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1、1 1The Balanced ScorecardMichael L. WernerMichael L. WernerUniversity of MiamiUniversity of MiamiCoral Gables, FloridaCoral Gables, Florida 中国培训师大联盟中国培训师大联盟中国培训师大联盟中国培训师大联盟USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2 2What is Business Success?Solid
2、financial performance?Solid financial performance?USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3 3Balanced Scorecard Refocuses Management Financial perspectiveFinancial perspectiveCustomer perspectiveCustomer perspectiveInternal perspectiveInternal pe
3、rspectiveLearning and Growth perspectiveLearning and Growth perspectiveUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4 4The Balanced ScorecardDeveloped in 1992 by Developed in 1992 by Robert Kaplan and Robert Kaplan and David NortonDavid NortonUSST 200
4、4 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami5 5Kaplan and Nortons Premise“exclusive reliance on financial exclusive reliance on financial measures in a management system measures in a management system was causing organizations to do was causing organization
5、s to do the wrong things.”the wrong things.”USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami6 6PopularityEmployed by half of Global 1000Employed by half of Global 1000(According to Bain & Company)(According to Bain & Company)“ “One of the most powerful O
6、ne of the most powerful management ideas ever”management ideas ever”(Harvard Business Review)(Harvard Business Review)Most requested and #1 in sales atMost requested and #1 in sales atHarvard Business PublishingHarvard Business PublishingUSST 2004 USST 2004 Michael L. WernerMichael L. Werner Univers
7、ity of Miami University of Miami7 7The Balanced ScorecardOriginally developed as a Originally developed as a measurement toolmeasurement toolAlso helps companies manage and Also helps companies manage and implement strategyimplement strategyUSST 2004 USST 2004 Michael L. WernerMichael L. Werner Univ
8、ersity of Miami University of Miami8 8The Balanced ScorecardBased on corporate strategyBased on corporate strategyA balanced plan for businessA balanced plan for businessMore than a financial planMore than a financial plan( (Robert Kaplan and David Norton)Robert Kaplan and David Norton)USST 2004 USS
9、T 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami9 9Basic Business StrategyFinancialFinancialWe will ensure that we use our resources and people to maintain financial success.We will ensure that we use our resources and people to maintain financial success. CustomerCu
10、stomerWe will meet or exceed our customers current and future expectations and We will meet or exceed our customers current and future expectations and requirements with high quality products, reasonable prices and superior service.requirements with high quality products, reasonable prices and super
11、ior service.InternalInternalWe will provide high quality on-time imaging products and services and provide an We will provide high quality on-time imaging products and services and provide an efficient and effective means to deliver them in a high quality fashion. efficient and effective means to de
12、liver them in a high quality fashion. Learning and GrowthLearning and GrowthWe will attract and retain high caliber people and promote an environment We will attract and retain high caliber people and promote an environment that develops their interpersonal, business and technical skills and knowled
13、ge. that develops their interpersonal, business and technical skills and knowledge. We will strive to develop and maintain the best sourcing for our products. We will strive to develop and maintain the best sourcing for our products. We will strive to be aware and on the cutting edge of imaging and
14、business technology. We will strive to be aware and on the cutting edge of imaging and business technology. USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1010The Trouble with StrategyIt is unlikely that a poor It is unlikely that a poor strategy is the
15、 problemstrategy is the problemGenerally, the problem is Generally, the problem is implementing strategyimplementing strategyEven if strategy is Even if strategy is communicated, employees communicated, employees may not know what to do.may not know what to do.USST 2004 USST 2004 Michael L. WernerMi
16、chael L. Werner University of Miami University of Miami1111How can the Balanced Scorecard help?USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1212Four Distinct PerspectivesFinancialFinancialperspectiveperspectiveCustomerCustomerperspectiveperspectiveInt
17、ernalInternalperspectiveperspectiveLearning andLearning andgrowth perspectivegrowth perspectiveStrategyUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1313Translating a Mission into Desired OutcomesMissionMissionCore ValuesCore ValuesVisionVisionStrategy
