Palladium Group, Inc., the leading professional services firm enabling clients to better measure and manage performance, today announced that the Balanced Scorecard Collaborative, Palladium's education and certification division, has named Lockheed Martin Enterprise Information Systems, Mueller, Inc., Nemours and Public Service Electric and Gas Company to the Balanced Scorecard Hall of Fame for Executing Strategy for achieving breakthrough performance results using the Balanced Scorecard (BSC). The awards will be presented to officers of these organizations at the 2007 North American Summit being held this week in San Francisco. "This year's winners from North America have all delivered and sustained breakthrough performance using the Balanced Scorecard and are truly Strategy-Focused Organizations," said Robert L. Howie, Jr., president of Balanced Scorecard Collaborative.
The BSC concept"”created by Drs. Robert S. Kaplan and David P. Norton in 1992"”has been implemented in thousands of corporations, organizations, and governments worldwide, and has been cited by Harvard Business Review as one of the most important management ideas of the past 75 years. Based on the simple premise that "what gets measured is what gets done," the BSC puts strategy at the center of the management process, allowing organizations to implement strategies rapidly and effectively. Launched in 2000, the BSC Hall of Fame Program publicly honors organizations that are successfully using the BSC to achieve and sustain breakthrough performance results. Today, the 100 organizations inducted to date represent a broad cross-section of private- and public-sector industries from more than 15 countries. A Steuben crystal Rising Star, designed by Robert Cassetti, was presented to senior officers from each of the following organizations:
Lockheed Martin Enterprise Information Systems
Lockheed Martin Corporation is a premier systems integrator principally engaged in advanced technology systems, products, and services, and primarily focused on the core markets of Defense and Intelligence, Homeland Security, and Systems and Information Technology. Headquartered in Bethesda, MD, Lockheed Martin employs 140,000 worldwide and operates 939 facilities around the world. Ranked 47th on the 2005 Fortune 500 list of largest industrial corporations, Lockheed Martin (NYSE: LMT) reported sales of $39.6B in 2006. Three years ago, Lockheed Martin's internal IT unit, Enterprise Information Systems (EIS) piloted the BSC methodology. According to Lockheed Martin CIO and EIS President Joseph R. Cleveland, "since embracing the methodology and successfully executing our strategy, EIS has been adding significant new value for our customers and our shareholders." Ed Meehan, EIS Vice President of Operations added: "What began as outstanding results in EIS, as a method for ensuring successful and effective program execution, has now spread to other Lockheed Martin business units. We are gaining momentum enhancing focus, quality, and collaboration across businesses and technologies through strategy execution and innovation."
Mueller, Inc.
Founded in the 1930s, Mueller, Inc. was purchased from the Mueller brothers in 1984 by the Davenport family. Since that time, Mueller has undergone rapid expansion to become a leading manufacturer of pre-engineered metal building and residential metal roofing products. Today, with 600 employees and annual revenue in excess of $200m, Mueller primarily serves the central and southwest U.S. markets from 28 distribution and 3 manufacturing locations. Over the last few years, the U.S. steel industry has undergone dramatic change. "Mueller is part of this changing landscape in the steel building marketplace," said President Bryan Davenport. "It is challenging to maintain strategic focus in a rapidly changing environment. We need everything across the entire organization to tie into our strategy - from our products, to our customers, to our employees. Mueller has been successful to ends we could not have imagined attainable without the guidance and support the BSC has provided... Mueller has been, and will continue to be, successful as a leader in its marketplace through use of the BSC."
Nemours
The people of Nemours served 240,000 children in nearly one million encounters and performed 47,000 surgeries in 2006. With children coming from all 50 states and abroad, Nemours' role has grown from a regional to national and international referral center for specialized pediatric care. Established in 1940, the DuPont Institute attracted international orthopedic leaders and forged a reputation worthy of its namesake. Today, the hospital in Wilmington, Delaware is a full-service, free-standing children's hospital that is fully integrated with the Nemours Children's Clinic locations in Delaware and Florida. According to President and CEO David J. Bailey, MD, MBA: "In developing Nemours's strategy, our objective was to create a credible and relevant direction that is distinguished both by its simplicity and its power to assist leadership in making tough decisions in order to achieve the desired future state. Going forward, Nemours' Strategy Management System will be the business model guiding our operation... Ultimately, success will depend upon our [employees'] willingness to remain on course, lean and focused, adjusting our initiatives but not our aspirations."
Public Service Electric and Gas Company
Headquartered in Newark, NJ, Public Service Electric and Gas Company (PSE&G) is a 100+ year-old company and subsidiary of the Fortune 500 company Public Service Enterprise Group (PSEG, NYSE: PEG). It is one of the largest investor-owned utilities in the nation, with revenues of $7.6 billion in 2006 and total assets $14.6 billion. PSE&G has more than 6,200 employees of which about 80 percent are unionized. In 2006, PSE&G delivered electricity and gas to approximately 70 percent of New Jersey's population. "As an organization committed to operational excellence, we have used the balanced scorecard in the utility to keep a clear focus on our strategy and the role every employee plays in achieving even higher levels of performance. It has transformed our culture," said Ralph Izzo, Chairman and Chief Executive Officer of PSEG. "Today, all parts of the PSEG family of companies are adopting the balanced scorecard because the results speak for themselves. Executing our strategy using this process has given us the discipline to keep the promises we make to our employees, customers and shareholders."
About Palladium Group, Inc.
Palladium Group, Inc., helps the world's leading organizations measure and manage tomorrow's performance today by providing services and expertise in strategy, finance, and IT management. Through education, conferences, assessments, advisory services, consulting and technology solutions, Palladium helps clients successfully execute their strategies. Balanced Scorecard Collaborative, Palladium's education and certification division, manages the Balanced Scorecard Hall of Fame for Executing Strategy program. Palladium has 18 offices worldwide and an additional 17 affiliate offices throughout Europe, Latin America, Africa and Asia-Pacific. Palladium currently has over 700 clients worldwide. For more information, visit thepalladiumgroup.com.
