3.0 Strategy map
The classic Balanced Scorecard consisting of four perspectives – financial, customer, internal process, and learning and growth – represents the primary strategic dimensions of any organization. The strategy map provides a visual framework that integrates the organization's strategic objectives across these four perspectives. The strategy map is the most powerful way of communicating the strategy; it shows how intangible assets are transformed into tangible ones, often financial outcomes (Norton & Russell, 2005). The top half (the financial and customer perspectives) are essentially outcomes — or rather what the organization aims to achieve financially and for the customer. The bottom half of the map represents the inputs — or rather those processes/activities that must be delivered exceptionally well if the outcomes are to be realized and, consequently, the strategy implemented.
Westpac’s vision is to be one of the world’s great companies, helping their customers, communities and people to prosper and grow. The mission is to earn all of the customers’ business. The focus is on: delighting the customers; having the right people in the right roles; and the reputation. Westpac do their business amongst the customer base. They want to achieve the highest levels of customer satisfaction and loyalty. They want to deepen their relationships with their existing customers, and continue to acquire new customers. Finally, they would get more profits and enhance shareholder value.
From a financial perspective, the top objective should typically always focus on the delivery of value to shareholders/owners. Normally, the financial perspective will include revenue growth and cost decrease. Financial institutions will also typically choose an objective around managing risk and asset management
The next step in the Strategy Mapping process is to populate the