18、StrategyBalanced ScorecardBalanced ScorecardObjectivesObjectivesStrategic InitiativesStrategic InitiativesStrategic OutcomesStrategic OutcomesMotivated and PreparedMotivated and Prepared WorkforceWorkforceEffective Effective Processes Processes DelightedDelightedCustomersCustomersSatisfiedSatisfiedS
19、hareholdersShareholdersAdapted fromAdapted fromKaplan, Kaplan, NortonNortonUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1414For Each PerspectiveObjectives (Goals)Objectives (Goals)MeasuresMeasuresTargetsTargetsInitiativesInitiativesUSST 2004 USST 2004
20、 Michael L. WernerMichael L. Werner University of Miami University of Miami1515Simple Form and RelationshipsSource:Source:Kaplan, Kaplan, NortonNortonUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1616ObjectivesConcise statements that articulate Concise
21、 statements that articulate what the organization what the organization hopes to accomplishhopes to accomplishEach tied to the companys Each tied to the companys strategystrategyUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1717Financial PerspectiveOve
22、rall objective:Overall objective:To succeed financiallyTo succeed financiallyUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1818Customer PerspectiveOverall objective:Overall objective:To achieve our vision of howTo achieve our vision of howthe company s
23、houldthe company shouldappear to customersappear to customersUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami1919Internal PerspectiveOverall objective:Overall objective:To excel at having superior businessTo excel at having superior businessprocesses to
24、satisfyprocesses to satisfyshareholders and customersshareholders and customersUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2020Learning and GrowthPerspectiveOverall objective:Overall objective:To sustain the ability to change and improveTo sustain th
25、e ability to change and improve(Employee capabilities are a key(Employee capabilities are a keyingredient to this objective.)ingredient to this objective.)USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2121MeasuresDescriptions of how success in Descript
26、ions of how success in achieving objectives will achieving objectives will be measuredbe measuredEach tied to the companys Each tied to the companys objectivesobjectivesUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2222Core Financial MeasuresROI/EVAROI
27、/EVAProfitabilityProfitabilityRevenue growth/mixRevenue growth/mixCost reductionCost reductionUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2323Core Customer MeasuresMarket shareMarket shareCustomer acquisitionCustomer acquisitionCustomer retentionCust
28、omer retentionCustomer profitabilityCustomer profitabilityCustomer satisfactionCustomer satisfactionUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2424Internal Perspective MeasuresProcess quality measuresProcess quality measuresTime to process an orderT
29、ime to process an orderNumber of ReturnsNumber of ReturnsDefect ratesDefect ratesYield ratiosYield ratiosLead-timesLead-timesWaste, scrap, and reworkWaste, scrap, and reworkUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2525Core Learning and Growth Meas
30、uresEmployees trained per month Employees trained per month Employee retentionEmployee retentionEmployee productivityEmployee productivityDevelopment and research measuresDevelopment and research measuresNumber of training programsNumber of training programsUSST 2004 USST 2004 Michael L. WernerMicha
31、el L. Werner University of Miami University of Miami2626TargetsLevel of performance or rate Level of performance or rate of improvement desired of improvement desired for each measurefor each measureEach tied to one of the companys Each tied to one of the companys measuresmeasuresUSST 2004 USST 2004
32、 Michael L. WernerMichael L. Werner University of Miami University of Miami2727InitiativesShort-term programs and actionsShort-term programs and actions that will help achieve the that will help achieve the established targetsestablished targetsEach tied to company Each tied to company objectives an
33、d measuresobjectives and measuresUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2828Examples of InitiativesNew maintenance programNew maintenance programUpgrade selected equipmentUpgrade selected equipmentEstablish performance benchmarksEstablish perfor
34、mance benchmarksNew training programNew training programEstablish frequent purchase programEstablish frequent purchase programUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami2929Next: An example to help students understand howthe Balanced Scorecard works
35、USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3030A Balanced ScorecardExampleLarge camera storeLarge camera store25,000 25,000 square feetsquare feet$10+ $10+ million in salesmillion in salesProfits unacceptably lowProfits unacceptably lowIndustry chan
36、ging due to technologyIndustry changing due to technologyUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3131Basic Business StrategyFinancialFinancialWe will ensure that we use our resources and people to maintain financial success.We will ensure that we
