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Strategy Review Meetings – Insights from Balanced Scorecard Forum 2011

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Strategy Review Meetings

The first day of the Balanced Scorecard Forum 2011 in Dubai debuted  with three Pre-Forum Workshops:

  • Executing Strategy with Balanced Scorecard – facilitated by Aldo Labaki & Roberto Wyszkowski, Palladium UAE;
  • Strategy Audit – Getting the Starting Point Right – facilitated by Alan Fell, Alan Fell Consultancy, UK;
  • Strengthen Your Organisation with “Lean” Principles – facilitated by Alan Power, MPower, UK.

In the  Pre-Forum Workshop A – Executing Strategy with the Balanced Scorecard, the two facilitators presented the theme “Managing Strategic Performance through Strategy Review Meetings”. Some key aspects highlighted during this workshop were:

  • The Key Roles in the Strategy Review:
  • Objective Owner has the overall accountability for progress against objective;
  • Measure Owner is accountable for collection and analysis of data;
  • Initiative Owner is accountable for achievement of initiatives;
  • Office of Strategy Management (OSM) is responsible for driving performance measures and managing collection of analysis data, preparing agenda for the meetings and the report.
  • The monthly (or quarterly) cycle for Strategy Review contains the following five steps:
  1. Collect data – determine appropriate data sources, pull  and compile the data;
  2. Preliminary analysis – determine performance status, select and justify judgment for KPIs and initiatives;
  3. Prepare report – gather all report information from Objective, Measures and Initiatives Owners, synthesize the status indicators and prepare the key organizational analysis required to accurately depict performance to strategy;
  4. Conduct Strategy Review Meeting – based on the agenda proposed by the OSM;
  5. Decisions and actions log – to follow up on the meeting.
  • The Strategic and Operational Reviews require two different meetings, covering different topics:
  • Strategic Review covers topics such as: performance of strategic objectives, correlations and root cause analysis and reporting and initiative reviews;
  • Operational Review covers topics of budget reviews, theme and initiative reviews, issue identification, review operating measures.
  • Strategy Review Meetings: main guidelines to design these meetings are:
  • Link Strategy Review Meetings to Operational Reviews;
  • Create the strategy review team;
  • Establish the frequency of meetings by issues or themes;
  • Establish the reporting approach;
  • Analyze and learn by using cause – effect analysis (Palladium UAE, 2011).

In their latest book, The execution premium: linking strategy to operations for competitive advantage, Kaplan & Norton (2008) make a classification of the management meetings in three different categories:

  • Operational review meetings – dedicated to short-term financial and operational performance;
  • Strategy review meetings – dedicated to monitoring strategic initiatives and the Balanced Scorecard;
  • Strategy testing and adapting meetings – focused on assessing the hypothesized cause-effect logic.

A key aspect emphasized upon by both Dr. Kaplan and Dr. Norton, in their book, and the Palladium UAE facilitators, in the Pre-Forum Workshop, is that the Strategy and Operational Review Meetings serve different purposes and should be organized separately, for receiving the right attention.

References

  • Kaplan, R. & Norton, D. (2008), The execution premium: linking strategy to operations for competitive advantage, Harvard Business School Publishing Corporation, USA.
  • Palladium UAE (2011), Pre-Forum Workshop A – Executing Strategy with the Balanced Scorecard, Balanced Scorecard Forum 2011 in Dubai.
The 2011 Magic Quadrant for Corporate Performance Management Suites
The Times Higher Education World University Rankings 2010-2011
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