Contents
What is the purpose of a strategy map?
Strategy maps describe how organisations create value by building on strategic themes such as ‘growth’ or ‘productivity’. They provide a way for companies to ‘tell the story’ of their strategy to employees and other corporate stakeholders, thereby increasing engagement in the strategic process.
How do you map a strategy?
Here are key steps to creating a professional strategy map:
- Define Mission, Vision, Values. That’s the direction to the “north” for your organization.
- Define Four Perspectives.
- Strategic Priorities.
- Define Business Goals.
- Describe Rationale.
- Define Leading and Lagging Metrics.
- Define Initiatives.
- Cascade.
What is strategy diagram?
A strategy map is a diagram that is used to document the primary strategic goals being pursued by an organization or management team.
Is a balanced scorecard a strategy map?
The Balanced Scorecard Strategy Map Strategy maps show how an organization plans to convert its various assets into desired outcomes. Companies can use the template here to develop their own strategy maps, which are based on the balanced scorecard.
Why is the date on a map important?
The Date of the map tells us when the map was made. It helps to know how long ago the map was made. Things may have changed since the map was made. An old map might be out of date.
How does a strategy map work?
A strategy map is a simple graphic that shows a logical, cause-and-effect connection between strategic objectives (shown as ovals on the map). It is one of the most powerful elements in the balanced scorecard methodology, as it is used to quickly communicate how value is created by the organization.
What are the components of a strategy map?
(See the exhibit “The Balanced Scorecard Strategy Map.”) The template contains four distinct regions—financial, customer, internal process, and learning and growth—that correspond to the four perspectives of the balanced scorecard.
A strategy map is a powerful strategic planning method that helps visualize the entire strategy of an organization on a single sheet of paper. It shows the cause and effect relationship between the components of an organizational strategy.
How is a strategy map used in balanced scorecard?
How do I learn more about strategy mapping?
We highly recommend that cross-functional teams develop all elements of strategy, especially the strategy map. Inclusion in the development process expands the set of viewpoints informing strategy formulation and encourages buy in by the team members that will be responsible for executing the strategy. How Do I Learn More About Strategy Mapping?
What should be included in a corporate strategy map?
Themes highlight strategic focuses, and they may represent areas such as sustainability, culture of safety, etc. Corporate-level strategy maps are great at communicating the core strategies to key stakeholders, and most strategy mapping exercises tend to stop at this point of ‘corporate strategy map’.