Consequently, the company had to focus heavily on achieving operational excellence throughout its value chain of operations. Maps are visual diagrams of the relationship between strategy and business objectives. 1 (Kaplan & Norton, 2004a), has the essential elements necessary for the four perspectives of a BSC. It is this ‘balance’ that has proven to be so successful in the methodology over the past decade or so. The foundation of any strategy map is the learning and growth perspective, which defines the core competencies and skills, the technologies, and the corporate culture needed to support an organization’s strategy. It improved productivity by slashing operating expenses (e.g., reducing refinery downtime). Combine this free template with other tools: Porter’s five forces SWOT Analysis 4P’s of Marketing Cash flow statement A strategy map is a simple graphic that shows a logical, cause-and-effect connection between strategic objectives (shown as ovals on the map). A typical strategy map organizes objectives into four categories or perspectives. In the industrial age, companies created value by transforming raw materials into finished products. Strategy Maps • Concept introduced by Kaplan & Norton (2000) as a framework for developing and implementing strategies based on the Balanced Scoredcard perspectives • Strategy maps use the BSC framework to define objectives related to the four perspectives and then display their important cause-and-effect relationships It’s great for quickly communicating big-picture objectives to everyone in the company. All rights reserved. These perspectives were developed by Doctors Robert S. Kaplan and David P. Norton as part of their Balanced Scorecard framework for strategic planning and management. Over the years, other theorists have expanded on the BSC a bit, but the design that professionals use today remains essentially the same as the third generation developed in the late 1990s. Example: Mobil reduced environmental and safety incidents (operational), built best-in-class franchise teams (customer relationships), and developed non-gasoline services (innovation). You can use this template map for doing strategic planning in your organization. The strategy map is a graphical representation that consists of a summary of the objectives for each Balanced Scorecard theme. Developing a Strategy Map The process below illustrates the four stages in which a contemporary strategy map plus the scorecard and implementation plan are developed. Thus, using a case study approach, this study attempts to investigate BSC implementation, focusing Corporate executives should first review their mission statement and their core values—why their company exists and what it believes in. These perspectives were developed by Doctors Robert S. Kaplan and David P. Norton as part of their Balanced Scorecard framework for strategic planning and management. (See the internal process portion of the exhibit “Mobil’s Strategy Map.”). Download our strategy map template packet to get over 50 industry specific strategy map examples to help design your Balanced Scorecard. Aug 10, 2018 - MBA presentation explaining Kaplan and Norton's Balanced Scorecard Approach. Strategy Maps book Strategy Maps Converting Intangible Assets into Tangible Outcomes Robert S. Kaplan and David P. Norton Harvard Business School Press The third volume of the Balanced Scorecard methodology A strategy must then define the logic of how to arrive at that destination. PERSPECTIVES The link between the Balanced Scorecard and the Strategy Map becomes immediately apparent upon the introduction of the Kaplan/Norton four perspectives. Typically, the value proposition is chosen from among three differentiators: operational excellence (for example, McDonald’s and Dell Computer), customer intimacy (for example, Home Depot and IBM in the 1960s and 1970s), and product leadership (for example, Intel and Sony).2 Companies strive to excel in one of the three areas while maintaining threshold standards in the other two. Why strategy maps? Even though intangible assets have become major sources of competitive advantage, no tools existed to describe them and the value they can create. In terms of productivity, Mobil wanted to slash operating expenses per gallon sold to the lowest level in the industry and extract more from existing assets—for example, by reducing the downtime at its oil refineries and increasing their yields. Their “balanced scorecard” format depicts the following perspectives: Financial: Setting financial goals for the organization or a department; Customer: Ensuring customers’ objectives are met The authors created strategy map templates for various industries, including retail, telecommunications, and e-commerce. Step 1. The value of an intangible asset such as a customer database cannot be considered separately from the organizational processes that will transform it and other assets—both intangible and tangible—into customer and financial outcomes. A strategy map enables an organization to describe and illustrate, in clear and general language, its objectives, initiatives, and targets; the measures used to assess its performance (such as market share and customer surveys); and the linkages that are the foundation for strategic direction. How does Mobil make sure that every gas station