Professional Documents
Culture Documents
Assignment
Our aim for adopting the balanced scorecard solution is to consistently communicate strategy deep down
into Philips' 80 businesses and support more than 10,000 managers with tools to turn strategy into action
by sharing knowledge, aligning actions, monitoring progress and learning."1
- Peter Geelen of Philips Corporate Control, Responsible for the Balanced Scorecard Project, in
2001.
"The balanced scorecard serves not only as the starting point for identifying those areas where
breakthroughs in performance are most needed, but also as an instrument for tracking progress."
- Annual Report, Philips Electronics NV, 2001.
Introduction
In order to bring in the desired change, Philips embarked on an improvement program, in all its divisions
and departments across the world, encompassing all the employees. The program, called Business
Excellence through Speed and Teamwork (BEST), described a set of methods and tools through which
Philips aimed to improve business and financial performance.