ENOC's education programme shows successful goal-setting
Dubai: March 17, 2013: While known as a strategy execution tool that significantly improves the profits of companies, the Balanced Scorecard is powerfully helping companies to set goals and reach objectives here in the United Arab Emirates. In line with its goals and objectives, Emirates National Oil Company (ENOC) has rolled out programmes to help young UAE nationals with their future careers, aligned with the UAE vision to promote human capital development.
The BSC approach developed by Harvard professors Dr Robert Kaplan and Dr David Norton is a method used by a wide range of local governments and national civil and military organisations in several countries, including the United States, Australia, Norway and South Korea. Known as a planning and management system, BSC has had a high success rate with 66 percent of companies who implement the strategy reporting an increase in profits.
“BSC has been successfully adopted globally by many government and non-government organisations,” said Salah Galadari, Director Group Business Planning and Performance Management at ENOC, ENOC is one of the companies presenting its experiences with the Balanced Scorecard at this year's Balanced Scorecard and Strategy Summit. “One of the key benefits of adopting BSC is the efficient alignment of processes and service delivery mechanism focused on the strategic priorities of the organisation.”
The summit, which kicked off today and runs until the 21st of March at The Address Hotel, Dubai Marina, will see government and private organisations share its successes and challenges with implementing the business tools, drawing on key examples in the region.
Since adopting the approach in 2009, ENOC has developed its business strategy in line with its strategic objectives even filtering the approach to individual goal-setting processes enabling the alignment of activities and initiatives around core priorities.
“At ENOC, we have completely aligned the strategy, planning and performance management processes with BSC. Today all our business performance reviews are centered on the BSC framework which helps in continuous monitoring of the business performance and aligning the efforts of all operations. It has also helped in strengthening synergies among our different business operations,” added Galadari.
Today ENOC manages about 35 scorecards and has rolled out BSC to cover all business units.