How to Conduct a Balanced Scorecard Review to Create Strategic Alignment

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1 Article Reprint No. B0011E How to Conduct a Balanced Review to Create Strategic Alignment by Bob Paladino HARVARD BUSINESS SCHOOL PUBLISHING

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3 How to Conduct a Balanced Review to Create Strategic Alignment by Bob Paladino, Global Utility & Telecommunications Practice Leader, Balanced Collaborative Sometimes, even with Balanced s in place, the corporate left hand can lose track of its right hand. The solution, says an experienced BSCol consultant, resides in the Balanced Management Review, which helps companies move from scorecard users to Strategy-Focused Organizations. Hundreds of companies have successfully used the Balanced to align the actions of their employees with the aspirations and goals of top management. Yet many of these companies also report that after their initial success with scorecards, order can return to chaos if senior management is not vigilant about updating the scorecard system. Put another way, organizations are a lot like bad backs: you have to keep re-aligning them. What can companies do to keep their organizations upright and aligned? We recommend a Balanced Management Review (BSMR), which senior managers undertake when they need to recalibrate organizational focus in the face of volatile macro and micro-economic trends. Call it the corporate chiropractic adjustment. In this article, I will discuss how a BSMR can create alignment by taking the vital signs of the scorecard and all its component parts strategy maps, measures, targets, and initiatives to create a Strategy-Focused Organization. (For those familiar with writings about the Strategy- Focused Organization, this process can be useful in Step 5, Feedback and Learning. ) Losing Focus Today, companies are changing their strategies and business models at an increasingly accelerated rate to remain competitive. As they do, organizational alignment problems resurface continually. There can be many different kinds of problems: misalignment between business units and corporate strategies, between business units themselves, between shared service units and business units, and between measures and the organization in which they are embedded. Consider the following example. Executives at a leading diversified energy company believed the goal of their shared service units was to enhance the competitiveness of other company business units by providing them with low-cost services. They quickly discovered, however, that the strategies of the shared service units and the business units were not aligned. The shared service units were operating as a profit center, as opposed to a cost center, giving them an incentive to push up transfer prices. This meant higher costs for the business units at a time when they needed to keep costs low to remain competitive. Thus, even with a Balanced in place, business units can find themselves pursuing different strategic objectives, working at cross-purposes with each other, and sub-optimizing overall shareholder value. The reasons are many: measures may not be fully understood or implemented; targets may be out of date or off base; or key initiatives and investments may not be prioritized or adequately funded. (See Figure 1, Six Reasons Companies Lose Strategic Alignment. ) This ongoing problem speaks to the need for the creation of an ongoing review process that helps the company s right hand know what its left hand is doing. The Management Review To better understand how to conduct a management review, it helps to understand what we mean by alignment. Our definition of alignment is as follows: When a company s corporate strategy, business unit strategy, work group, and individual Figure 1. Six Reasons Companies Lose Strategic Alignment 1. The project is not driven by a senior executive team; i.e., it becomes a middle management project. 2. Only one or a few individuals are involved in the project instead of a broad team from all areas of the company. 3. introductions and scorecard-focused management meetings are delayed because of missing measurements, targets, or initiatives. 4. Management does not incorporate changes in strategy or performance outcomes into updated strategy maps, measures, targets, and initiatives; as a result, the organization lacks a continuous learning loop. 5. Management continues to dictate actions instead of letting employees improvise to achieve desired outcomes. 6. s are for management s eyes only, not shared with all employees. Copyright 2000 by the President and Fellows of Harvard College. All rights reserved. 3

