The Strategy Focused Organization.docx
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The Strategy Focused Organization.docx
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TheStrategyFocusedOrganization
TheStrategyFocusedOrganization
ByKaplan&Norton
BookSummary
KarlKnapp
06/12/2001
TableofContents
ChapterOne–TheStrategicManagementProcess3
ChapterOne–CreatingtheStrategyFocusedOrganization
Theabilitytoexecutestrategycanbemoreimportantthanthestrategyitself.
Whydoorganizationshavedifficultyimplementingwell-formulatedstrategies?
∙Strategiesarechangingbutthetoolsformeasuringstrategieshavenotkeptpace.Intangibleassetscallfortoolsthatdescribeknowledge-basedassetsandthevalue-creatingstrategiesthatthesesassetsmakepossible.
∙Companieshavealsohadproblemsattemptingtoimplementknowledge-basedstrategiesinorganizationsdesignedforindustrial-agecompetition.Organizationsneedanewkindofmanagementsystem–oneexplicitlydesignedtomanagestrategy,nottactics.Strategyimplementationrequiresthatallbusinessunits,supportunits,andemployeesbealignedandlinkedtothestrategy.Organizationsneedalanguageforcommunicatingstrategyaswellasprocessesandsystemsthathelpthemtoimplementstrategyandgainfeedbackabouttheirstrategy.
∙ThoughttheBalancedScorecardwasaboutmeasurement.Itreallyisaboutmeasuringandhelpingtoimplementstrategy.
Thescorecardallowsorganizationstobuildanewkindofmanagementsystem–onedesignedtomanagestrategy.Thisnewmanagementsystemhasthreedistinctdimensions:
1.Strategy.Makestrategythecentralorganizationalagenda.
2.Focus.Createincrediblefocus.
3.Organization.Mobilizeallemployeestoactinfundamentallydifferentways.
ThePrinciplesofStrategyFocusedOrganizations
Principle1:
TranslatetheStrategytoOperationalTerms
∙StrategyMaps–alogicalandcomprehensiveframeworkfordescribingstrategy
∙BalancedScorecards–providesaframeworktodescribeandcommunicatestrategyinaconsistentandinsightfulway
Principle2:
AligntheOrganizationtotheStrategy
∙CorporateRole
∙BusinessUnitSynergies
∙SharedServiceSynergies
Principle3:
MakeStrategyEveryone’sEverydayJob
∙StrategicAwareness–requirethatallemployeesunderstandthestrategyandconducttheirday-to-daybusinessinawaythatcontributestothesuccessofthatstrategy(top-downcommunication)
∙PersonalScorecards–usedtosetpersonalobjectives
∙BalancedPaychecks–linkedincentivecompensationtotheBalancedScorecard(mostlyteam-basedratherthanindividualbased).Usebusinessunitanddivisionscorecardsasthebasisfortherewards(stressteamwork)
Principle4:
MakeStrategyaContinualProcess
∙LinkBudgetsandStrategies–createtwokindsofbudgets:
astrategybudgetandanoperationalbudget
∙AnalyticsandInformationSystems–introduceamanagementmeetingtoreviewstrategy(andperformanceviaBalancedScorecard).Createopenreportingbymakingperformanceresultsavailabletoeveryone
∙StrategicLearning–thereportingprocessenablesfeedbacktotestthestrategy’shypotheses
Principle5:
MobilizeChangethroughExecutiveLeadership
Thesinglemostimportantconditionforsuccessistheownershipandactiveinvolvementoftheexecutiveteam.Asuccessfulscorecardprogramisnota“metrics”project,itisachangeproject.
∙Phase1:
Mobilization–makecleartotheorganizationwhychangeisneeded.JohnKotter’sthreesteps:
1.Establishingasenseofurgency
2.Creatingtheguidingcoalition
3.Developingavisionandastrategy
∙Phase2:
GovernanceProcess–define,demonstrateandreinforcethenewculturalvaluestotheorganization(strategyteams,townhallmeetings,opencommunications)
∙Phase3:
StrategicManagementSystem–bylinkingtraditionalprocessessuchascompensationandresourceallocationtoaBalancedScorecardthatdescribesthestrategy,itcreatesastrategicmanagementsystem
PartOne–TranslatingtheStrategytoOperationalTerms
Unlikefinancialmanagement,strategyhasnogenerallyaccepteddefinitionsorframework.Intoday’sknowledgeeconomy,sustainablevalueiscreatedfromdevelopingintangibleassets,suchastheskillsandknowledgeoftheworkforce,theinformationtechnologythatsupportstheworkforceandlinksthefirmtoitscustomersandsuppliers,andtheorganizationalclimatethatencouragesinnovation,problem-solving,andimprovement.Eachoftheseintangibleassetscancontributetovaluecreation.Butseveralfactorspreventthefinancialmeasurements–usedintraditional,industrialage,managementcontrolsystems–frommeasuringtheseassetsandlinkingthemtovaluecreation.
1.ValueIsIndirect–Improvementsinintangibleassetsaffectfinancialoutcomesthroughchainsofcause-and-effectrelationshipsinvolvingtwoorthreeintermediatestages.
