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SOURCE Palladium Group, Inc.
BOSTON, Oct. 29, 2013 /PRNewswire/ -- Palladium Group is pleased to announce the winners of the 2013 Balanced Scorecard Hall of Fame. The induction ceremony recognized fifteen organizations that have achieved dramatic performance outcomes through outstanding strategy execution.
The ceremony honoring award winners opened Palladium's annual Global Summit, taking place in Boston on October 30-31, 2013.
The Hall of Fame award honors organizations that have achieved excellence in strategy execution through the use of the Balanced Scorecard, the world's preeminent strategy management system. This framework was first published twenty years ago by co-creators Drs. Robert Kaplan and David Norton, founders of the Palladium Group, and has been used successfully in corporations, government entities, and non-profits. Past honorees constitute 179 organizations from 35 countries around the world, including Cisco Systems, Merck, Infosys Technologies, the FBI, Volkswagen do Brasil, and the Boys and Girls Clubs of Puerto Rico. Winners are selected from an applicant pool based on the quality of the Balanced Scorecard implementation and the results they received over a period of at least two years.
Each year, Hall of Fame inductees are profiled in a report published by Harvard Business Publishing.
2013 Hall of Fame award winners include:
7-Eleven Stores Pty. Ltd. - 7-Eleven Stores Pty Ltd. is Australia's fourth-largest private company. Facing competition from both traditional grocery store chains and gas station operators, 7-Eleven adopted the Balanced Scorecard to shape its future strategy and to support growth in an aggressive marketplace. The 7-Eleven team takes pride in their sharpened strategic focus on their most important stakeholders – customers, franchisees, and the entire 7-Eleven team – which has helped 7-Eleven outperform their competition to grow market share.
Abu Dhabi Education Council - Abu Dhabi Education Council (ADEC) is the government entity responsible for operating all public schools and regulating all private education entities within Abu Dhabi. In 2008, ADEC embarked on the development of an education policy agenda using the Balanced Scorecard to define the guiding principles, strategic vision, and objectives. With ADEC aligned to the strategy at the division, sector, and individual level, it is achieving its target outcomes to improve the quality and standards of Abu Dhabi's education system.
Abu Dhabi Sewerage Services Company (ADSSC) - ADSSC collects and treats waste water discharged from all residential and commercial customers in Abu Dhabi. Their strong vision and mandate, the strategic plan built around them, and a successful benchmark exercise enabled the utility to generate impressive results. The ADSSC Organizational Excellence Model is delivering the execution premium: better management decisions; alignment of efforts among internal and external stakeholders; and ownership, collaboration, and engagement of employees at all levels toward the execution of ADSSC's strategy.
Allianz Italy - Allianz Italy is among the largest insurance companies operating in the Italian market. In 2010, with other insurers reducing prices and offering agents unsustainably high commissions, Allianz elected to focus on profit protection. Under the direction of a new CEO, they turned the tide with the adoption of the Balanced Scorecard, engaging the entire company in a common vision and shared strategic goals and achieving increased market share, outstanding profitability, and increased satisfaction among customers, partners, and employees.
Arabian Automobiles Company - Arabian Automobiles, now a part of AW Rostamani Automotive (AWR-A), seeks to enrich people's lives by offering them value-added services that surprise and delight them. Faced with stiff competition in the Middle East, AWR-A decided to refresh its approach to executing strategy in 2006, forming a group dedicated to managing the corporate strategy directly under the CEO. AWR-A's Balanced Scorecard implementation achieved payback in sales volume and market share and instilled a culture of customer-centricity in order to become a forerunner in customer relationship management across the region.
Bank Hapoalim - Bank Hapoalim is the leading financial institution in Israel and also a global presence, with operations in 20 countries. In response to challenges in the banking sector, Bank Hapoalim focused on strengthening their relative advantage in the industry and adopted the Balanced Scorecard to address the gap between their strategic plans and their performance. Since implementing the Balanced Scorecard, Bank Hapoalim has seen improvement in financial indices, growth in revenue from targeted segments, and increased customer acquisition, keeping the bank on the path of steady growth and delivering value to its shareholders.
Bucheon City - The South Korean City of Bucheon, once home to many companies, experienced a significant loss of population entering the new millennium when companies began moving to areas with less expensive production costs. After introducing the Balanced Scorecard in 2005, Bucheon began to build a citizen-centered strategic focus and introduced goals for all employees that aligned to the vision and incentives to encourage new levels of performance. Bucheon's outstanding strategy execution has secured an unparalleled position among local governments, named Korea's "Number One City to Live In" and recipient of the Eighth Korea Balanced Scorecard Strategy Execution Grand Prize.
