Client Situation
Our client is Asia-Pacific's first demutualized & integrated securities & derivatives exchange. Their Strategy & Business Development Group had initiated a corporation-wide exercise for the development of strategy maps and defined KPI's. The client was seeking to validate its core strategies formulated prior to implementation to ensure a seamless execution experience.
Cedar’s Approach
Cedar's objective was to provide advice on preparing strategy maps for the client, various groups within the client organization and help refine the corporate strategy map based on the cascaded strategy maps of multiple groups. The critical activities conducted by Cedar involved:
- Overall validation of the strategy maps, including key financial objectives, customer objectives, operations, and product delivery along with organizational and IT function improvements
- A strategy deployment framework with the use of Balanced Scorecard was deployed to prioritize & align projects & assist teams in filling actual/target measures
- Assistance was provided to the client in implementing the Scorecard. Cedar provided support for the first 60-90 days after the design along with other key project management initiatives
- The BSC was cascaded to critical business units and departments, as well as to the individual level, to develop IPM's for the staff
Outcome
The key recommendations & actions which helped the client further streamline their processes, achieve internal synergies and higher efficiency within the entity were:
- Restructuring the maps & summarising the strategy map statements into staunch objectives for the organization
- Carefully reviewing the objectives & re-aligning them to the correct sections of the strategy map
- Since the draft maps had an excessive number of objectives, Cedar prioritized them based on feasibility
- Repetitive or inappropriate objectives were eliminated
- The sequence of perspectives was reordered for support functions
- Missing bubbles determined to be feasible were added to the map
- Cedar recommended that maps should be drawn out with a department-wise critique for the client's corporate strategy maps, market strategy, products & services, operations, technology, and risk management techniques