Balanced Scorecard Forum 2011 – smartKPIs.com correspondence from Dubai – Day 2
The second day of the Balanced Scorecard Forum 2011 was dedicated to the Masterclass facilitated by Dr. David Norton si Dr. Robert Kaplan. They covered topics such as the use of the Balanced Scorecard in practice, the strategy execution system, the role of the Office of Strategy management, the importance of developing internal capabilities for strategy execution and the role of leaders in the change management process.
One of the central themes of the day was the balance between leadership, management practice and the benefits of structured processes.
The case study discussed in as an example of best practice in Balanced Scorecard implementation was of Volkswagen Brazil. The company excelled both in terms of the Balanced Scorecard implementation process and through the efficient and effective means of communicating strategy to all employees. This was complemented by the exceptional results achieved 2 years on.
After a period of 8 years of consecutive loses, driven by the drastic reduction in market share, the Balanced Scorecard implementation initiative at Volkswagen Brazil was established to support the implementation of a new strategy based on innovation and development. The main success factors that contributed to the successful turnaround facilitated by the Balanced Scorecard was the dedication and support from the management team, as well as the active involvement of employees and the encouragement of employee proposed driven initiatives.
A Questions and Answers session continues from the audience on topics related to the challanges of implementing and using the Balanced Scorecard in practice. Some of the questions asked by the audience were:
- How can be employees encouraged to offer the KPI data required for preparing the performance results?
- How can the performance evaluation process be more participative?
- Should the KPIs used to measure the achievement of a strategic objective be weighted?
The day concluded with a reception where discussions between participants and the facilitators of the day continued in an informal atmosphere.
Day 3 of the forum will continue with the second part of the Masterclass facilitated by Dr. David Norton si Dr. Robert Kaplan. More coverage to follow.