October 31, 2003
Tata Motors awarded the Balanced Scorecard Collaborative Hall of Fame Award
- Tata Motors is the first Indian company to be inducted in the Balance Scorecard Hall of Fame.
- Joins the thirty-member elite club of organisations including Hilton Hotels, BMW Financial Services, US Army, Korea Telecom, Norwegian Air Force and the city of Brisbane for achieving excellence in company performance.
The commercial vehicle business unit (CVBU) of Tata Motors, India's largest automobile manufacturer, has been inducted in the exclusive club of organisations and corporate houses recognised by the prestigious Balanced Scorecard Collaborative, Inc for achieving excellence in overall company performance. The coveted Steuben crystal 'Rising Star' trophy was presented to the company at the Balanced Scorecard Asia Pacific Summit held at Gold Coast, Queensland Australia.
Tata Motors-CVBU has been recognised for having achieved a significant turnaround in its overall performance. The implementation of the Balanced Scorecard has enabled greater focus on different elements of operational performance. Defining, cascading and communicating strategies across the organisation have brought about transparency and alignment. The scorecard incorporates SQDCM (safety, quality, delivery, cost and morale) and VMCDR (volume, market share, customer satisfaction, dealer satisfaction and receivables).
Ravi Kant, executive director, CVBU, Tata Motors, said, "While we were conscious of the benefits of the Balanced Scorecard when we began implementing it three years back, we are extremely pleased that it has helped us achieve significant improvements in our overall performance. I am quite positive that the BSC will play an important part in our objective to become a world-class organisation."
Balanced Scorecard Collaborative president Dr David P Norton said, "We created the Hall of Fame to publicly acknowledge the hard work and remarkable results of implementing the Balanced Scorecard to create the strategy-focused organisation. The Balanced Scorecard Hall of Fame pays tribute to the success that each organisation has attained."
Tata Motors- CVBU shares the honour with the city of Brisbane and Korea Telecom (KT).
The Balanced Scorecard (BSC) concept-created by Dr Robert S Kaplan and Dr David P Norton in 1992, has been implemented in thousands of corporations, organisations, and government agencies worldwide. Based on the simple premise that "measurement motivates," the BSC puts strategy at the centre of the management process, allowing organisations to implement strategies rapidly and reliably.
Balanced Scorecard Collaborative, Inc. is a new kind of professional services firm dedicated to the worldwide awareness, use, enhancement, and integrity of the Balanced Scorecard as a value-added management process.
Tata Motors range of commercial vehicles spans over 135 models and can haul loads ranging from 2 to 40 tonnes. The product portfolio also includes 12 to 60-seater buses, tippers and tractor-trailers. Tata Motors vehicles meet the stringent Euro emission norms. The company currently has an export base in most parts of South Asia, Africa, Middle East and Europe. Tata Motors recently crossed the 3-million production milestone.