SEOUL, SOUTH KOREA and LINCOLN, Mass.--(BUSINESS WIRE) - Sep. 24, 2008-- Palladium Group, Inc., the global market leader in helping organizations execute their strategies, today named six organizations to the Palladium Balanced Scorecard Hall of Fame for Executing Strategy for achieving an execution premium. The awards were presented today in Seoul, South Korea to Lakshmi Machine Works (one among the six recipients) at the 2008 Palladium Asia-Pacific Summit.
The Balanced Scorecard (BSC), created by Drs. Robert S. Kaplan and David P. Norton, is the world's predominant strategy execution framework. Based on the simple premise that "what gets measured is what gets done," the BSC is also a performance management philosophy and system that links strategy to operations. Launched in 2000, the BSC Hall of Fame Program publicly honors organizations that successfully use the BSC to achieve and sustain performance results. The 106 organizations inducted to date represent a broad cross-section of private- and public-sector industries from more than 19 countries across the globe. A Steuben crystal Rising Star, designed by Robert Cassetti, is presented to senior officers of each winning organization.
Lakshmi Machine Works Ltd. (LMW) is one of the world's leading textile equipment manufacturers, with sales of $504 million and 3,500 employees. LMW is ranked by Standard & Poor's as one of the eight emerging Indian Blue Chip Companies, and by BusinessWeek as one of Asia's Top Growth Companies.
The cyclical nature of India's $35 billion textile industry growth typically followed by 4-5 years of recession drove the adoption of the Balanced Scorecard at LMW to focus the company on its strategic performance drivers and to mitigate risk. Guided by its Office of Strategy and Risk Management, LMW has integrated its strategic performance management system with its Six Sigma, Activity-Based Management, knowledge management, and ERP implementation. In four years revenues have soared from $120M to $504M, profits from $8.8M to $84.8M, and market capitalization from $33. 8M to $1,158B. "Despite the recession in India's textile industry, we've achieved record results by becoming a Strategy-Focused Organization says Wholetime Director Sanjay Jayavarthanavelu. "The BSC has helped us to clarify our strategy, align resources to that strategy, set targets, and achieve greater transparency. More than 1,100 of our staff have their own scorecards, and the BSC has become a way of life at LMW".
Palladium Group helps its clients link strategy and operations to achieve an execution premium. Palladium's expertise in strategy, finance, and IT delivered through consulting, education, training, and technology implementation services has helped more than 500 client organizations clarify strategy, drive performance, and optimize data. Palladium has offices throughout North America, Europe, the Middle East, Latin America, Africa, and the Asia-Pacific region. Palladium's Balanced Scorecard Hall of Fame for Executing Strategy recognizes organizations that have achieved an outstanding execution premium. |
