Balanced Scorecard Collaborative Honors BMW Financial Services, Crown Castle International, and Tennessee Valley Authority with Prestigious Hall of Fame Award
Exemplary Results of These Strategy-Focused Organizations
Lauded at North American Summit
NEW ORLEANS, and LINCOLN, Mass., Oct. 8 /PRNewswire/ -- Balanced Scorecard Collaborative, Inc. today announced it has named BMW Financial Services, Crown Castle International, and Tennessee Valley Authority to the Balanced Scorecard Hall of Fame for achieving significant performance results as Strategy-Focused Organizations. The awards were presented today to officers of each organization at the Balanced Scorecard North American Summit being held this week in New Orleans. Balanced Scorecard Collaborative President Dr. David P. Norton said, "We created the Hall of Fame to publicly acknowledge the hard work and remarkable results of implementing the Balanced Scorecard to create the Strategy-Focused Organization. The Balanced Scorecard Hall of Fame pays tribute to the success that each organization has attained." Selection Criteria Hall of Fame winners celebrated today met the award criteria with breakthrough performance largely as a result of applying the five principles of a Strategy-Focused Organization. The five principles are: Mobilize change through executive leadership; translate the strategy to operational terms; align the organization to the strategy; motivate to make strategy everyone's job; and govern to make strategy a continual process. Other selection criteria are: Implementing the Balanced Scorecard (BSC) as defined by the Kaplan/Norton methodology; presenting the case at a public conference; achieving media recognition for the scorecard implementation; producing significant financial or market share gains or accomplishing mission objectives; and a senior executive's testimonial linking the organization's results with its Balanced Scorecard. Today's honorees were personally selected by Balanced Scorecard creators Drs. Robert S. Kaplan and David P. Norton. Hall of Fame Honorees BSC Hall of Fame winners each achieved success meaningful for the organization's particular sector or industry, relative to specific, individual business, or performance objectives. BMW Financial Services Established in 1992, BMW Financial Services NA, LLC supports the North and South American sales and marketing efforts of the BMW Group. With more than $15 billion in managed assets, BMW Financial Services finances over half of the new BMW vehicles sold in the U.S. BMW Financial Services adopted the Balanced Scorecard in 1998. They have seen the number of customer accounts accelerate from 175,000 in 1998 to more than 450,000 in 2002, while also supporting the growth in annual BMW sales from 132,000 to 232,000 vehicles over the same period. This has also been achieved against improved levels of productivity and high levels of customer and dealer satisfaction as recognized by the industry benchmark surveys of J.D.Power. Navigating with the BSC has enabled BMW Financial Services to steer its performance in a world class strategic direction. "The Balanced Scorecard links our objectives, initiatives, and metrics to our strategy while communicating our priorities to every member of our company," notes John Christman, CEO Americas Region, BMW Financial Services. "Today our BSC program includes linkages to our project approval process, budgeting methodology, compensation system, technology initiatives, training programs, and even our community involvement and charitable contribution efforts. Our results have been excellent with an uninterrupted history of growth and a successful strategy implementation that continues today, consistent with the first plans established over six years ago. Profits are up, return on assets is up, and assets have grown each year." Crown Castle International Crown Castle International is the world's leading independent owner and operator of shared wireless communications and broadcast infrastructure. Crown Castle engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers and rooftops as well as analog and digital radio and television broadcast transmission systems. With a network of more than 15,000 broadcast and wireless transmission sites, Crown Castle offers near-universal analogue broadcast coverage in the UK and significant wireless communications coverage to 68 of the top 100 United States markets, to more than 95% of the UK population, and to more than 92% of the Australian population. Pursuing a new strategy of operational excellence, Crown Castle adopted the Balanced Scorecard to enhance strategy execution across its distributed workforce. The results have come through loud and clear. Crown Castle's stock price has beaten market indexes and is up over 400% in the past 12 months. Free cash flow, a critical measure for Crown Castle, is now approaching $100 million annually and working capital has been reduced by approximately $100 million in the last year. Thanks to the BSC, Crown Castle's operating entities now enjoy increased, clear line-of-sight between their individual country contributions and the corporate strategy. John Kelly, President and CEO of Crown Castle notes, "The Balanced Scorecard management system has been catalytic to a disciplined approach at Crown Castle of proactively managing the business to better execute our strategy. The combination of identifying critical operating objectives, then establishing and tracking specific measures for each objective, has translated strategy into action at CCI. The Balanced Scorecard reinforces the importance of focused effort, and was an integral part of Crown Castle's execution of its operational excellence strategy with exceptional results." Tennessee Valley Authority TVA is the nation's largest public power provider. Established by Congress in 1933 to provide navigation, flood control, and agricultural and industrial development, and to promote the use of electric power in the Tennessee Valley region, TVA employs more than 13,000 people. TVA sells wholesale power to 158 public power systems, which supply electricity to 8.3 million people in the Tennessee Valley region. Additionally, TVA supplies power directly to 62 industries and federal facilities. Along with affordable, reliable power, TVA delivers value to the regional economy by supporting a thriving river system and promoting economic growth. TVA has the lowest three-year operating costs among 51 U.S. nuclear power generators, and recently achieved 99.999 percent reliability for its transmission system - an organization record. Facing a future of increased competition, TVA began its Balanced Scorecard program in 2000 to help put forth a "Winning Performance." According to TVA Chairman Glenn L. McCullough, Jr., "TVA's Winning Performance Balanced Scorecard allows the men and women of TVA to establish priorities; measure and report performance in key areas; understand how individual activities are tied to company priorities; and link individual compensation to company-wide results. The Balanced Scorecard provides measures that are understood and appreciated by all levels of the organization. It is also the way to recognize our accomplishments as we set new goals for future successes." The Award A stunning Steuben crystal rising star, designed by Robert Cassetti, was presented to officers from each organization at the Balanced Scorecard North American Summit 2003: Achieve Sustainable Results in Turbulent Times. Today's winners join thirty other Hall of Fame organizations, including: Hilton Hotels, Saatchi & Saatchi, UPS, U.S. Army, Wells Fargo, and Wendy's International. About the Balanced Scorecard The Balanced Scorecard (BSC) concept-created by Drs. Robert S. Kaplan and David P. Norton in 1992-has been implemented in thousands of corporations, organizations, and government agencies worldwide. Based on the simple premise that "measurement motivates," the BSC puts strategy at the center of the management process, allowing organizations to implement strategies rapidly and reliably. About Balanced Scorecard Collaborative Led by Balanced Scorecard creators Drs. Robert S. Kaplan and David P. Norton, Balanced Scorecard Collaborative, Inc. (BSCol) is a new kind of professional services firm dedicated to the worldwide awareness, use, enhancement, and integrity of the Balanced Scorecard as a value-added management process. To learn more about the BSC or BSCol, join the growing worldwide Balanced Scorecard community at http://www.bscol.com For more information: Robert L. Howie, Jr. Balanced Scorecard Collaborative, Inc. 781.402.1192 firstname.lastname@example.org
SOURCE Balanced Scorecard Collaborative, Inc.
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