Business tools

When planning and implementing activities that improve the global competitive position, managers rely on a number of managerial tools. The annual research carried out by Bain & Company finds that successful organizations use more than 10 different managerial tools on average. This means that there is no single tool that would replace all others; instead, organizations need to rely on a combination of different managerial tools while understanding the benefits and shortcomings of each individual tool.

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Balanced Scorecard – BSC

Initially, the balanced scorecard filled in the void left by most managerial systems - the lack of a systematic process for implementing the strategy and providing feedback about how well it is being implemented. It soon grew into a proven methodology for developing business strategies in companies. However, the largest challenge for the balanced scorecard is not the concept, but the content. Often, the developed strategies are not feasible or win-focused, even though they follow a sound methodology. This means that they are also not implemented in the way they were designed.

EFQM excellence model

EFQM excellence model represents a unified metric for assessing operational excellence and acts as the guidepost that helps organizations along the way. Organizations can evaluate the level of excellence and unrealized potential on their own or by relying on third-party professionals.

Business Model Canvas

The downside of experiments in business is that negative results might mean that an organization wasted resources that might be more productively utilized in another way. To avoid expensive business experiments, mental experiments are much more cost effective and safe. This is why the structure of nine business model building blocks as developed and pioneered by Osterwalder in 2010 quickly became established and used.