CorVu Customer PLIVA Wins Balanced Scorecard Collaborative Hall of Fame AwardMINNEAPOLIS, June 16, 2003 -- CorVu(R) Corporation, a leading provider of enterprise performance management solutions, today announced that its customer PLIVA, the largest pharmaceutical company in Central and Eastern Europe, has been awarded the prestigious Balanced Scorecard Collaborative Hall of Fame Award. Joining a select group of organizations, including Hilton Hotels, the exemplary results of the Balanced Scorecard implementation by PLIVA were recognized at the Balanced Scorecard European Summit held June 10-13, 2003 in Barcelona, Spain. Hall of Fame winners met the award criteria with breakthrough performance largely as a result of applying the five principles of a Strategy-Focused Organization. The five principles are: mobilize change through executive leadership; translate the strategy to operational terms; align the organization to the strategy; motivate to make strategy everyone's job; and govern to make strategy a continual process. Other selection criteria are: implementing the Balanced Scorecard (BSC) as defined by Drs. Kaplan and Norton, the originators of the methodology; presenting the case at a public conference; achieving media recognition for the scorecard implementation; producing significant financial or market share gains or accomplishing mission objectives; and a CXO testimonial linking the organization's results with its Balanced Scorecard. A leader in antibiotics with 2002 revenue of US$815 million, it is also the largest pharmaceutical company in Central and Eastern Europe. In addition, PLIVA has a firm position in Western Europe and the US, which is the company's second biggest market. PLIVA adopted the Balanced Scorecard in 1999 to implement a strategy focused on global expansion and new product development. According to the Balanced Scorecard Collaborative: "The results speak for themselves: the percentage of sales from new products has rocketed from 3.4% in 1998 to 18.4% in 2002. The percentage of total sales coming from international markets has also increased significantly. By creating a more performance-driven culture with the Balanced Scorecard, PLIVA has transformed itself from a regional company into a global pharmaceuticals player operating in more than 40 countries." PLIVA implemented CorStrategy to provide a robust, fully automated Balanced Scorecard solution. After evaluating a number of software vendors, PLIVA chose CorVu due to its comprehensive functionality, direct connections to performance data sources, and RapidROI implementation. Running on an Oracle database in a Windows environment, CorStrategy delivers balanced scorecard analytics and quick reports to over 100 senior-level executives at PLIVA via the web. The organization had already developed its strategy map before purchasing CorVu, which adhered very strictly to the balanced scorecard methodology. Since CorStrategy was one of the first applications to be certified by the Balanced Scorecard Collaborative, PLIVA could easily replicate its strategy map within CorStrategy, and have the flexibility to manage initiatives on the fly. Explains Mislav Vucic, Balanced Scorecard Project Manager, PLIVA, "The CorStrategy Balanced Scorecard solution is very easy-to-use and offered PLIVA a quick implementation. CorStrategy allows PLIVA to manage for the future, by giving top executives the ability to spot early warning signs and take corrective action before it damages corporate performance." "To successfully run a business, you need to have a comprehensive picture of it," notes Dubravko Mak Member, Management Board, and Vice President, Global Business Development for PLIVA. "The Balanced Scorecard gives us a complete overview of business performance on a single page, from financial data to skills and leadership. The scorecard has helped us communicate the corporate strategy to both management and employees. Members of the Board have used the strategy map on many occasions to explain what exactly we want to achieve, and how we intend to achieve it. In addition, we use both the strategy map and the Balanced Scorecard to represent our strategy and objectives to our Supervisory Board. The Balanced Scorecard has also played a key role in target setting and performance appraisal. PLIVA is transforming itself into a global pharmaceutical company, and we have been able to track that change in our internal processes and learning and development perspectives. The changes we have made in skills and people in our new product development process have impacted the way customers perceive our company and the revenue we derive from new products. The Balanced Scorecard has helped us to implement our strategy of developing into a globally acting and innovative pharmaceutical company. We are very happy that Balanced Scorecard Collaborative has chosen to honor us in this way." About PLIVA d.d. With 2002 revenue of US $815 million, PLIVA is the largest pharmaceutical company by turnover in Central and Eastern Europe, focusing on the discovery, development, production and marketing of innovative and generic pharmaceutical products. A leader in antibiotics since it was established in 1921, the company is headquartered in Zagreb and is listed on both the Zagreb and London stock exchanges. Today, PLIVA continues to expand operations with recent acquisitions of pharmaceutical and R&D companies in the Czech Republic, France, Germany, United Kingdom and USA. With efforts concentrating on the global pharmaceuticals market, PLIVA is focusing resources on the development of new chemical and biological entities, new generic pharmaceuticals and the further internationalization of its operations. About CorVu Corporation CorVu Corporation provides enterprise performance management solutions that empower our customers to achieve strategic objectives and improve performance. Offering comprehensive business intelligence, Balanced Scorecard, risk performance management, corporate governance, and budgeting solutions, CorVu has over 4,500 customers, including leading suppliers in aerospace, banking, financial services, healthcare, hospitality, insurance, manufacturing, mining, the public sector, telecommunications, and transportation. For more information on how CorVu can help drive breakthrough performance at your organization, please visit http://www.corvu.com or call 800.610.0769. SOURCE CorVu Corporation Web Site: http://www.corvu.com |