Strategy Management with a Strategy Map and its Balanced Scorecard
Gary Cokins Overview:
Most executive teams are reasonably good at formulating their organization’s strategy, or they hire consultants to help them. A major frustration with executives the failure to successfully implement and execute their strategy.
The strategy map and its associated Balanced Scorecard, a methodology developed by Drs. Robert S. Kaplan and David Norton, recognized this problem. They observed the problem of executive managements’ excessive emphasis on after-the-fact, short-term financial results. Their strategy map resolves this myopia and improves organizational performance by shifting attention from financial measures (referred to as key performance indicators, KPIs) to managing non-financial operational measures related to customers, internal processes, and employee innovation, learning and growth. These influencing measures are reported during the period when sooner reactions can occur. This in turn leads to better financial results.
The enterprise performance management (EPM) seamlessly integrates it many EPM methods including strategy maps and a balanced scorecard. Together these two tools align manager and employee behavior, actions, and priorities with the executives’ strategy using key performance indicators (KPIs) with specific KPI targets to enable accountability
Why you should Attend:
To learn:
- How strategy maps and their companion balanced scorecards communicate strategic objectives with target-setting to help cross-functional employee teams align their behavior to the strategy and better collaborate
- How to design a strategy map and identify the strategy’s required projects or core process improvements which lead to selecting KPIs
- How to differentiate strategic KPIs from operational performance indicators which cascade downward from the strategic KPIs
- How to deploy a “quick start” implementation in two days to iteratively expand to a balanced scorecard production system in a few weeks
Areas Covered in the Session:
- Formulated Strategy
- Strategy Management
- Strategy Execution
- Strategic Objectives
- Key Performance Indicators (KPIs)
- Operational Performance Indicators (OPIs)
- Balanced Scorecard
- Alignment
Who Will Benefit:
- CxO's
- CFO's
- Financial Officers and Controllers
- Managerial and Cost Accountants
- Financial and Business Analysts
- Budget Managers
- Strategic Planners
- Marketing and Sales Managers
- Supply Chain Analysts
- Risk Managers
- CIO and Information Technology Staff
- Board of Directors
Speaker Profile
Gary Cokins Gary Cokins is an internationally recognized expert, speaker, and author in enterprise and corporate performance management improvement methods and business analytics. He is the founder of Analytics-Based Performance Management, an advisory firm located in Cary, North Carolina at www.garycokins.com . Gary received a BS degree with honors in Industrial Engineering/Operations Research from Cornell University in 1971. He received his MBA with honors from Northwestern University’s Kellogg School of Management in 1974.
Gary began his career as a strategic planner with FMC’s Link-Belt Division and then served as Financial Controller and Operations Manager. In 1981 Gary began his management consulting career first with Deloitte consulting, and then in 1988 with KPMG consulting. In 1992 Gary headed the National Cost Management Consulting Services for Electronic Data Systems (EDS) now part of HP. From 1997until 2013 Gary was a Principal Consultant with SAS, a leading provider of business analytics software.
His two most recent books are Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics, and Predictive Business Analytics. His books are published by John Wiley & Sons.
Gary regularly presents at conferences for the AICPA and state CPA societies. He is certified CPIM with The Association of Supply Chain Management (ASCM/ APICS). He served as the part time Executive in Residence for the Institute for Management Accountants (IMA).