owner understands the company’s strategy—and implements it each time a customer drives up to his pumps? Download Strategy Map and Balanced Scorecard Google Slides Templates Here >, The Conscious Competence Learning Model PowerPoint Template, New Project Description And Report PowerPoint Template, John Maxwell 5 levels of leadership PowerPoint Template, Innovation Ambition Matrix PowerPoint Template Diagrams, 5500+ Vector Icons! In actuality, KPI scorecards are an ad hoc collection of measures, a checklist, or perhaps elements in a compensation plan, but they don’t describe a coherent strategy. Mobil, in the past, had attempted to sell a full range of products and services to all consumers, while still matching the low prices of nearby discount stations. strategy map — to reveal links between intangible assets and value creation. A Strategy Map is a diagram that describes how a company or organisation can create value by linking strategic objectives in a cause and effect relationship. Companies can use the template here to develop their own strategy maps, which are based on the balanced scorecard. The core of any business strategy is the customer value proposition, which describes the unique mix of product and service attributes, customer relations, and corporate image that a company offers. The “how” must include the value proposition in the customer perspective; the innovation, customer management, and operating processes in the internal process perspective; and the employee skills and information technology capabilities in the learning and growth perspective. Thus, Mobil’s complete customer strategy motivated independent dealers to deliver a great buying experience that would attract an increasing share of targeted consumers. Specifically, the organization must determine how it will satisfy the requirements from critical internal processes, the differentiated value proposition, and customer relationships. The four perspectives for for-profit organizations include: Finance; Customer; Internal Processes If people can describe strategy in a more disciplined way, they will increase the likelihood of its successful implementation. David P. Norton (Co‐founder and president of the Balanced Scorecard Collaborative in Lincoln, Massachusetts (www.bscol.com). And of course, if it matches your company branding and includes your logo, your team will … Since this first incarnation Kaplan and Norton’s thinking has moved on, and the perspectives are now organised in a sequence – hence the map idea. It is based on the four Balanced Scorecard Perspectives: Financial, Customer, Internal Processes and … **To account for Mobil’s independent-dealer customers—not just consumers—the company adapted the strategy map template to factor in dealer relationships. A typical strategy map organizes objectives into four categories or perspectives. Strategy maps put into focus the often-blurry line of sight between your corporate strategy and what your employees do every day—significantly enhancing collaboration and coordination. Robert S. Kaplan and David P. Norton, Strategy Maps: Converting Intangible Assets into Tangible Outcomes, Harvard Business School Press, 2004 . Strategy maps will help organizations view their strategies in a cohesive, integrated, and systematic way. Strategy maps, pioneered by Balanced Scorecard founders Robert Kaplan and David Norton, allow organisations to describe and communicate their strategies concisely and succinctly and close the gap between formulation and successful implementation of strategy. To understand how organizations create value in the information age, we developed the balanced scorecard, which measures a company’s performance from four major perspectives: financial, customer, internal process, and learning and growth.1 Briefly summarized, balanced scorecards tell you the knowledge, skills, and systems that your employees will need (their learning and growth) to innovate and build the right strategic capabilities and efficiencies (the internal processes) that deliver specific value to the market (the customers), which will eventually lead to higher shareholder value (the financials). Strategy maps show the cause-and-effect links by which specific improvements create desired outcomes—for example, how faster process-cycle times and enhanced employee capabilities will increase retention of customers and thus increase a company’s revenues. An example of a generic strategy map can be seen below: Note: editable PowerPoint templates for all of the Strategy Maps shown in this document can be found in the ‘Resources’ section of the Intrafocus website. Kaplan and Norton. Strategy maps describe how organisations create value by building on strategic ... by Robert S. Kaplan and David P. Norton A summary of the original text. He worked with a gasoline-pump manufacturer and a semiconductor company to turn that idea into reality. It includes external as well as internal information. Because the organization has never been to this future place, the pathway to it consists of a series of linked hypotheses. A major feature of strategy maps is that they distinguish between strategies, and they offer communication platforms for strategy implementation. A strategy map is an incredibly effective and useful tool to put in play during both the strategic planning and