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Strategic Mapping & the Learning and Growth Perspective
The execution of a strategy in an effective manner is a crucial factor to success and survival of organization and businesses. Despite of the significance of effective implementation of strategy, very few companies and businesses are actually successful in executing their own strategies. Generally, many companies continue to fall short of their own expectations and those of others when executing their strategies. One of the major reasons for the relative poor execution of strategies is the seeming inability by organizational leaders to communicate their vision in a manner that others can participate and contribute to its achievement. Even though many companies have clearly defined procedures for developing strategic plans, there is usually a major disconnect between formulation and implementation stages of strategy. This paper will mainly focus on explaining the strategy mapping process and its link to performance management and the development of value propositions. This discussion will present a comparison between BAA's approach to the Balanced Scorecard and conventional approaches.
Analysis:
Strategic mapping is basically a process that involves developing and communicating strategies that serve as actionable behaviors that help in the realization of critical business objectives. Consequently, strategy maps enable organizations to develop, describe, and communicate their strategies in light of the company's mission, vision, and core objectives. These important aspects in the achievement of organizational goals have emerged as breakthrough in second-generation Balanced Scorecard (Armitage & Scholey, 2006, p.7). These maps provide a means of visualizing an organization's strategies to enable individual employees and stakeholders to determine their respective positions in the bigger picture and assume their role in day-to-day activities of the company.
The creation and execution of a strategic map that help in the achievement of organizational objectives and mission requires a systematic...
First, organizational leaders should determine the overriding objective, which incorporates customer satisfaction, delivery of quality products and/or services, and effective and efficient financial targets. This should be followed by identifying the dominant value proposition since the organization cannot be all things to all people. The leaders should determine the most significant value proposition and offer high quality customer value in the selected proposition (Armitage & Scholey, 2006, p.11). The determination of the dominant value proposition is the basis for choosing the major financial strategies, which is the third step in the process. Fourth, the leaders should identify the main customer related strategies with regards to adding and retaining customers. The fifth step is to determine the key internal business process strategies, which helps in determining suitable metrics for providing focus and prioritizing efforts given to other internal operations and management processes. The final step that culminates in the creation of an effective strategy map is choosing the key learning and growth strategies. Learning and growth strategies in information, human, and organization capital help in dealing with inevitable gaps in knowledge, skills, and abilities (Armitage & Scholey, 2006, p.20).
The link between strategic mapping and performance management and value propositions is that this process provides the basis for creation of value through developing strategic themes like growth and productivity. The themes in turn determine the specific initiatives the organization will adapt in relation to the levels of customer, process, and learning and growth. Furthermore, strategy maps provide the abstract framework that organizational manager and employees can use to enhance their understanding and implementation of strategy in order to achieve specific business goals.
As previously mentioned, strategic mapping has evolved as second-generation Balanced Scorecard. The Balanced Scorecard is a concept that…
References:
Armitage, H.M. & Scholey, C. (2006, March). Using Strategy Maps to Drive Performance.
Retrieved December 29, 2013, from http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Strategy_Mapping_March07.pdf
DiCenso, C. (2004, June). Build Your Strategy Map and Balanced Scorecard. Retrieved December 29, 2013, from http://www.growthstrategypartners.com/about/balancedscorecard-july04.htm
Murby, L. & Gould, S. (2005, July). Effective Performance Management with the Balanced
Scorecard: Technical Report. Retrieved December 29, 2013, from http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_rept_Effective_Performance_Mgt_with_Balanced_Scd_July_2005.pdf
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