Summary
The Covid-19 crisis has wreaked havoc with the best laid plans of most organizations. As companies are scrambling to adjust to the new normal, it has become abundantly clear that adapting and executing strategies effectively will be a critical competitive advantage. Globally, less than 10% of strategies formulated are effectively executed. The challenge most companies face is to have a robust and balanced strategic management system. The Balanced Scorecard operationalizes the vision and creates a system of linked Objectives, Measures, Targets, and Initiatives to help companies effectively execute their strategy.
The Balanced Scorecard, developed by Professors Kaplan and Norton, is a strategy performance management framework that provides organizational leaders with a holistic (balanced) view of their organization’s performance. It covers 4 perspectives that aim to answer key questions about the organization – Financial ("If we succeed, how will we look to our shareholders?"), Customer (“To achieve our financials, what must we look to our customers?”), Internal Processes (“To satisfy our customers, what processes must we excel at?”), and Learning & Growth (“To achieve our vision, what is our people & technology framework?”).
Cedar is a strategy formulation & execution thought leader leveraging the Balanced Scorecard (BSC) framework. Cedar’s heritage includes being part of the former Renaissance Worldwide, whose leadership included the creators of the BSC – the world’s leading strategy execution and performance management system. Cedar has completed over 400 Balanced Scorecard projects across industry sectors, thus deepening its Scorecard knowledge in addition to integrating sector knowledge into scorecard designs. Many of these projects have significantly improved the financial and operating performance of many of its clients. We make strategy and innovation work.
How we add value
- Strategy Map & Enterprise Scorecard: Cedar assists clients across industries develop their Strategy Map and Enterprise Scorecards. Cedar’s methodology includes understanding global and regional industry trends and conducting a review of the clients’ performance across key Scorecard perspectives. Cedar develops a Strategy Map and Enterprise Scorecard and workshops it with the leadership of the client. While the Strategy Map outlines the key 20-25 strategic objectives, the Enterprise Scorecard defines objective owners, measures, units and frequencies for the reporting
- Performance Management using the Balanced Scorecard: The BSC has also been actively used by CEOs and the Human Capital function globally to drive individual performance and build a performance-oriented culture. Cedar designs Individual Performances Measures (IPMs) for all levels across the organization. Cedar’s expertise in designing IPMs ensures that the IPMs are contextually relevant to the role and drive a performance driven culture within the organization. Besides designing the IPM’s for clients, Cedar also transfers knowledge to the Human Capital function on how to maintain and realign IPM’s on a periodic basis based on changes to a business or annual plan.
- Balanced Scorecard Automation using the Accelerator: Leveraging Cedar’s experience in developing 400 scorecards across industries globally, Cypress, Cedar’s BI division has developed one of the world’s most innovative Balanced Scorecard (BSC) automation solutions – Accelerator. The Accelerator, designed by Balanced Scorecard thought leaders, allows for a rapid automation of a firm’s BSC to improve the quality of its reporting and the overall success of a BSC program to drive performance.
It is IT “lite”, mobile, in-the-cloud and can be implemented within 4 weeks. The Accelerator also includes a dictionary of 2,000+ performance measures across industry sectors, allowing a client to leverage Cedar’s knowledge of the art and science of performance measurement unique to each industry to ensure the best measures are being selected to drive performance. The solution manages not only multiple enterprise scorecards but can also manage individual performance measures
