Harvard Case - Fortune Motors (Taiwan): Implementing Strategy Change Using the Balanced Scorecard (A)
"Fortune Motors (Taiwan): Implementing Strategy Change Using the Balanced Scorecard (A)" Harvard business case study is written by David J. Sharp, Anne Wu. It deals with the challenges in the field of Organizational Behavior. The case study is 5 page(s) long and it was first published on : Aug 20, 2008
At Fern Fort University, we recommend a comprehensive approach to implementing Fortune Motors' strategic change, utilizing the Balanced Scorecard as a framework. This approach will involve a multi-faceted strategy encompassing leadership development, organizational culture transformation, and a robust communication plan. We believe that this comprehensive strategy will enable Fortune Motors to achieve its ambitious goals of becoming a global leader in the automotive industry.
2. Background
Fortune Motors, a Taiwanese automotive manufacturer, has experienced significant success in the domestic market. However, facing increasing competition and evolving consumer preferences, the company seeks to expand its global presence and achieve a leadership position. To facilitate this ambitious goal, Fortune Motors has adopted a new strategy focused on innovation, quality, and customer satisfaction. This new strategy is being implemented using the Balanced Scorecard framework, which emphasizes a balanced approach to performance measurement across various key areas.
The case study focuses on the challenges faced by Fortune Motors in implementing this strategic change. The company's leadership team, particularly CEO Mr. Chen, struggles with effectively communicating the new strategy and fostering a culture of innovation and collaboration. The existing organizational structure and communication patterns hinder the adoption of the new strategy, leading to resistance and confusion amongst employees.
3. Analysis of the Case Study
Using the Balanced Scorecard Framework
The Balanced Scorecard framework provides a comprehensive approach to performance measurement and strategy implementation. It considers four key perspectives:
- Financial Perspective: This perspective focuses on traditional financial metrics like profitability, return on investment, and cash flow. For Fortune Motors, this would include metrics like revenue growth, market share expansion, and profitability in new markets.
- Customer Perspective: This perspective focuses on customer satisfaction, retention, and market share. Fortune Motors needs to measure customer satisfaction with its products and services, assess brand loyalty, and track market share in key regions.
- Internal Processes Perspective: This perspective focuses on the efficiency and effectiveness of internal processes that drive customer satisfaction and financial performance. For Fortune Motors, this would include metrics related to product development cycle time, manufacturing efficiency, and quality control.
- Learning and Growth Perspective: This perspective focuses on the company's ability to innovate, learn, and grow. Fortune Motors needs to measure its investment in research and development, employee training and development, and the adoption of new technologies.
Analyzing the Case Study Using the Balanced Scorecard Framework
- Financial Perspective: Fortune Motors is aiming for global expansion and market leadership, requiring significant financial investments in R&D, production facilities, and marketing. The company needs to carefully track its financial performance to ensure the profitability of its expansion strategy.
- Customer Perspective: Fortune Motors needs to understand the needs and preferences of its target customers in different markets. This requires market research, customer feedback mechanisms, and a focus on delivering high-quality products and services.
- Internal Processes Perspective: The company needs to streamline its manufacturing processes, improve quality control, and enhance its supply chain management to meet the demands of global expansion.
- Learning and Growth Perspective: Fortune Motors needs to invest in employee training and development, foster a culture of innovation, and leverage technology to enhance its competitiveness.
Key Challenges:
- Leadership and Communication: Mr. Chen's leadership style and communication skills need to be enhanced to effectively communicate the new strategy and inspire employees.
- Organizational Culture: The existing organizational culture is hierarchical and resistant to change. A shift towards a more collaborative and innovative culture is necessary.
- Communication and Collaboration: The current communication patterns and lack of cross-functional collaboration hinder the implementation of the new strategy.
- Employee Engagement: Employees are not fully engaged in the change process, leading to resistance and lack of ownership.
4. Recommendations
1. Leadership Development:
- Leadership Training: Mr. Chen and other senior executives should undergo leadership training programs focusing on transformational leadership, effective communication, and change management.
- Leadership Coaching: Provide coaching and mentoring to help leaders develop their skills in leading change, fostering collaboration, and empowering employees.
- Leadership Succession Planning: Develop a clear leadership succession plan to ensure continuity and stability during the implementation of the new strategy.
2. Organizational Culture Transformation:
- Vision and Values Communication: Clearly articulate the company's vision and values, emphasizing innovation, customer focus, and collaboration.
- Employee Engagement Programs: Implement employee engagement programs to foster a sense of ownership and involvement in the change process.
- Recognition and Rewards: Implement a reward system that recognizes and rewards employees for their contributions to innovation and customer satisfaction.
