How to implement a new strategy Essay Example | Topics and Well Written Essays - 750 words

How to implement a new strategy - Essay Example In order to prove their point in their article, the authors present the analysis of two different companies, DuPont Engineering Polymers and the Royal Canadian Mounted Police. These companies â€Å"used the tools of balanced scorecard strategy management to guide the decentralized units in their search for local gain even as they identified ways for them to contribute to corporate wide objectives† (Kaplan and Norton). Quite a few things need to be taken into consideration when a company picks a management system. The authors feel that developing a management system with a balanced scorecard framework is the best way to start with a successful system. Three things should be considered when doing this; the customer perspective, the financial perspective, and the learning and growth perspective. Prioritizing is also important. Several companies have successfully benefited from this approach by picking three to five strategic themes in order to prioritize the different enterprises of the company. Collecting these strategic themes and ideas can help to give the company focus on what it needs to both work on and focus on when developing its strategy. Some important themes can focus around customers; for example, the need to lower cost for customers, the need to attract other customers that may be beneficial to the business, and ways to make relationships with customers even more important by cross-sell ing or providing them with other services that they may need. Executive teams will need to identify strategic initiatives that support each theme and make sure that the resources, mainly the money and the manpower, are there to support each initiative. Scorecard based systems can be very effective for companies. They can help to measure performance and link together goals within the company. These themes help the corporation focus on its goals and priorities. In order to demonstrate this, the article moves into giving