37、 use our resources and people to maintain financial success. CustomerCustomerWe will meet or exceed our customers current and future expectations and We will meet or exceed our customers current and future expectations and requirements with high quality products, reasonable prices and superior servi
38、ce.requirements with high quality products, reasonable prices and superior service.InternalInternalWe will provide high quality on-time imaging products and services and provide an We will provide high quality on-time imaging products and services and provide an efficient and effective means to deli
39、ver them in a high quality fashion. efficient and effective means to deliver them in a high quality fashion. Learning and GrowthLearning and GrowthWe will attract and retain high caliber people and promote an environment We will attract and retain high caliber people and promote an environment that
40、develops their interpersonal, business and technical skills and knowledge. that develops their interpersonal, business and technical skills and knowledge. We will strive to develop and maintain the best sourcing for our products. We will strive to develop and maintain the best sourcing for our produ
41、cts. We will strive to be aware and on the cutting edge of imaging and business technology. We will strive to be aware and on the cutting edge of imaging and business technology. USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3232Achieve the strategy? H
42、ow do we get there?With a mapWith a mapA strategy mapA strategy mapUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3333Strategy Map ObjectivesFinancial SuccessFinancial SuccessCustomers impressed Customers impressed with quality productswith quality prod
43、ucts and services and servicesLeading edge Leading edge production capabilitiesproduction capabilities Trained Trained workforceworkforceAttract new customersAttract new customersRetain customersRetain customersOn-time products and servicesOn-time products and servicesWell functioning Well functioni
44、ng facilitiesfacilitiesOn cutting edge On cutting edge of technologyof technologyBest product sourcingBest product sourcingFinancialFinancialCustomerCustomerInternalInternalLearningLearningand Growthand GrowthUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Mi
45、ami3434Strategy Map Measures and TargetsOperating incomeOperating incomeIncrease gross marginIncrease gross marginAmount of operating expensesAmount of operating expensesNumber of new customersNumber of new customersNo. of returning new customersNo. of returning new customersNumber of customer compl
46、aintsNumber of customer complaintsNumber of items per invoiceNumber of items per invoiceNumber of rejected printsNumber of rejected printsPercent of late ordersPercent of late ordersNew products and servicesNew products and services Amount of employee trainingAmount of employee trainingAmount of tec
47、hnology trainingAmount of technology trainingSales from new product sourcingSales from new product sourcingTBDTBDIncrease by 20%Increase by 20%ZeroZeroIncrease by 30% Increase by 30% 1%1%0%0%10% 10% IncreaseIncrease1 1 Session per monthSession per month1 Session per month1 Session per monthIncrease
48、by 30%Increase by 30%FinancialFinancialCustomerCustomerInternalInternalLearningLearningand Growthand Growth$100,000$100,000Increase by 5%Increase by 5%MaintainMaintain MeasuresMeasuresTargetsTargetsUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3535Stra
49、tegy Map InitiativesNew Price Comparison ReportNew Price Comparison ReportMonthly sales promotionsMonthly sales promotionsNew Frequent Customer Sales ProgramNew Frequent Customer Sales ProgramEmployee sales and product training programEmployee sales and product training programOperator and lab train
50、ing programOperator and lab training programDaily services backlog reportDaily services backlog reportNew products and services programNew products and services program Employee training programEmployee training programTechnology training programTechnology training programThree purchasing tripsThree
51、 purchasing tripsFinancialFinancialCustomerCustomerInternalInternalLearningLearningand Growthand GrowthUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3636MissionMissionCore ValuesCore ValuesVisionVisionStrategyStrategyBalanced ScorecardBalanced Scorecar
52、dObjectivesObjectivesStrategic InitiativesStrategic InitiativesStrategic OutcomesStrategic OutcomesMotivated and PreparedMotivated and Prepared WorkforceWorkforceEffective Effective Processes Processes DelightedDelightedCustomersCustomersSatisfiedSatisfiedShareholdersShareholdersAdapted fromAdapted
53、fromKaplan, Kaplan, NortonNortonTargetsTargetsMeasuresMeasuresUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3737Employee RewardsOperating income Operating income Returning new customersReturning new customersCustomer complaintsCustomer complaintsNumber