execution processes. Also, balancing the two strategies helps to ensure that cost and asset reductions do not compromise a company’s growth opportunities with customers. Step 2. A strategy map template will help you create a holistic view of the entire firm. What are the main principles behind Strategy Maps? Learning and growth. From 1997 on, executives modified Mobil’s balanced scorecard to include new objectives for the number of consumers and dealers that adopted Speedpass. own the Strategy Map and discuss and agree its content. Thus, a complete strategy should involve generating returns from all three of these internal processes. In general, the productivity strategy yields results sooner than the growth strategy. Kaplan and Norton published several books and papers, most notably their first book The Balanced Scorecard: Translating Strategy into Action. Also, the company would sell more premium brands to customers, and it would increase sales faster than the industry average. It defines how the organization will differentiate itself from competitors to attract, retain, and deepen relationships with targeted customers. Example: Mobil’s objectives were: increase employee knowledge of refining business; nurture leadership skills necessary to articulate its vision. The key to executing your strategy is to have people in your organization understand it—including the crucial but perplexing processes by which intangible assets will be converted into tangible outcomes. But the description of strategy should not be an art. Mar 18, 2016 - MBA presentation explaining Kaplan and Norton's Balanced Scorecard Approach. And because Mobil doesn’t sell directly to consumers, the company also had to concentrate on building best-in-class franchise teams. Harvard Business Publishing is an affiliate of Harvard Business School. The productivity strategy also usually has two parts: improve the company’s cost structure by reducing direct and indirect expenses, and use assets more efficiently by reducing the working and fixed capital needed to support a given level of business. But one of the principal contributions of a strategy map is to highlight the opportunities for enhancing financial performance through revenue growth, not just by cost reduction and improved asset utilization. Without clearer and more detailed information, it’s no wonder that many companies have failed in executing their strategies. Choose one of these value propositions: operational excellence, customer intimacy, or product leadership. Strategy maps can help uncover and remedy such omissions. Identify operational, customer-relationship, and innovation processes to support your customer and financial goals. Its objective is to translate an organization’s mission and vision into actual (operational) actions (strategic planning). The balanced scorecard includes financial measures (these reveal the results of actions already taken) and non-financial measures (these are drivers of future financial performance). Their new book Strategy Maps: Converting Intangible Assets into Tangible Outcomes (Harvard Business School Press, 2004) is a sequel to their classic The Balanced Scorecard (HBSP, 1996).) In our research, we have found that although a clear definition of the value proposition is the single most important step in developing a strategy, approximately three-quarters of executive teams do not have consensus about this basic information. Unfortunately, many top executives are trying to do just that. Strategy balances contradictory forces. Revenue growth from enhanced customer relationships accrues in the intermediate term. These impressive financial results were driven by improvements throughout Mobil’s strategy map: mystery-shopper scores and dealer quality increased each year; the number of consumers using Speedpass grew by one million annually; environmental and safety accidents plunged between 60% and 80%; lost oil-refinery yields due to systems downtime dropped by 70%; and employee awareness and commitment to the strategy more than quadrupled. After its introduction, Speedpass soon became a strong differentiator for Mobil’s value proposition of fast, friendly service. Finally, as part of both its operational-excellence and corporate-citizen themes, Mobil wanted to eliminate environmental and safety accidents. To understand how a strategy map is built, we will study Mobil North American Marketing and Refining, which executed a new strategy to reconstruct itself from a centrally controlled manufacturer of commodity products to a decentralized, customer-driven organization. Unless the link to strategy has been clearly thought through, a KPI scorecard can be a dangerous illusion. These companies have a complete disconnect between their strategy and how they measure it. Mobil decided that the consumer’s buying experience was so central to its strategy that it invested in a new system for measuring its progress in this area. Using the strategy map shown here, Mobil increased its operating cash flow by more than $1 billion per year. Executives can also use the maps as the foundation for a management system that can help an organization implement its growth initiatives effectively and rapidly. Mobil sought “to be the best integrated refiner-marketer in the U.S. by efficiently delivering unprecedented value to customers.”