What will you learn from this book
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Balanced Scorecard Framework: Kaplan and Norton introduced the Balanced Scorecard as a strategic management system. It goes beyond financial metrics and includes perspectives like customer, internal processes, and learning and growth.
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Strategy Execution: The book emphasizes the importance of translating strategy into action. It provides a framework for organizations to align their operations with their strategic objectives and execute effectively.
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Four Perspectives of the Balanced Scorecard: The Balanced Scorecard consists of four perspectives: Financial, Customer, Internal Processes, and Learning and Growth. These perspectives help organizations measure performance from various angles.
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Strategy Maps: Kaplan and Norton introduce the concept of strategy maps, which visually represent the cause-and-effect relationships between different elements of the strategy. Strategy maps help in understanding how objectives in one area impact objectives in another.
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Linking Objectives: The book discusses the importance of linking objectives across the four perspectives to ensure that actions in one area contribute to the achievement of objectives in other areas.
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Aligning Initiatives: Kaplan and Norton argue for aligning initiatives and projects with the strategic objectives. This involves ensuring that resources and efforts are directed towards activities that support the overall strategy.
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Performance Measures: The authors stress the need for carefully selected performance measures that reflect progress toward strategic goals. These measures should be specific, measurable, achievable, relevant, and time-bound (SMART).
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Continuous Learning and Improvement: The Learning and Growth perspective highlights the importance of continuous learning, employee development, and innovation in sustaining long-term success.
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Case Studies: The book includes case studies of organizations that have successfully implemented the Balanced Scorecard, providing practical examples of how the framework can be applied in real-world situations.
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Adaptability and Flexibility: Kaplan and Norton acknowledge the dynamic nature of business environments and emphasize the need for organizations to be adaptable and flexible in their strategies.
| Language | English |
|---|---|
| ISBN-10 | 1578512506 |
| ISBN-13 | 9781578512508 |
| No of pages | 400 |
| Font Size | Medium |
| Book Publisher | Harvard Business Review Press |
| Published Date | 29 Sep 2000 |
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The creators of the revolutionary performance management tool called the Balanced Scorecard introduce a new approach that makes strategy a continuous process owned not just by top management, but by everyone. In The Strategy-Focused Organization, Robert Kaplan and David Norton share the results of ten years of learning and research into more than 200 companies that have implemented the Balanced Scorecard.
Drawing from more than twenty in-depth case studies--including Mobil, CIGNA, and AT&T Canada--Kaplan and Norton illustrate how Balanced Scorecard adopters have taken their groundbreaking tool to the next level. These organizations have used the scorecard to create an entirely new performance management framework that puts strategy at the center of key management processes and systems.
Kaplan and Norton articulate the five key principles required for building strategy-focused organizations: 1) translate the strategy into operational terms, 2) align the organization to the strategy, 3) make strategy everyone's everyday job, 4) make strategy a continual process, and 5) mobilize change through strong, effective leadership. The authors provide a detailed account of how a range of organizations in the private, public, and nonprofit sectors have deployed these principles to achieve breakthrough, sustainable performance improvements.