The Balanced Scorecard really works!
Who sustains this? The Emirates National Oil Company (ENOC), a wholly-owned company of the Government of Dubai, which develops downstream and upstream activities in the oil and gas sector. Saeed Khoory, Chief Executive Officer at ENOC, asserts that “ENOC’s name will become synonymous with industry best practices across multiple industries and markets.” How is this going to happen? Through the right performance management approach.Since the application of the Balanced Scorecard (BSC), in 2010, as the vital driver of ENOC’s Strategy Execution and Performance Management program, the organization has seen its overall performance enhanced. Having a BSC approach has brought tangible improvements to the organization, serving as a gold standard against which to benchmark its long-term growth goals for business diversification, customer satisfaction, employee engagement, product and service delivery and corporate social responsibility. Key results:
- The Environment, Health and Safety (EHS) recorded a 20% increase between 2010 and 2012;
- Group customer satisfaction levels increased from 76% to 79% during the same period;
- Emiratization, supported by strategic UAE National empowerment program, increased from 20% to 33%;
- The organization recorded zero fatalities in 2012;
- Gas emissions were lowered by a targeted 20% and the solid waste generation was reduced by 5%.
- ENOC (2013), ENOC achieves impressive milestones in customer satisfaction, Emiratisation and operational efficiency through application of Balanced Scorecard
- ENOC (2013), Awards & Rewards