This past weekend (October 28-29), at FLC Resort (Vinh Phuc), CDC Construction JSC, in collaboration with a strategic consulting expert, organized a training course on Developing and Implementing the Balanced Scorecard (BSC) system for all management staff of the Office and Construction divisions. The training course is part of the company’s program to develop business strategies for the 2022-2027 period.
In his opening remarks, Mr. Ngo Tan Long, Chairman of the Board of Directors, shared: “The construction market is currently very dynamic and highly competitive, requiring contractors to have their own correct business strategy. This allows the company to reach its goals in the shortest possible way with the least resource waste. Along the way, there are essential tools for companies to utilize, and one of them is the Balanced Scorecard (BSC). Throughout its development journey, CDC has established a direction that has shown certain effectiveness. At this stage, to serve new development goals and meet the requirements set by the times, the Board of Directors has decided to implement the BSC…”
About the Balanced Scorecard – BSC: This is a tool that concretizes the company’s strategy through a system of objectives and criteria; developed by Robert Kaplan and David Norton in the early 1990s. To date, the BSC has been applied in nearly 100 countries and has shown clear effectiveness. According to a statistic by the American BSC Association, 65% of the world’s 1000 largest companies (as selected by Fortune) apply the BSC in strategic management.
The BSC revolves around four main aspects of the company: finance, customers, internal processes, and human resource systems. These four aspects directly affect and influence each other, creating a closed circle.
During the course, the expert and CDC officers discussed enthusiastically about the application of the BSC in CDC’s current operations. The participating officers all agreed that successfully applying the BSC will certainly help innovate and improve the management of each department, thereby promoting the common goal: increasing CDC’s competitiveness in the construction and real estate market.