Canadian Tourism Commission - The Canadian Tourism Commission (CTC), wholly owned by the Government of Canada, leads the Canadian tourism marketing industry. To demonstrate that it was managing taxpayer money and creating value for Canada, the CTC decided to adopt the Balanced Scorecard in 2006. By 2012, the impact of the CTC's efforts generated $687 million CAD in attributable tourism revenue for Canada's economy, directly supported over 5,000 jobs for Canadian tourism businesses, and demonstrated a marketing return on investment of 56:1.
Emirates Identity Authority - Emirates ID Authority (EIDA) is a federal entity mandated to enroll the entire UAE population in an identity management system using smart cards linked to their biographical and biometric details. In 2010, EIDA adopted the Balanced Scorecard to transition from their preliminary strategy to a more dynamic solution that would ensure evolution of their operating model. By focusing their efforts on strategic intents, EIDA met extremely ambitious targets, enrolling the entire population in record time, improving the quality of the services provided, and implementing a state-of-the-art population register infrastructure.
Korea South-East Power Co. - The 2008 economic crisis precipitated the prediction of the first large deficit for Korea South-East Power Company (KOSEP) since it broke from its parent company in 2001. In response, KOSEP adopted the Balanced Scorecard to clarify its strategic vision and objectives and develop a viable long-term business strategy. In a year, the company went from a 2008 deficit of 139.5 billion won to a 2009 profit of 211.6 billion won and became number one among the five thermal power companies in the nation.
Powder River Energy Corporation - Powder River Energy Corporation (PRECorp) is a not-for-profit member-owned electric cooperative providing electricity to over 32,000 services in Northeast Wyoming. A boom of gas development in 2007 challenged the cooperative to provide service to remote regions. PRECorp responded with a "bolt on" approach, integrating existing strategy management practices with the Balanced Scorecard. PRECorp accomplished year-to-year incremental improvements in processes and rate stability during a sustained period of declining electric sales beginning in 2010 and continuing through the present.
Roads & Transport Authority - Roads and Transport Authority (RTA) plans and provides the requirements of transport, roads, and traffic in Dubai. When the RTA was established in 2005, the economic and construction renaissance taking place in Dubai created new challenges such as traffic congestion, traffic safety, and low use of public transportation. Using the Balanced Scorecard, RTA reached an operating profit of 144% in 2012, drastically reduced accident rates and fatalities, and adhered to breakeven points for buses and the metro.
Songpa-Gu, Seoul - Songpa-Gu, located south-east of Seoul, was named the best city in the world to live in by the United Nations Environment Program. The city government embraced the Balanced Scorecard to continue driving toward better performance, shifting the administrative system from a functional to a strategic focus. Over the past four years all departments in city government are now managed with reference to strategic objectives. With each department aligned to the strategy, Songpa-Gu has seen an increase in residents' satisfaction with administrative services and a new round of external awards and recognition.
City of Tamarac - The Florida city of Tamarac's motto is "Committed to Excellence…Always" and as such is determined to become a high performance organization. Over the last few decades, a significant change in the median age created new service needs. Tamarac's city manager decided to employ the Balanced Scorecard to streamline operations and deliver services to all segments of the population in the most cost-effective way. Since implementing the Balanced Scorecard, Tamarac has achieved higher resident satisfaction with city services, improvements to division and department performance, a strong financial outlook, and increased engagement of the workforce.
Turkcell Superonline – Istanbul-based Turkcell Superonline (TSOL) is an innovative telecom service provider founded in 2004. In 2008, TSOL adopted the Balanced Scorecard to manage rapid growth in line with their vision and to ensure alignment within the company and with their shareholders. TSOL achieved profitability in 2009 and its net income turned positive in 2012. TSOL's "soft" benefits – strong employee morale, organizational alignment, and internal communication - have set the stage for dramatic growth in market penetration and profitability.
Palladium Group, Inc.
Palladium Group, Inc. is the global leader in helping organizations solve pressing strategy execution challenges. We are dedicated to understanding and addressing the strategic issues that drive successful results. Founded by Dr. Robert S. Kaplan and Dr. David P. Norton, we help clients achieve superior performance through a set of integrated consulting services. We deliver tangible results, building enduring internal capabilities with supporting technologies and education programs. Our approach combines expertise in proven strategy execution with integrated change management and leadership development programs. Our methods include the Execution Premium Process™ (XPP™), the Kaplan-Norton Balanced Scorecard™, and other best-practice frameworks that translate concepts into programs that deliver measurable results. The benefits of our approach are demonstrated in the Balanced Scorecard Hall of Fame for Executing Strategy®, which recognizes organizations that improve performance through outstanding execution. Our offices located throughout the Americas, Europe, the Middle East, and Asia-Pacific enjoy a successful track record with over 700 clients. www.thePalladiumGroup.com
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