To achieve operational excellence, it is crucial to align business activities with a company's vision and strategy. However, this is often easier said than done, as it requires specific processes to effectively communicate objectives to all stakeholders and a robust system to monitor the organization's performance against strategic goals from various perspectives.

The balanced scorecard, developed by Dr. Robert Kaplan of Harvard Business School and Dr. David Norton, provides a solution to meet these requirements. This comprehensive approach ensures that all elements, including vision, mission, goals, objectives, Key Performance Indicators (KPIs), targets, and initiatives, are effectively integrated. In this interactive course, participants will have the opportunity to develop a balanced scorecard for a virtual company using a proven step-by-step model. The knowledge acquired in this course will equip participants to review and enhance the balanced scorecard for their respective departments or organizations.

Course Objectives:

By the end of the Balanced Scorecard Transforming Strategy training course, participants will be able to:

Explain the benefits and importance of a Strategy Focused Organization (SFO)
Develop a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, vision and mission statements, and strategic goals for their organization or department
Use 'SMART' objectives and key performance indicators to track the performance and productivity at all levels in their organizations
Apply the approach of best-in-class benchmarking technique to set targets for each KPI
Design a balanced scorecard based on the Kaplan and Norton model

Who Should Attend?

All managers and supervisors involved in strategic planning and performance management. The course is also very helpful to those involved in improving performance and measuring results.

Target Competencies

Management and leadership
Strategic planning
Performance management
Influencing and communicating for impact
Innovation
Analytical thinking
Entrepreneurship

Course Outlines:

Benefits of Strategic Management and Planning

The strategy focused organization
Why implement the balanced scorecard
Strategic planning needs and benefits
A strategic planning model
The importance of the balanced scorecard
Balanced scorecard steps and timeline

'SWOT' Analysis, Vision and Mission Statements

The purpose of a 'SWOT' analysis
'SWOT' in brief
Linking the results of the 'SWOT' findings to future objectives and initiatives
Definition of a vision statement
Importance of a structured mission statement

Developing Performance Measures and Control Systems

Goals, objectives, and targets
'SMART' objectives
Key performance indicators and Units of Measures (UOMs)
Aligning KPIs to company strategy
Obstacles to measurement
Developing strategies and initiatives that will assist in achieving the targets
Developing strategies

Benchmarking as A Tool to Set Targets

Objectives and basics of benchmarking
The who, what and why of benchmarking
Different methods of benchmarking
Who to benchmark against
The benchmarking processes

The Balanced Scorecard as A Strategic Management System

Strategic planning and strategy execution
Reasons behind failures of well-formulated strategies
Translating the vision into everyday actions
Importance and history of the balanced scorecard
The premise behind the balanced scorecard
Principles of the strategy focused organization
Measuring business strategy from the financial, customer, internal, business or process and learning and growth perspectives
Strategic alignment and goal setting
Linking the balanced scorecard's KPIs to strategy
Strategy map: specifying relationships and making them testable
The importance of initiatives
Evaluating initiatives
Managing initiatives
Soft and hard KPIs
Leading and lagging KPIs
Reporting and evaluating results
Cascading the balanced scorecard
Implementing a balanced scorecard program

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