. Best and well-designed collection of Strategy Map and Balanced Scorecard PowerPoint Templates Diagrams and Slides to identify the right goals for your organization and ensure they are interconnected During your strategic planning process. The main difficulty is that the value of intangible assets depends on their organizational context and a company’s strategy. He came up with the concept of a device that could automatically handle the entire purchasing transaction. Once an organization has a clear picture of its customer and financial perspectives, it can then determine the means by which it will achieve the differentiated value proposition for customers and the productivity improvements to reach its financial objectives. Specify objectives in the four scorecard areas to realize your company’s vision. ... Drs. Mobil’s strategy map linked the four perspectives, providing all its business units clear direction for creating their own more detailed maps. These consumers would buy products and services at premium prices, increasing profits for both Mobil and its dealers, who would then continue to be motivated to offer the great buying experience. But this unfocused strategy had failed, leading to poor financial performance in the early ’90s. The maps have also been useful for nonprofit organizations and government units. From this experience, we have developed a standard template that executives can use to develop their own strategy maps. An important caveat to remember here is that while many companies espouse a strategy that calls for innovation or for developing value-adding customer relationships, they mistakenly choose to measure only the cost and quality of their operations—and not their innovations or their customer management processes. These three generic value propositions were initially articulated in Michael Treacy and Fred Wiersema’s The Discipline of Market Leaders (Addison-Wesley, 1995). Not surprisingly, these organizations typically have great difficulty implementing their growth strategies. In the information age, businesses must increasingly create and deploy intangible assets—for instance, customer relationships; employee skills and knowledge; information technologies; and a corporate culture that encourages innovation, problem solving, and general organizational improvements. Strategy maps also help identify when scorecards are not truly strategic. Only logged in customers who have purchased this product may leave a review. The value does not reside in any individual intangible asset. The Kaplan and Norton approach to strategy maps has: An underlying framework of horizontal perspectives arranged in a cause and effect relationship, typically Financial, Customer, Process and Learning & Growth Objectives within those perspectives. The plan was that if dealers could capture increased revenues and profits from products other than gasoline, they could then rely less on gasoline sales, allowing Mobil to capture a larger profit share of its sales of gasoline to dealers. This new approach to strategic management was first detailed in a series of articles and books by Drs. Strategy Maps. And companies that pursue a product leadership strategy must concentrate on the functionality, features, and overall performance of its products or services. The Strategy Map. For example, a growth-oriented sales strategy might require knowledge about customers, additional training for salespeople, new databases and information systems, a different organizational structure, and an incentive-based compensation program. The SFO principles introduced the notion of a Strategy Map, which was the topic of the third of Kaplan and Norton’s five books. It maintains a solid structure while allowing for a great deal of flexibility, so it can represent virtually any segment you operate in and your unique strategy. It is one of the most powerful elements in the balanced scorecard methodology, as it is used to quickly communicate how value is created by the organization. We do not claim to have made a science of strategy; the formulation of great strategies is an art, and it will always remain so. Kaplan and Norton say this about strategy maps, "The key to executing your strategy is to have people understand it – including the crucial but perplexing processes by which intangible assets will be converted into tangible outcomes. Clarify your mission and strategic vision. For example, senior management noticed that one business unit had no objectives or metrics for dealers (see the exhibit “What’s Missing?”). To achieve that, executives used all four of the drivers of a financial strategy that we break out in the strategy map—two for revenue growth and two for productivity. Through market research, Mobil discovered that price-sensitive consumers represented only about 20% of gasoline purchasers, while consumer segments representing nearly 60% of the market might be willing to pay significant price premiums for gasoline if they could buy at stations that were fast, friendly, and outfitted with excellent convenience stores. Many organizations have built stakeholder scorecards, not strategy scorecards, by developing a seemingly balanced measurement system around three dominant groups of constituents: employees, customers, and shareholders. For its customer intimacy strategy, Mobil