Balanced-Scorecard-Based Strategy Implementation
The Balanced Scorecard describes strategy implementation as considering organisation resources in relation to its environment and then implementing in order to add value.This ensures the organisation’s vision and mission are easily communicated and understood by all. Critical Success Factors (CSFs) and associated Key Performance Indicators (KPIs) must be identified before strategy implementation in order for effective systems thinking to take place.
Systems Thinking examines the links and interactions between components in an organisation in order for effective and beneficial strategy implementation to take place.
Moreover, systems thinking must be supported by an effective and efficient Quality Management System (QMS).
Short Course Outcomes
After completing our Strategy Implementation short course you will be able to:
- Distinguish between prescriptive and emergent strategy
- Understand the Balanced Scorecard perspectives
- Differentiate between the Balanced Scorecard and its “Strategy Map” form
- Understand the four processes for managing strategy.
- Distinguish between Critical Success Factors (CSFs) and Key Performance Indicators (KPIs).
- Understand Systems Thinking fully
- Motivate the importance of values, beliefs and guiding principles in formulating the organisation’s strategic vision and mission
- Utilise the Balanced Scorecard for understanding the organisation’s vision and mission; prioritising resource allocation and projects; facilitating organisational improvement; and tracking organisational benefits
- List the strategic organisational benefits that can be derived by applying management through projects and programmes
- Define a learning organisation
- Identify the needs of “new economy” organisations
- Describe the process that organisations use to build their learning capabilities.
- Discuss the role of leadership in creating a learning organisation
- Motivate the importance of creating a learning organisation
- Explain the five principles of a strategy-focused organisation proposed by Kaplan and Norton
- Understand that the task of executive leadership is to institutionalise the knowledge-based learning organisation
- Explain the importance of Systems Thinking (measure, appraise, review) in organisational improvement and performance enhancement
- Discuss the role of TQM philosophy in creating the Value System
- Motivate the importance of the Value System in formulating the organisation’s strategic Vision and Mission
- Explain the role of the Strategy Map form of the balanced scorecard.
- Understand how a Quality Management System (QMS) facilitates continuous organisational improvement and organisational performance enhancement
- Demonstrate how QMS components, viz, the value system; strategy map; behavioural, structural and operational strategy dimensions; value chain enablers and results (EFQM model); KPIs and CSFs; and PDCA cycle combine to improve performance