Cedar Consulting develops balanced scorecard for two banks

05 August 2021 Consultancy-me.com 2 min. read

A flagship of Cedar Consulting’s proposition is its tried and tested Balanced Scorecard approach for strategic and organisational development.

The Balanced Scorecard approach of Cedar Consulting is based on the original model developed by Robert Kaplan and David Norton – which evaluates any organisation across four key metrics: finances, customer relations, internal processes and learning & growth. 

Keeping these pillars in harmony with each other is key to business success – a principle that Cedar Consulting brings to many of its transformation projects. The firm’s Balanced Scorecard track record spans more than 400 projects globally since inception in 1985 – a look at how two top banks in Qatar and South Africa benefited from the framework. 

Cedar Consulting develops balanced scorecard for two banks

Client: Bank in Qatar

Cedar was tapped by a leading commercial bank in Qatar to help transform and optimise its vast portfolio of retail, corporate and investment banking services – delivered to more than 150,000 customers in 37 locations worldwide. The bank has more than $13 billion in assets.

The consultants sifted through and analysed internal data; ran 20 executive interviews; examined the bank’s position in the wider context of Qatar’s banking sector and economic landscape – aided by interviews at 7 other banks; and prepared a list of focus areas, opportunities, challenges and recommendations. 

A Balanced Scorecard was developed, which gave the bank a clearly defined set of objectives across finance, customer relations, processes and growth – including IT-based objectives. The result was a more streamlined structure across the bank, aided with strategy workshops and a value chain model for problem solving.

Client: Bank in South Africa

A 28,000-strong financial services group headquartered in Johannesburg wanted a Balanced Scorecard for its retail, private banking and personal insight, management and development (PIMD) operations. The client in question – with over 657 branches and $9 billion plus in market cap – had worked with Cedar on several projects before, and called the consulting firm in for support again. 

The consultants ran a detailed sweep of the status quo – via one-on-one interviews and a Balanced Scorecard workshop – all to determine a clear strategic vision and set of objectives. Feedback and reviews from the workshop enabled the development of a set of performance indicators and initiatives. 

The result was a Balanced Scorecard – equipped with a strategy map, set of objectives, action plan for implementation, recommendations for reporting and monitoring, and learning and growth frameworks.