Do you want to improve your business performance management? Do you want to ensure that your strategy execution is on track? If yes, then the Balanced Scorecard is what you need. This tool helps organizations to measure and monitor their performance through Key Performance Indicators (KPIs) and metrics presented in dashboards. In this blog post, we'll answer the six most popular questions about Balanced Scorecard.
Balanced Scorecard is a strategic planning and management system that helps organizations align their activities with their mission, vision, and strategy. It provides a framework for measuring and managing performance. It was developed by Robert Kaplan and David Norton in the early 1990s.
Balanced Scorecard works by identifying a set of KPIs that are aligned with an organization's strategy. These KPIs are organized into four perspectives: financial, customer, internal processes, and learning and growth. Metrics are then established for each KPI, and dashboards are created to track progress.
The benefits of using Balanced Scorecard are numerous. It helps organizations to:
Balanced Scorecard can be used by any organization that wants to align its activities with its strategy and improve its performance. It is commonly used by large corporations, but it can also be used by small businesses, non-profits, and government agencies.
Some examples of companies that have used Balanced Scorecard include:
To implement Balanced Scorecard in your organization, you should:
Implementing Balanced Scorecard requires effort and commitment, but the rewards are worth it.