Balanced scorecard institute is now officially in Vietnam
The US-based Balanced Scorecard Institute (BSI) - a global leader in training and consulting services of the Balanced Scorecard (BSC) and Key Performance Indicators (KPI) has partnered with Balanced Scorecard Vietnam (BSV), a member of PACE Institute of Management (PACE) to deliver its world-class BSC and KPI programs in Vietnam, Laos and Cambodia.
BSC prompted top bosses at a Baltimore project to realize that if they managed to wipe out negligence, operating costs worth US$13.2 million would be saved. Meanwhile, the convenience store chain Store 24 boldly shelved its strategy for entertainment services costing hundreds of millions of dollars as it had delivered outcome far short of expectations.
The above stories of changes in multinational companies are just two examples about BSC implemented in conglomerates which were mentioned by Mr. Howard Rohm, president of the BSI when he was addressing the audience at the international seminar in HCMC on October 24, and in Hanoi on October 27.
The event, entitled “Strategic Planning & Strategy Execution Using Balanced Scorecards”, was hosted by BSV, the only authorized partner of BSI in Vietnam, Laos and Cambodia and also a member of the PACE.
BSI’s official presence in these countries offers its copyrighted methodology of strategic planning and strategy execution seen as the company’s distinctive footprint. The BSC is not only a phenomenon when it comes to the world’s prevailing strategic management tools, but also a provider of real values for business community in Vietnam.
Helping organizations transform themselves
The concept of the BSC first came to prominence in a 1992 article by Drs. Kaplan and Norton. The article, published in the Harvard Business Review revolutionized global conventional thinking regarding strategic planning and strategy execution, as well as performance measurement and management.
In Vietnam, the BSC concept has been popularized among the business community and management and strategy consultancy firms through various channels, especially through two classic books “Balanced Scorecard” and “Strategy Map” of which PACE secured the copyright, translated and published in Vietnamese in 2006. Since then, many Vietnamese businesses have made concerted efforts to learn and implement the BSC. However few have succeeded even though they had hired external management consultants to help them.
Why so? Despite the fact that the BSC is one of the world’s most popular and effective strategic management tools, particularly in strategy execution, it is not a simple task for a business to deploy it successfully without in-depth knowledge and guidance. Following failed BSC applications, some organizations may have felt frustrated and lost confidence.
To turn the BSC into an effective management tool, BSV has secured the rights to introduce the entire suite of the BSI’s world-class methodologies and solutions to Vietnam. In addition to providing consulting and the development of BSC and KPI to clients, BSV also professionally helps develop internal experts’ competencies of clients to ensure their successful BSC and KPI implementation by the clients themselves.
In mentioning strategic management, BSC must be referred to. And in terms of BSC, BSI’s Nine Steps TM Methodology must be referred to. BSV’s consulting solutions and training programs are based on this exclusive copyrighted methodology.
World-class solution for global competitiveness
According to Gian Tu Trung, PACE chairman, despite the fact that much has been talked about opportunities and challenges created by the global integration, little has been done to provide businesses with the competencies necessary for integration. Another problem is that of the myriad of much-hyped solutions to those issues, which are the right ones to be chosen?
Meanwhile, Dinh Viet Lan, chief representative of PACE in Hanoi, said PACE has chosen two unique management solutions to help address this problem.
They are Seven Habits of Highly Effective People from FranklinCovey with which enterprises can create a highly effective culture, and Balanced Scorecards from BSI to empower enterprises in strategy execution. They are both management tools and solutions deemed as the most spectacular and popular in the world.
Seven Habits of Highly Effective People and Balanced Scorecards are two of the very few optimal and comprehensive world-class management solutions made available in Vietnam by PACE to lend a hand to business circles in their efforts to build their own global competitiveness in the global race down the road.