4 objectives are synchronized and heading towards a common goal, the company is aligned. As detailed in Figure 2, What Alignment Looks Like, these interlocking aspects of the aligned organization cascade down through progressively smaller units of the company until they inform the work of each individual employee. The basic goal of the BSMR is to determine if the scorecard has successfully aligned the disparate parts of the organization. To facilitate the BSMR process, we have compiled a set of standards for each key implementation area within the Balanced. (See The Balanced Management Review. ) Careful review of these standards and diligent follow-up helps to ensure that corporate strategies, measures, targets, and initiatives are cascaded and aligned with business units, work groups, and individuals. The review is broken up into five parts. In the first part, top management reviews the degree to which the strategy has been developed and articulated. In this part, management is reviewing and regularly resolving 4 Levels of Strategy Figure 2. What Alignment Looks Like Corporate Objectives BU Balanced Work Team Individual key strategic issues. In the second, managers review the company s strategy map and how effectively it integrates the four scorecard perspectives and the different areas of the company be they business units or shared services units. The third part of the review assesses how well a company has designed and implemented its scorecard measures. This part focuses on the value of information obtained from both leading and lagging measures, and how the company has linked measures to compensation to reinforce behaviors. Fourth, the transition from measures to targets is tested to ensure there is a strong connection between the two. The company understands and appropriately selects different types of targets (e.g., experiential, benchmarks) and sets a range of targets (e.g., minimum, maximum, and stretch targets). Lastly, management is asked to determine how well initiatives have been linked to the measures and targets for the company. This part focuses on how initiatives have been ranked during the strategic budgeting process to support reaching stretch targets. Taken together, these five steps constitute the BSMR. Applying the BSMR To illustrate how to bring organizations into alignment, we offer the following two examples. Case 1. The Vanguard Group, one of the world s largest mutual fund companies, implemented the Balanced and rolled it out to its 10,000 employees. 1 However, Vanguard discovered that long-time industry financial measures such as fund performance and fund expense ratios were not aligned with true value creation for its shareholders. For example, Vanguard s expense ratios dropped from 0.31% (of the market value of funds) in 1995 to 0.28% in 1998, so one might conclude expense management was improving. But was this decline in expense ratio values due to improved operating efficiencies or other factors? Further analysis revealed fund expenses (numerators) were being spread out over significantly appreciated fund balances (denominators) due to the bull market. Since initiatives and incentive compensation were tied into these misaligned measures, the potential for dysfunction was high. To remove the distortions caused by appreciated stock values, Vanguard developed a marketadjusted expense ratio where the denominator consisted of actual cash received from investors. Thus, implementation of the Balanced surfaced and resolved misalignment in the measurement of value creation. Case 2. A multi-billion dollar utility applied the Balanced approach to align its three information technology organizations. Previously, IT had operated with traditional IT measurements, but this approach lacked strategic and customer orientation. The company recognized the changing role of IT and its different functions or businesses, so it adopted three different but interconnected business models and Balanced s: The CIO or corporate IT function adopted a cost center business model and focused on strategic governance for all three scorecards to enable the company to achieve its strategic objectives and targets. Network Services adopted a service company business model and focused on the company s IT infrastructure. Applications Development adopted a for-profit business model and focused on providing IT consulting services for off-the-shelf, packaged solutions to both internal and external customers. Implementation of the Balanced elevated the strategic component of IT and brought focus to its constituent businesses. The company s ongoing alignment processes have reduced overlapping initiatives and focused IT investments.

5 The Benefits In sum, the Balanced Management Review offers many benefits to companies that are willing to undertake it: 1) corporate and business unit strategies become more focused and aligned; 2) business units tend to work with each other toward the same purpose; 3) targets are clear and uncompromised; 4) measures are more fully understood and implemented; 5) key initiatives and investments can be prioritized, optimized and adequately funded; and 6) costly corrections are avoided through the continuous realignment of current and new initiatives. Put another way, a trip to the chiropractor can save a lot of time in the operating room. 1 R.K. Packard and S. Barr, New Measurement Tools at The Vanguard Group Offer Insight into its Remarkable Success, CFO Magazine (October 1999), p. 77. Score Key HIGH Good score but continue to refine your existing scorecard processes to resolve exceptions MODERATE Upgrade Review and Management processes and initiate action to resolve exceptions LOW Increase executive oversight, upgrade Review and Management processes, and launch efforts to address shortcomings identified by low-scoring items in the five areas noted above. The Balanced Management Review Key Management Areas STRATEGY 1. The board is effectively communicating the story of the strategy to company employees. 2. Tangible outcomes that support the mission are identified. 3. Strategic and alignment issues have been discussed this past month. 4. Strategic and operational issues are routinely addressed during the monthly and quarterly management meetings. STRATEGY MAPS 5. When new information arises, the company re-evaluates its strategic objectives. 6. Corporate and business strategy maps are all aligned. 7. All employees understand the bottom line objectives of different business and shared service units i.e. whether they are cost centers, profit centers or revenue centers. 8. The linkages in the strategy map between perspectives have been tested and validated. SCORECARD MEASURES 9. Corporate measures are clearly and appropriately cascaded to and aligned with business unit measures. 10. Measures provide senior management the correct information (lead and lag) for managing the business (e.g., coverage of strategic priorities, critical strategic priorities). 11. Management has identified lessons learned from existing measures. 12. Measures are linked to compensation. SCORECARD TARGETS 13. Corporate and business unit targets are aligned. 14. The company has set targets for all measures. 15. Relationships (causation) between measures are fully understood. 16. The company is on track to achieve targets. INITIATIVES 17. Resources are allocated and aligned appropriately against strategic objectives, measures, and targets. 18. Business unit initiatives that have cross-organizational impact have been mapped. 19. Senior management intervenes to ensure effective project execution (e.g., remove obstacles). 20. The corporate center receives the benefits stated in the business case for each initiative. Scoring YES NO TOTAL SCORE (Add up the number of yes responses.) We are interested in receiving feedback from our readers on how well their organizations are aligned. Please fax your completed worksheet to Bob Paladino at or call him directly at Please indicate your name, contact information, and the name of your company. 5

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