- Cross-Functional Teams: Encourage cross-functional teams to work together on projects, fostering collaboration and knowledge sharing.
3. Communication and Collaboration:
- Transparent Communication: Implement a transparent communication strategy to keep employees informed about the progress of the strategic change.
- Two-Way Communication: Establish two-way communication channels to encourage feedback and address employee concerns.
- Technology Adoption: Leverage technology for communication and collaboration, including online platforms, video conferencing, and project management tools.
- Cross-Cultural Communication Training: Provide training on cross-cultural communication to facilitate effective communication with employees and partners in different markets.
4. Employee Engagement:
- Employee Empowerment: Empower employees to contribute to the change process by providing them with opportunities to share ideas and take ownership of their work.
- Performance Management: Implement a performance management system that aligns with the new strategy and rewards employees for their contributions to innovation and customer satisfaction.
- Employee Development Programs: Invest in employee development programs to enhance skills, knowledge, and capabilities.
- Work-Life Balance: Promote a healthy work-life balance to reduce stress and increase employee engagement.
5. Basis of Recommendations
These recommendations are based on the following principles:
- Core Competencies and Consistency with Mission: The recommendations align with Fortune Motors' core competencies in manufacturing and its mission to become a global leader in the automotive industry.
- External Customers and Internal Clients: The recommendations focus on enhancing customer satisfaction and building a strong internal culture to support the company's growth strategy.
- Competitors: The recommendations aim to position Fortune Motors as a leader in innovation, quality, and customer service, differentiating the company from its competitors.
- Attractiveness ' Quantitative Measures: The recommendations are expected to lead to increased revenue, market share, and profitability, which can be measured through key performance indicators (KPIs).
- Assumptions: The recommendations assume that Fortune Motors is committed to implementing the new strategy and that its leadership team is willing to invest in the necessary resources and support.
6. Conclusion
By implementing these recommendations, Fortune Motors can effectively implement its new strategy, foster a culture of innovation and collaboration, and achieve its ambitious goal of becoming a global leader in the automotive industry. The Balanced Scorecard framework provides a comprehensive approach to performance measurement and strategy implementation, ensuring that the company's progress is tracked and measured across all key areas.
7. Discussion
Other Alternatives:
- Outsourcing Strategy Implementation: Fortune Motors could consider outsourcing some aspects of the change implementation process to external consultants. However, this could lead to a lack of ownership and control over the change process.
- Incremental Change Approach: Fortune Motors could implement the change gradually, starting with small pilot projects. However, this could lead to a prolonged implementation process and a lack of momentum.
Risks and Key Assumptions:
- Leadership Resistance: The success of the change implementation depends on the commitment and support of the leadership team. Resistance from senior executives could derail the process.
- Employee Resistance: Employees may resist the change due to fear of job security, lack of understanding, or a perceived lack of benefits.
- Financial Constraints: The implementation of the new strategy requires significant financial investments. Financial constraints could limit the company's ability to achieve its goals.
Options Grid:
| Option | Benefits | Risks |
|---|---|---|
| Comprehensive Approach | Effective implementation, strong ownership, long-term sustainability | High initial investment, potential for resistance |
| Outsourcing | Faster implementation, access to expertise | Lack of ownership, potential for cost overruns |
| Incremental Approach | Reduced risk, gradual adoption | Prolonged implementation, lack of momentum |
8. Next Steps
Timeline:
- Month 1-3: Leadership development programs, communication strategy development, employee engagement initiatives
- Month 4-6: Implementation of pilot projects, performance management system development, employee training programs
- Month 7-9: Full-scale implementation of the new strategy, monitoring and evaluation of progress
- Month 10-12: Continuous improvement and adaptation based on feedback and performance data
Key Milestones:
- Completion of leadership development programs
- Development and implementation of a comprehensive communication strategy
- Launch of employee engagement initiatives
- Successful implementation of pilot projects
- Full-scale rollout of the new strategy
- Achievement of key performance indicators
By following these recommendations and adhering to the timeline, Fortune Motors can successfully implement its strategic change and achieve its ambitious goals. The company's commitment to leadership development, organizational culture transformation, and a robust communication plan will be key to its success in the global automotive market.
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Case Description
The chief executive officer (CEO) of Fortune Motors, the largest Mitsubishi dealership in Taiwan, has to consider his vision for the survival of the company. Fortune Motors' sales in 2003 had fallen below 50,000 units for the first time in 10 years, and market share had been falling for several years. The CEO had a plan to enter the business of financing used-car purchases. He thought that the balanced scorecard would be a useful tool to help him implement this change. The first step was to construct a corporate scorecard.
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