advantageous success.

Traditional Strategic Management and Balanced Scorecard approach

The basis of any strategic management course of action should be based on BSC. With the scorecard and metrics in place, the organisation should adopt an ongoing, iterative approach to managing its strategy and BSC. Through this process, companies can achieve the following:

Make clear and update the overall corporate strategy;
Communicate the strategy throughout the organisation;
Align departmental and individual goals with the strategy;
Attach strategic objectives to long-term targets and annual budgets;
Determine and align strategies initiatives; and
Conduct periodic performance reviews to learn about and improve strategy.
Properly implementing BSC requires an iterative set of four processes.

Process 1. Translating the Vision
The primary process is to translate the vision. This involves converting the vision statement into functional terms. The process also ensures that, at the management level, we gain comprehensive agreement and its true essence. Whereas gaining comprehensive agreement may seem an uncomplicated and self-evident task, it often is not. Vision statements are often obscure and conveniently interpreted differently by different people. Simply, despite the fact that everyone may go along with a vision statement, each individual may have formed an unique interpretation of what that statement actually refers to in operational terms.

Process 2. Communication and Linking
The second involves communicating the translated vision down through the organisation and instructing people about what it means. Another crucial element involves setting objectives and linking rewards to performance metrics.

Process 3. Business Planning
Business planning must then be carried out in accordance to the work finished the previous two processes. Business planning activities include setting targets, aligning strategic initiatives, and allocation resources. In a large number of companies, strategic planning and budgeting are two separate processes. BSC forces your organisation to integrate the two processes.

Process 4. Feedback and Learning
This fourth process provides a procedure for strategic feedback and evaluation. It allows continuous strategic refinements. Management Information that can be tracked with the scorecard for this include feedback on products, new lessons discovered about internal processes, and technological breakthroughs.

Four processes of Balanced Scorecard
Feedback and Learning feeds back into Translating the Vision.

Obviously, the approach to strategic management could be driven by the size of the organisation. An international organisation may employ a more structured strategic management model. This is because of its size, scope of operations, and requirement to encompass stakeholder views and requirements.

A small or mid-sized enterprise may adopt a more entrepreneurial approach. This is due to the scope of operations, as well as possessing far fewer resources. In such cases, the CEO may simply outline a mission, and pursue all actions under that mission, however there is great value in adopting the principles of the BSC as the ultimate goals of any business are typically;
Improve shareholder value
Extend revenues
Reduce or contain costs

Ultimately the Balanced Scorecard approach becomes more crucial and necessary as the size of the organisation increases.

Keywords: balanced scorecard,balanced scorecard benefits,balanced scorecard customer perspective,balanced scorecard definition,balanced scorecard examples,balanced scorecard framework

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