Country: United States of America
Millipore Corporation ($1.56 billion in 2008 revenues) is a leader in the life sciences industry, providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. Millipore employs 6,000 professionals in 30 countries. In 2005, as its growth lagged the market, the company began mapping an entirely new strategy based on innovation. In adopting the Kaplan Norton strategy management system that year, Millipore pioneered the integration of the BSC with driver-based rolling forecasts, dynamic resource allocation, and peer-based external benchmarks for goal-setting and incentive management. An Office of Strategy Management was established to make strategy execution a core competency, and to create a new culture focused on execution, performance, accountability, and growth. In four years, the company’s revenue grew 82%, and its stock performance, up 41%, became the second best in its peer group. “Today, everyone in this company can answer the question, ‘What does the strategy mean in terms I can act on?’” says Dr. Martin D. Madaus, Millipore chairman and CEO. “Our strategy maps and BSCs ensure that our people understand our direction and their individual and team contributions. As a result, we’re on track to double our value by the end of 2009.” In advancing life science, Millipore has transformed itself into a lifetime winner.