had to excel at understanding its consumer segments. How did Mobil become the industry’s profit leader and boost its cash flow by $1 billion+ per year? They give employees a clear line of sight into how their jobs are linked to the overall objectives of the organization, enabling them to work in a coordinated, collaborative fashion toward the company’s desired goals. With all its employees now aligned to the new strategy, Mobil North American Marketing and Refining executed a remarkable turnaround in less than two years to become the industry’s profit leader from 1995 up through its merger with Exxon in late 1999. But Mobil’s differentiation occurred at the dealer locations, not at its own facilities, which basically produced commodity products (gasoline, heating oil, and jet fuel). The former generally has two components: build the franchise with revenue from new markets, new products, and new customers; and increase value to existing customers by deepening relationships with them through expanded sales—for example, cross-selling products or offering bundled products instead of single products. When attempting to implement their business strategies, they give employees only limited descriptions of what they should do and why those tasks are important. Copyright © 2020 Harvard Business School Publishing. Interestingly, Mobil placed a heavy emphasis on objectives to improve its basic refining and distribution operations, such as lowering operating costs, reducing the downtime of equipment, and improving product quality and the number of on-time deliveries. Organizations need tools for communicating both their strategy and the processes and systems that will help them implement that strategy. And this virtuous cycle would generate the revenue growth for Mobil’s financial strategy. And increased innovation can produce long-term revenue and margin improvements. Mobil’s stated strategic vision was “to be the best integrated refiner-marketer in the United States by efficiently delivering unprecedented value to customers.” The company’s high-level financial goal was to increase its return on capital employed by more than six percentage points within three years. But these assets have value only within the context of a strategy. A strategy map is a visual framework for the corporate objectives within those four areas. The first two chapters of the book provide an introduction and an overview of the Strategy Map. 13+ Strategy Map Templates – Free Sample, Example, Format Download! Because dealers were such a critical part of the new strategy, Mobil included two additional metrics to its customer perspective: dealer profitability and dealer satisfaction. Imagine that you are a general taking your troops into foreign territory. (. Obviously, you would need detailed maps showing the important towns and villages, the surrounding landscape, key structures like bridges and tunnels, and the roads and highways that traverse the region. (Nonprofit and government units often place their customers or constituents—not the financials—at the top of their strategy maps.) The inset of the exhibit “The Balanced Scorecard Strategy Map” highlights the different objectives for the three generic strategy concepts of operational excellence, customer intimacy, and product leadership. Satisfied customers gladly paid more. A strategy map is an effective vehicle for IT strategy elaboration. Click here to download our Free Balanced Scorecard Template Example. A typical strategy map organizes objectives into four categories or perspectives. Robert S. Kaplan and David P. Norton, guide our research and best practices so that you are fully equipped with the latest ideas in strategy execution. As a result, Mobil increased its operating cash flow by more than $1 billion per year and became the industry’s profit leader. (See the exhibit “The Balanced Scorecard Strategy Map.”) The template contains four distinct regions—financial, customer, internal process, and learning and growth—that correspond to the four perspectives of the balanced scorecard. From this extensive research, we have noticed certain patterns and have brought them into a common visual framework—a strategy map—that embeds the different items on an organization’s balanced scorecard into a cause-and-effect chain, connecting desired outcomes with the drivers of those results. By identifying its customer value proposition, a company will then know which classes and types of customers to target. From a larger perspective, strategy maps show how an organization will convert its initiatives and resources—including intangible assets such as corporate culture and employee knowledge—into tangible outcomes. Strategy implies the movement of an organization from its present position to a desirable but uncertain future position. The balanced scorecard measures your company’s performance from four perspectives—financial, customer, internal processes, and learning and growth. Each objective as text appearing within a shape (usually an oval or rectangle). For example, one financial services organization identified the four Ps in its balanced scorecard: profits, portfolio (the volume of loans), process (the percentage of processes that are ISO certified), and people (the diversity of new employees). 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