In Part 1 of “The Science of Business Manifesto,” I discussed at a high level using the long-established scientific method of observe, hypothesize, predict and test as a foundation for performance management and BI. In Part 2, I will delve into a bit more detail, paying special attention to the transition from business to science – from strategy/hypothesize to test/evaluate.
For me, the most significant challenge executing the science of business in practice is translating the language of business to the language of science. This is where Kaplan and Norton's Balanced Scorecard technique of formulating strategy maps comes in handy. The strategy map provides “a framework for describing and managing strategy in a knowledge economy … describes the process for transforming intangible assets into tangible customer and financial outcomes.”
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