Client Situation
Our client is a leading Indian footwear brand with over 500 employees. The client required an enterprise-wide strategy design and was looking to grow its market share in the Indian market, explore different channels of sale, industry trends and peer analysis, and required an enterprise performance management framework.
Cedar’s Approach
Cedar assisted in the design of a strategy execution & enterprise performance management framework using the Balanced Scorecard at the enterprise level. Following were the steps taken by the Cedar team:
- Conducted an assessment based on an analysis of internal data (financial, customer, process, organizational, and technology) from the client
- Conducted a series of 10-15 internal meetings and developed a ~50-page Balanced Scorecard analysis and workshop document to summarize analysis
- Took an inventory of the strategic initiatives currently running with the organization to map to the key strategic focus areas
- Developed a strong external analysis based on secondary global benchmarking, and a combination of primary and secondary analysis of the Indian market and competition, based on select market conversations and analysis
- Focused on digital as a channel in the analysis from an internal and external perspective to drive a best-in-class E-Commerce strategy
- Conducted a full-day workshop with the leadership team to review documents and worked with the management team to finalize the Strategy Map
- Reviewed the Balanced Scorecard ownership and measures to realign the strategic initiatives to the key strategic focus areas
- Finalized objective owners, measures, units, and frequencies for the Balanced Scorecard framework, which involved a discussion around feasible measures to track within the firm, measures that were not available, and proxy measures to finalize balance between lead and lag measures
Outcome
The key outcomes of the project conducted by Cedar were:
- A target setting guidance was provided, on which targets could be listed as easy, realistic, aggressive, and a stretch
- Developed a communication strategy to convey the key themes of the Strategy Map to the rest of the organization
- Developed an implementation plan to roll out the Balanced Scorecard for monthly reporting
- Conducted training for the BSC Co-Ordinator appointed by the company using Cedar’s proprietary training deck
- Developed strategy map straw model, outlining the ~25 strategic objectives of the enterprise aligned to the business plan
- Outlined key initiatives for implementation, including key technology initiatives and new organization structures