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Having Trouble with Your Strategy? Then Map It (HBR OnPoint Enhanced Edition)
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Having Trouble with Your Strategy? Then Map It (HBR OnPoint Enhanced Edition) Customer Reviews
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Mapping Strategy
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The authors of this article have used an extension of their ground breaking work "The Balanced Scorecard, Translating Strategy into Action" to come up with strategic map template to translate strategy into action. The balanced scorecard measures a company's performance from four perspectives namely financial, customer, internal processes and learning and growth.
The strategy map is a visual framework which embeds the different items in an enterprise's balanced scorecard into a cause and effect chain, connecting desired outcomes with drivers of those results. The authors developed a standard template that companies can use to develop their own strategy maps. The template contains four regions that correspond to the four perspectives of the balanced scorecard namely financial, customer, internal processes and learning and growth. The template provides a common framework and language that can be used to describe any strategy. A strategy map allows an organization "to describe and illustrate, in clear and general language, its objectives, initiatives, and targets; the measures used to assess performance; and the linkages that are the foundation for strategic direction."
Strategy maps are particularly critical in the information age where businesses must create and deploy intangible assets such as customer relationships, information communication technologies, employee skills and knowledge and an innovative problem solving corporate culture. The strategy maps enable organizations to describe and value these critical intangible assets that are major sources of competitive advantage.
I enjoyed reading this article as it is very practical and uses a visual template which is simple and useful to any organization, enabling employees to understand the company's strategy and how they can play their part in implementing it. I recommend it to managers and students of strategic planning. For those who have studied the balanced business scorecard, this is a natural follow up which they should find very interesting and which they can implement in their organizations.
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