Qatar Steel has made it into the “2012 balanced scorecard hall of fame” instituted by the Palladium Group, in view of its achievement in “strategy execution”.
Qatar Steel is the first Qatari company and steel producer in the region to make it into Palladium Group’s “Hall of Fame.”
The “Hall of Fame” award honours organisations that have achieved excellence in execution through the use of the Balanced Scorecard (BSC) - the world’s pre-eminent strategy execution management system.
Qatar Steel’s induction into the “Hall of Fame” was held in Boston, US recently.
The induction ceremony recognised leading organisations from North America, the Middle East, Asia and featured some 12 organisations including Qatar Steel that have achieved good performance through their strategy execution.
Palladium Group is a global leader in “strategy execution consulting” and serves a broad range of private and public sector clients in North America, Europe, the Middle East, Africa, Asia and Australia.
Qatar Steel, the first integrated steel manufacturer in the Gulf region, was established in 1974 and started commercial production in 1978. It is currently wholly-owned by Industries Qatar.
A Qatar Steel spokesman yesterday said the BSC framework was introduced some 20 years ago by co-creators, Dr Robert Kaplan and Dr David Norton, also the co-founders of Palladium Group.
“This management framework is as effective for government and non-profit organisations as it is for corporations. Past honorees constitute a roster of some 167 organisations from more than 20 countries around the world.
The winners are selected from an applicant pool based on the quality of their BSC implementation and the results they achieve over a period of at least two years.
“Each year the inductees are profiled in a report published by Harvard Business Publishing.”
Qatar Steel director and general manager Ali bin Hassan al-Muraikhi said, “It is a long journey since we first introduced balanced scorecard in 2003; hard work and commitment of all our employees have helped us in receiving this prestigious award. Strategy execution is everybody’s job.
“We are happy to be the first company in Qatar and also to be the first company in the steel industry in the region to be inducted into Palladium Hall of Fame. Our sound management practices stand testimony to our ability to adapt to dynamic market conditions and in running the business efficiently; BSC methodology is one such powerful management tool that is working well for us in Qatar Steel.”