54、 of items per invoiceNumber of items per invoiceRejected printsRejected printsLate ordersLate ordersNew products and servicesNew products and services Employee trainingEmployee trainingTechnology trainingTechnology trainingSales from new product sourcingSales from new product sourcingIncrease by 20%
55、Increase by 20%ZeroZeroIncrease by 30% Increase by 30% 1%1%0%0%10% 10% IncreaseIncrease1 1 per monthper month1 per month1 per monthIncrease 30%Increase 30%FinancialFinancialCustomerCustomerInternalInternalLearningLearningand Growthand Growth$100,000$100,00020% 20% of of net incomenet incomeUSST 2004
56、 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami3838Employee Rewards$25,000 Equally to Five Managers Sales Price Comparison ReportSales Price Comparison ReportMonthly sales promotionsMonthly sales promotionsFrequent Customer Sales ProgramFrequent Customer Sales P
57、rogramReturning new customersReturning new customersCustomer complaintsCustomer complaintsNumber of items per invoiceNumber of items per invoiceRejected printsRejected printsLate ordersLate ordersNew products and servicesNew products and services Employee trainingEmployee trainingTechnology training
58、Technology trainingSales new prod. sourcingSales new prod. sourcingThree purchasing tripsThree purchasing trips1 1 per monthper monthFunctioningFunctioningIncrease by 20%Increase by 20%ZeroZeroIncrease by 30% Increase by 30% 1%1%0%0%10% 10% IncreaseIncrease1 1 per monthper month1 per month1 per mont
59、hIncrease 30%Increase 30%3 3FinancialFinancialCustomerCustomerInternalInternalLearningLearningand Growthand GrowthMonthlyMonthly10%10%10%10%05%05%05%05%10%10% 10% 10%00%00%10%10%05%05%10%10%10%10%05%05%10%10%Measure or InitiativeMeasure or InitiativeTargetTargetWeightWeightUSST 2004 USST 2004 Michae
60、l L. WernerMichael L. Werner University of Miami University of Miami3939Employee Rewards$25,000 Equally to Five Managers Sales Price Comparison ReportSales Price Comparison ReportMonthly sales promotionsMonthly sales promotionsFrequent customer sales programFrequent customer sales programReturning n
61、ew customersReturning new customersCustomer complaintsCustomer complaintsNumber of items per invoiceNumber of items per invoiceRejected printsRejected printsLate ordersLate ordersNew products and servicesNew products and services Employee trainingEmployee trainingTechnology trainingTechnology traini
62、ngSales new prod. sourcingSales new prod. sourcingThree purchasing tripsThree purchasing trips$ 2,500$ 2,5000 00 02,5002,5002,5002,500$ 0$ 02,5002,5000 0$ 2,500$ 2,5002,5002,5000 02,5002,500FinancialFinancialCustomerCustomerInternalInternalLearningLearningand Growthand Growth$ 0$ 0NoNoYesYesNoNoNoNo
63、YesYes Yes YesYesYesYesYesNoNoYesYesYesYesNoNoYesYesMeasure or InitiativeMeasure or InitiativeBonus AmountBonus AmountGreen?Green?10%10%10%10%05%05%05%05%10%10% 10% 10%00%00%10%10%5%5%10%10%10%10%05%05%10%10%WeightWeightTotalTotalNumber of managersNumber of managersAmount per managerAmount per manag
64、er $17,500$17,500 5 5$ 3,500$ 3,500TotalTotalUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4040Total Balanced Scorecard Employee Incentives (Assuming Net Income of $115,000)(Assuming Net Income of $115,000)Net incomeNet incomeBonus percentageBonus perc
65、entageTotal net income bonusTotal net income bonusNet income bonus per manager Net income bonus per manager Number of managersNumber of managersMeasures and initiatives bonus Measures and initiatives bonus Total bonus per manager Total bonus per manager Number of managersNumber of managersTotal bonu
66、ses Total bonuses $115,000 $115,000 20 20%$ 23,000 $ 23,000 5 5 $ 4,600 $ 4,600 $ 3,500$ 3,500 $ 8,100 $ 8,100 5 5 $40,500 $40,500 4141Next: Moving Beyond the Companys Overall ScorecardUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4242Departmental and
67、Personal ScorecardsEach department develops its ownEach department develops its ownscorecard based on thescorecard based on thecompanys overall panys overall scorecard.Each employee develops his or herEach employee develops his or herscorecard based on the companysscorecard based on the companysand
68、departments scorecard.and departments scorecard.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4343Departmental and Personal ScorecardsScorecards must be closely aligned withScorecards must be closely aligned withoverall company goals and objectives.ove
69、rall company goals and objectives.Each objective must be aligned.Each objective must be aligned.Each measure must be aligned.Each measure must be aligned.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4444Each PerspectiveMust be AddressedSet objectives
70、for each perspective.Set objectives for each perspective.Set basis for measurement for each objectiveSet basis for measurement for each objective. .This allows managers and employees toThis allows managers and employees tofocus on the success of each perspective.focus on the success of each perspect