2.ValueisContextual–Thevalueofintangibleassetsdependonorganizationalcontextandstrategyinwhichtheintangibleassetsaredeployed.
3.ValueIsPotential–Intangibleassetshavepotentialvaluebutnotmarketvalue.Organizationalprocesses,suchasdesign,delivery,andservice,arerequiredtotransformthepotentialvalueofintangibleassetsintoproductsandservicesthathavetangiblevalue.
4.AssetsAreBundled–Intangibleassetsseldomhavevaluebythemselves,itarisesfromcreatingtheentiresetofassetsalongwithastrategythatlinksthemtogether.
ChapterThree–BuildingStrategyMaps
ABalancedScorecardstrategymapisagenericarchitecturefordescribingastrategy.Thecause-and-effectlogicofthisdesignconstitutesthehypothesisofthestrategy.
StrategyIsAStepInAContinuum
Acontinuumexiststhatbeginsinthebroadestsense,withthemissionoftheorganization.Themissionmustbetranslatedsothattheactionsofindividualsarealignedandsupportiveofthemission.Strategyisonestepinalogicalcontinuumthatmovesanorganizationfromahigh-levelmissionstatementtotheworkperformedbyfrontlineandback-officeemployees.
Mission(Whyweexist)
CoreValues(Whatwebelievein)
Vision(Whatwewanttobe)
Strategy(Ourgameplan)
BalancedScorecard(Implementationandfocus)
StrategicInitiatives(Whatweneedtodo)
PersonalObjectives(WhatIneedtodo)
StrategicOutcomes(satisfiedshareholders,delightedcustomers,effectiveprocesses,motivatedworkforce)
Themissionandcorevaluesthataccompanyitremainfairlystableovertime.Theorganization’svisionpaintsapictureofthefuturethatclarifiesthedirectionoftheorganizationandhelpsindividualstounderstandwhyandhowtheyshouldsupporttheorganization.
StrategyIsAHypothesis
Theessenceofstrategyischoosingtoperformactivitiesdifferentlyfromcompetitorssoastoprovideauniquevalueproposition.Strategyimpliesthemovementofanorganizationfromitspresentpositiontoadesirablebutuncertainfutureposition.Thescorecardenablesthestrategichypothesestobedescribedasasetofcause-and-effectrelationshipsthatareexplicitandtestable.Further,thestrategichypothesesrequireidentifyingtheactivitiesthatarethedrivers(orleadindicators)ofthedesiredoutcomes(lagindicators).Thekeyforimplementingstrategyistohaveeveryoneintheorganizationclearlyunderstandtheunderlyinghypotheses,toalignresourceswiththehypotheses,totestthehypothesescontinually,andtoadaptasrequiredinrealtime.
StrategyConsistsofComplementaryStrategicThemes
Inourexperience,executivesalmostalwaysseparatetheirstrategiesintoseveralfocusedthemes.Thesefocusedthemesalloworganizationstodealwiththeconflictingprioritiesoflong-termversusshort-termorgrowthversusprofitability.Thestrategicthemesreflecttheexecutives’viewofwhatmustbedoneinternallytoachievestrategicoutcomes.Assuch,thethemestypicallyrelatetointernalbusinessprocesses.
Strategicthemesprovideawaytosegmentthestrategyintoseveralgeneralcategories.
1.Buildthefranchise:
thelongwaveofvaluecreation;developingnewproductsandservicesandpenetratingnewmarketsandcustomersegments.
2.Increasecustomervalue:
expand,deepen,orredefinerelationshipswithexistingcustomersthroughmultiplesalescycles.
3.Achieveoperationalexcellence:
theshortwaveofvaluecreationthroughinternalproductivitymanagementandsupplychainmanagementthatenablesorganizationstoprovideefficient,zero-defect,andtimelyproductionanddeliveryofexistingproductsandservicestocustomers.Also,themanagementofassetutilizationandresourcecapacity.
4.Beagoodcorporatecitizen:
managerelationshipswithexternal,legitimizingstakeholders,especiallyinindustriessubjecttoregulationorsafetyandenvironmentalrisk.
Eachofthefourstrategicthemesprovidesa“pillar”forthestrategyandcontainsitsownstrategichypothesis,itsownsetofcauseandeffectrelationshipsand,occasionally,evenitsownscorecard.
StrategyBalancesContradictoryForces:
TheFinancialPerspective
Thedevelopmentofastrategymapproceedsinatopdownfashion.Itbeginswiththehigh-levelfinancialstrategyforgrowth,profitability,andshareholdervalue.Acompanywilltypicallychooseasingleoverarchingor“dominant”objectiveasitslong-termindicatorofsuccess.Historically,someversionoftheDuPontreturnoninvestment(ROI)orROCEmeasurehasbeenusedastheoverarchingfinancialobjective.Morerecently,companieshaveadoptedvariousshareholderandvalue-based-managementmetricssuchasEVA,cash-flowROI,andvariationsofdiscountedcashflow.
EVA’scontributionasafinancialmetricistogobeyondaccountingnetincomebyrecognizinganexplicitcapitalchargeforabusiness.Thus,EVAequalsthe(accounting)netincomelessthecapitalcharge.Businessesthatareearningabovetheirrisk-adju
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