And again, in difficult economic climates companies need to ensure and monitor that they are doing the right things. You can argue that the Balanced Scorecard follows on from strategic planning to ensure the strategy is turned into practice. The Balanced Scorecard helps companies to execute their strategy by (1) creating a simple one-page strategy map that outlines the most important strategic objectives, (2) monitoring the strategy execution with meaningful and relevant Key Performance Indicators, and (3) ensuring the correct action plans are in place to deliver the strategic priorities. The Balanced Scorecard can take the output from strategic planning and turn it into something the companies can execute. In fact, it ranks as the number one tool in Europe, Middle East and Africa. If strategy execution is a problem then it is good to see the Balanced Scorecard in the list of top 5 tools. What The Heck is Wrong With Mission and Vision Statements?) I find that the communication of the strategy is often poor and most mission and vision statements exemplify that. Research finds that only 10% of strategies, even of those that are well formulated, are well executed. While the strategic planning is getting better in most companies, the strategy execution isn't. In difficult times companies haven't got the luxury of wasting time and money on things that are not really important and don't contribute to their strategy. It has always been important but when the economic climate is tough then making sure all efforts are focused on the most important things is vital. To see strategic planning on the list is not really surprising. The results of the recently revealed 2013 survey show that the world's top five management tools are: It has been produced annually since 1993 and is now covering 12,371 respondents from North America, Europe, Middle East, Africa, Asia Pacific and Latin America. This study conducted by Bain & Company gives us a global picture of the adoption and trends of management tools.
A great insight into this is provided by Bain's Management Tools and Trends Survey. I am always interested to see which tools are most popular and how the popularity of the various management tools is shifting and changing. They can, for example, help define and execute the strategy, engage with customers and employees and monitor performance. Management tools, if they are used appropriately, can be powerful enablers of change and actions in companies.
0 kommentar(er)
