A Lecture On Organisational Strategy And The Balanced Scorecard By Ms. Minakshi Arora, Chief Performance Officer, Trident Group India
Ms. Minakshi Arora, the Chief Performance Officer at Trident India was at the Vinod Gupta School of Management, IIT Kharagpur to share some insights and experiences with the students. A Chartered Accountant by profession, she has made phenomenal progress in her career in strategy at an early stage. She began her discourse by briefly introducing the Trident Group, its vast expanse over a hundred countries and its various products like Home textile, Paper, Yarn, etc.
After talking about Trident’s brands, its diverse customer base and its various innovations in fibre and yarn, she moved on to the various levels of strategy that are used in an organisation. Strategy, she defined as a ‘future-oriented vision which puts thoughts into action’. Discussing the differences between corporate strategy, business strategy and functional strategy, she pressed on the very crucial role of business strategy in connecting the other two. After the class was clear on what the concept means, she moved on to explaining the complexities and hindrances towards the implementation of any strategy and its percolation to the bottom of the organisation.
Taking aid from the ‘Strategy Pyramid’, she illustrated the hierarchy of factors contributing to the successful implementation of a particular strategy. ‘Mission’, she said stands at the apex of the pyramid followed by values, vision, strategy map, balanced scorecard, targets and personal objectives forming the base of the pyramid. Bridging the gap between ‘Mission’ and ‘Personal objectives’ of each employee, so that they stand in unison is something that can be called a successful strategy implementation.
Speaking briefly about ‘Pestle Analysis’, she moved onto the concept of the Balanced Score Card. Explaining the history and need for it, she stressed on the relevance of such a performance evaluation system in today’s corporate scenario. The greatest challenge to a BSC system is to realise it till the bottom most level, the frontline operators. Strategy map, she said was a useful and effective tool for the same. She shared sample balanced scorecards from various departments to provide a better picture of how the evaluation is done. Delving deep into the concept, she spoke on the challenge of incorporating qualitative KPIs and people dependent factors in the BSC evaluation system. To make the students understand the concept better, she gave an example on how happiness is measured in Trident India using BSC.
Focusing on the vision, she spoke about Mr. Rajinder Gupta- Chairman, Trident has for Trident and his passion to achieve perfection in the operational sphere. She later went on to sharing her insights about the organisation and how she ascended up the corporate ladder at such a young age. Crediting the young leadership and women empowerment initiative at Trident, she stated that perseverance is the key ingredient of success. Proper guidance from the top management and a robust support structure comprising of one’s family and friends were cited as things that are pivotal to success.
Her insights were much appreciated by the students; it was evident from their questions and active interaction with Ms. Arora, post session. Her success became a huge motivator for all the aspiring MBA’s attending the session.