One of the biggest challenges for Saudi Arabia's business leaders and organizations is not the management of the company but the creation of value in the organization and the execution of its strategies, said Dr. David P Norton, the co-creator of the world-renowned Balanced Scorecard concept. Dr Norton will present live his concept here at an event organized by Global Leaders on May 23. The Balanced Scorecard concept was selected by the editors of the Harvard Business Review as one of the most influential management ideas of the past 75 years. Dr. Norton was voted on as one of the world's 12 most influential management thinkers by Sun Top Media's “Thinkers 50” for 2007. Saudi Aramco, Saudi Telecom and King Fahad Specialist Hospital have already incorporated the Balanced Scorecard into their management strategy. “The ability to execute strategy is far more important that the strategy itself. Organisations work hard to create their business strategy, which requires a major investment in time and money, he said. “But the odds are currently stacked up against any company successfully executing its strategies – and the odds of success are estimated at between just 10 and 30 percent. That's a heavy price of failure, considering the investment we have all put in creating the strategy in the first place,” he said. This is the latest in a series of thought leader events in the Gulf from Global Leaders, following events in Bahrain, Kuwait, Qatar and the UAE. Tina Schneidermann, president of Global Leaders, said: “Effective strategy execution requires optimisation and implementation of many processes, both strategic and operational. “Most companies are unable to integrate the strategy and operations activities completely, severely impeding effective and efficient execution. The Balanced Scorecard, and other concepts that will be demonstrated by Dr Norton, provide this invaluable link to enable companies to truly succeed.”