71、ive.It also keeps them from focusing onIt also keeps them from focusing onone perspective while neglecting another.one perspective while neglecting another.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4545Implementing theBalanced ScorecardThe push to
72、implement mustThe push to implement mustcome from top e from top management.Managers must buy in.Managers must buy in.It takes 15 to 36 monthsIt takes 15 to 36 monthsin large organizations.in large organizations.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of
73、 Miami4646Possible Pitfalls of the Balanced ScorecardSenior management not committedSenior management not committedOne senior manager tries to build the scorecard aloneOne senior manager tries to build the scorecard aloneScorecard responsibilities dont filter downScorecard responsibilities dont filt
74、er downThe solution is overdesigned, The solution is overdesigned, or scorecard treated as a one-time eventor scorecard treated as a one-time eventThe balanced scorecard is treated as a systems projectThe balanced scorecard is treated as a systems projectAnthony Atkinson, Robert Kaplan, S. Mark Yong
75、Anthony Atkinson, Robert Kaplan, S. Mark YongUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4747Suggested ReadingThe Balanced Scorecard, Robert S. KaplanThe Balanced Scorecard, Robert S. Kaplanand David P. Norton, HBS Pressand David P. Norton, HBS Press
76、The Strategy-Focused Organization, The Strategy-Focused Organization, Kaplan and Norton, HBS PressKaplan and Norton, HBS PressThe Balanced Scorecard Step by StepThe Balanced Scorecard Step by StepPaul R. Niven, John Wiley & SonsPaul R. Niven, John Wiley & SonsUSST 2004 USST 2004 Michael L. WernerMic
77、hael L. Werner University of Miami University of Miami4848Suggested ReadingJust out this year: Just out this year: Strategy Maps: Converting Intangible Strategy Maps: Converting Intangible Assets into Tangible Outcomes,Assets into Tangible Outcomes,Robert S. KaplanRobert S. Kaplanand David P. Norton
78、, HBS Pressand David P. Norton, HBS PressUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami4949Suggested Internet SurfingThe Balanced Scorecard Collaborative at The Balanced Scorecard Collaborative at The Balanced Scorecard Institute at The Balanced Scorec
79、ard Institute at Free basic online presentation by Paul Niven Free basic online presentation by Paul Niven seminar.aspx?LibraryID=6199seminar.aspx?LibraryID=6199USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami5050Suggested Internet SurfingFree Free netco
80、nferencesnetconferences are also available atare also available atThe Balanced Scorecard Collaborative The Balanced Scorecard Collaborative netconferences/netconferences/Generally on the fourth ThursdayGenerally on the fourth Thursdayof each month at 11:00 A.M. ET.of each month at 11:00 A.M. ET.Next
81、 netconference: October 28, 2004Next netconference: October 28, 20045151Questions?Comments?5252Thank YouUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami5353Beyond the ScopeThe slides that follow provide The slides that follow provide additional insight i
82、nto the additional insight into the balanced scorecard. balanced scorecard. USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami5454Handling InitiativesInventory current initiativesInventory current initiativesMap them to BCS ObjectivesMap them to BCS Object
83、ivesEliminate nonstrategic initiativesEliminate nonstrategic initiativesAdd new initiativesAdd new initiativesPrioritize remaining initiativesPrioritize remaining initiativesUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami5555Five Principles of Strategy-
84、Focused OrganizationsPrinciple 1: Translate the strategy to operational termsPrinciple 1: Translate the strategy to operational termsPrinciple 2: Align the organization to the strategyPrinciple 2: Align the organization to the strategyPrinciple 3: Make strategy everyones jobPrinciple 3: Make strateg
85、y everyones jobPrinciple 4: Make strategy a continual processPrinciple 4: Make strategy a continual processPrinciple 5: Mobilize leadership for changePrinciple 5: Mobilize leadership for changeAnthony Atkinson, Robert Kaplan, S. Mark YongAnthony Atkinson, Robert Kaplan, S. Mark YongUSST 2004 USST 20
86、04 Michael L. WernerMichael L. Werner University of Miami University of Miami5656Implementing theBalanced ScorecardSelect an architect and form a taskforce.Select an architect and form a taskforce.Develop business strategiesDevelop business strategiesDetermine where businessDetermine where businessu
87、nits fit into the big picture.units fit into the big picture.Hold meetings, workshops,Hold meetings, workshops,and synthesis sessions.and synthesis sessions.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami5757Implementing theBalanced ScorecardSelect and
88、design measures.Select and design measures.Establish targetsEstablish targetsEstablish initiativesEstablish initiativesBuild a consensus aroundBuild a consensus aroundstrategic objectives.strategic objectives.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Mi
