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Why using Strategy Maps alongside Balanced Scorecard? If your balanced scorecard does not use a strategy map, then your scorecard will remain an operational tool, rather than one of strategy communication and execution. A strategy map sits in front of its balanced scorecard. It is very important to understand that each balanced scorecard has a strategy map. Rather than, each strategy map has a scorecard behind it.
When managing an organization as large and as complex as the FBI, it’s not enough to have only a defined mission and a set of priorities. In order to turn it into an intelligence-driven, threat-based entity, a definitive strategy is required. After the 9/11 attacks, the FBI Director, Robert Mueller, published a list of priorities, which clearly showed that the Bureau’s intention to fight terrorism was the main priority. But the list was not enough for a long-term organizational change; therefore, a new strategy was needed.
Striving for continuous improvement represents the most difficult task that a company is faced with in its road to achieving, and more importantly, maintaining organizational performance. Firms improve their performance by adapting business processes to their specific needs so that they can perform effectively and efficiently.
In healthcare, performance measurement is very important as many lives depend on the doctors’ performance, and therefore, process perfection should be promoted in this domain, together with productivity. Moreover, the hospital administration needs to know where the hospital is heading; they have to plan the budget, thus being important to consider how much money to invest in research or innovation, for instance, and how much to allocate for medicines or equipment. Furthermore, the mission of the organization should be always kept in mind, just like patient outcomes, which are a way of reflecting the image of the hospital.
“Supersector leader” in the Dow Jones Sustainability Index in 2012 and 2011, and 124 design awards in 2012. How is that possible? By having implemented a realistic performance management approach. Philips Electronics understood the importance of using performance management tools to effectively and efficiently monitor their targets, so as to reach their objectives.
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