Client Situation
Our client is an Indian diversified financial services company with its headquarters in Mumbai. It is ranked among the top seven financial conglomerates in India and as the top independent financial services firm in India in terms of market capitalisation. In the case of this project, Cedar worked with the client to develop a balanced scorecard aligned to the company’s strategic objectives.
Cedar’s Approach
In this program, Cedar was mandated to review the client’s business strategy and develop a best-in-class Balanced Scorecard to align strategic objectives.
- Reviewed key internal documentation and conducted one on one meetings with 20 senior executives as a part of scorecard development exercise.
- Incorporated Cedar’s industry best practice’s knowledge and expertise.
- Conducted a market overview across the areas of capital markets, commodities, mutual funds, insurance, mortgages and other loans, investment banking and wealth management.
- Assessed the strengths , weaknesses, opportunities, and threats (SWOT) of the client.
- Conducted an internal assessment across the areas of financials, customer, internal processes, and organisation and IT.
Outcome
The program resulted in the successful creation of a balanced scorecard supplemented by guidance on its implementation.
- Developed a scorecard for the client based on the balanced scorecard framework.
- Ensured a thorough scorecard which identified organisational and internal process objectives to ensure delivery of financial and customer objectives.
- Designed a strategy map for the client.
- Laid out the key steps for the client’s internal team to assign objective owners, finalize measures and identify existing initiatives and projects.
- Ensured the scorecard architecture clearly laid out the priorities of the client’s business and provided a reference framework to the firm’s personnel in shaping strategic decisions.