Balanced scorecard towards business excellence

Mr. Mohummed Haris Farooq asserted “please do not look at performance review cycles in a result-oriented content rather as opportunities to identify new challenges to overcome and ultimately improve performance moving forward.”

Commenting on the essence of the workshop, Mr. Ekhlaque Ahmed highlighted the importance of a company’s customers and that all HR, management, finance, marketing, research and development strategies revolve around customer satisfaction.

Workshops and seminars in business management and corporate affairs at IoBM have been profoundly encouraged and fully supported by Mr. Talib Karim, IoBM President. Ms. Sabina Mohsin, IoBM Executive Director, Administration, Admissions and Finance, inspires with managerial and administrative guidance to all value-adding IoBM events and activities. The Marketing Department of IoBM organized a Workshop on “Executing strategy using the Balanced Scorecard” at the Entrepreneurship and Management Excellence Center (EMEC) on Thursday, August 16, 2018 amid the guidance of Mr. Ekhlaque Ahmed, HoD, Marketing Department and faculty, Ms. Kausar Saeed. The resource person for this workshop was Mr. Mohummed Haris Farooq, Corporate Performance Specialist – Corporate Affairs, STC Solutions, Saudi Arabia. Besides the presence of Dr. Syed Irfan Hyder, Dean CBM, this workshop was largely attended by IoBM HoDs, faculty and management.

Commenting on the objective and essence of the workshop, Mr. Ekhlaque Ahmed highlighted the central and focal importance of a company’s customers and that all HR, management, finance, marketing, research and development strategies need to revolve around customer satisfaction. Mr. Mohummed Haris Farooq focused on such topics as Introduction to the Balanced Scorecard, The need for a Balanced Scorecard in Business, The key to the Balance Scorecard: The Strategy Map, Strategy Map Framework, Overview of Framework for Strategy Execution, How to translate strategy: Balanced Scorecard, Using the Balanced Scorecard as Strategic Management system for Corporate and Academia, Cascading Strategy, Identifying and Integrating Key Performance Indicators, Corporate/University Examples to demonstrate BBSC Framework application/KPIs.

Mr. Mohummed Haris Farooq focused on the benefits of a Balanced Scorecard like aligning and disciplining the organization, measuring improved performance, early warnings for decision-making and making strategy everyone’s job. He also discussed performance management towards optimizing results, sustainable growth through improved accountability, rewarding of performance and data driven decision making; focusing on key performance indicators with strategic relevance; setting pertinent target values and organizational performance levels; benefits of performance management tools like round-the-clock information availability, opportunity to fully utilize existing system, opportunity to improve existing system, drill downs, timely information, minimal reporting errors and accurate information. During his presentation, Mr. Mohummed Haris Farooq asserted that “Please don’t look at performance review cycles in a result-oriented content rather as opportunities to identify new challenges to overcome and ultimately improve performance moving forward.”

Mr. Mohummed Haris Farooq, the workshop’s resource person has over nine years of experience in Organizational Strategic Planning and Performance Management (Balance Scorecard, KPIs and Project Management). An illustrious IoBM alumnus, he has worked for organizations related to Logistics, Telecom and Insurance and Public Safety sectors namely Damco (formerly Mearsk Logistics) PK, Mobily KSA and Najm for Insurance Services KSA. He has also jointly worked with Tier 1 consulting firms like Strategy, Ernst & Young and Hays Group as well as with boutique firms like Caliber Consulting to successfully deliver Strategy Development, Corporate Performance Management and Compliance related projects. He is a Certified Balanced Scorecard Professional (BSP) from Balanced Scorecard Institute (USA) and a Certified KPI Professional and Practitioner (CKPIPP) from The KPI Institute. He also holds a MBA in Finance from Institute of Business Management (IoBM), Pakistan.

Parvez Jamil – Tel: 021-35091905, 111-002-004, ext. 334 Cell: 0334-3013971, 0324-2899563