Balanced Scorecard & Strategy Summit 2013 – Day 1 – Session 2

Written by Adelina Chelniciuc on March 20, 2013. Posted in Balanced Scorecard, News

Mr. Verma presented “A Four Year Roadmap to Successful Strategy Execution at ENOC”, highlighting the company’s approach for Balanced Scorecard implementation and the results the company has achieved.

Steps of implementation:

1. They built a 4 year roadmap for BSC implementation; besides the planning function, this roadmap also considered the processes that are linked to it and the IT support they would need; they address resistance to change through bridging the skill gap at individual level.
2. They adopted a “Big-Bang: approach” for BSC cascading, developing 39 scorecards across the organization, at three levels.
3. An “alignment matrix” was used to enhance the alignment process; it highlighted which are identical, contributable and unique objectives when comparing all their scorecards.
4. They run strategic review meetings to facilitate collective performance discussions; each business segment is responsible for these meetings.
5. On a quarterly basis, the leadership team has strategic performance meetings.
6. Once a year over 300 employees attend the performance communication meeting; one of the tools they use is the Enterprise Risk Management framework but they look not only at the risk’s impact and probability, but also the residual risk score reflecting the level of control for each risk; the BPPM (Budgeting, Planning and Performance Management) team is the owner of the performance management process, at the same hierarchical level as the Risk Management team and reporting directly to the CFO; they also use a structure of BSC champions and coordinators.

Tags: Balanced Scorecard, Performance Management Events, Strategy Execution