89、ami5858The Balanced Scorecard and aNew Management ProcessesNew management processesNew management processesmay result from implementingmay result from implementingthe balanced scorecard.the balanced scorecard.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Mi
90、ami5959New Management Processes1. 1. Translating the visionTranslating the vision2. 2. Communicating and linkingCommunicating and linking3. 3. Business planningBusiness planning4. 4. Feedback and learningFeedback and learningUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami
91、University of Miami60601. Translating The VisionTo build a consensus around theTo build a consensus around theorganizations vision and strategyorganizations vision and strategyTo express the vision in terms of an integrated To express the vision in terms of an integrated set of objectives, measures
92、and initiativesset of objectives, measures and initiativesMust be agreed upon by all senior executivesMust be agreed upon by all senior executivesUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami61612. Communicating and LinkingCommunicates the strategy up
93、Communicates the strategy upand down in the organizationand down in the organizationLinks strategy to departmental objectivesLinks strategy to departmental objectivesLinks strategy to individual objectivesLinks strategy to individual objectivesExpands on performance measures thatExpands on performan
94、ce measures thatfocus only on financial performancefocus only on financial performanceUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami62622. Communicating and LinkingA way to ensure that all levelsA way to ensure that all levelsof the organization unders
95、tandof the organization understandthe strategythe strategyA way to ensure that departmentA way to ensure that departmentand individual objectives areand individual objectives arealigned with the strategyaligned with the strategyLinks rewards to performance measuresLinks rewards to performance measur
96、esUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami63633. Business PlanningEnables companies to integrateEnables companies to integratetheir business and financial planstheir business and financial plansVarious independent changeVarious independent change
97、programs difficult to integrateprograms difficult to integrateHowever when goals are set and However when goals are set and coordinated using the balanced scorecardcoordinated using the balanced scorecardmeaningful priorities can be set.meaningful priorities can be set.Resources allocated accordingl
98、yResources allocated accordinglyUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami64644. Feedback and LearningExpands on the traditional financial focusExpands on the traditional financial focusCan monitor results from three more perspectivesCan monitor re
99、sults from three more perspectivesCan evaluate strategy in light ofCan evaluate strategy in light ofperformance in all four areasperformance in all four areasModify strategy to reflect real-time learningModify strategy to reflect real-time learningas opposed to modifying strategy duringas opposed to
100、 modifying strategy duringthe annual strategic plan meetingthe annual strategic plan meetingUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami6565New Management ProcessesTranslating theTranslating thevisionvisionCommunicatingCommunicatingand linkingand lin
101、kingBusinessBusinessplanningplanningFeedback andFeedback andlearninglearningBalancedscorecardUSST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami6666The Balanced ScorecardThe balanced scorecard is more thanThe balanced scorecard is more thana performance mea
102、surement technique.a performance measurement technique.Innovative CEOs used the balance scorecardInnovative CEOs used the balance scorecardnot only to clarify and communicate strategy,not only to clarify and communicate strategy,but also to manage strategy.but also to manage strategy.They are using
103、the measurement focusThey are using the measurement focusof the scorecard to accomplishof the scorecard to accomplishcritical management processes.critical management processes.USST 2004 USST 2004 Michael L. WernerMichael L. Werner University of Miami University of Miami6767The Balanced ScorecardCla
104、rify and translate vision and strategyClarify and translate vision and strategyCommunicate and link strategicCommunicate and link strategicobjectives and measuresobjectives and measuresPlan, set targets, and alignPlan, set targets, and alignstrategic initiativesstrategic initiativesEnhance strategic
105、 feedback and learningEnhance strategic feedback and learningKaplan/NortonKaplan/Norton6868The EndIf you have questions or comments If you have questions or comments regarding this presentation,regarding this presentation,please feel free to contact Mike Werner atplease feel free to contact Mike Werner at or by phone at 305-321-1139 or by phone at 305-321-1139 . .
