Understand the Value of Balanced Scorecards
Business Intelligence and Corporate Performance Management solutions can help you achieve this vision, with simple, affordable, practical tools that are suitable for every end-user and every situation, from the highest-level strategy to the lowest level tactical processes and goals. Balanced Scorecards can enhance your business and help you stay ahead of the competition and achieve the results you deserve. Success in performance management requires measurement, adherence to standards, and prescribed outcomes that support the organizational vision and mission. Communicating, aligning, monitoring managing, and connecting the pieces can be a daunting challenge for an enterprise. Every employee must march to the same battle plan and understand how their actions, roles and activities affect common goals and strategic vision.
Balanced Scorecards connect every facet of your organization with objective metrics that take the guesswork out of decision-making and help the enterprise to focus on performance-based management. Scorecards provide a graphic display of the performance baseline and business progress over time for a corporation, department, team, individual, projector initiative. The scorecard shows the results of objectives and strategies.
Balanced scorecards provide objective metrics in the form of a statistic analysis that allows the organization to measure achievements and progress over time, revealing:
- Perspectives that are meaningful to the various functions and roles within the organization
- Objectives that represent the specific targets within the strategic plan
- Metrics in the form of Key Performance Indicators (KPIs)
- Graphical displays in the form of spotlight indicators that allow users to easily see performance with colored labels and display that represent results.
Balanced scorecard are segmented into categories or areas of focus, such as financials, resources, customer satisfaction, process improvement, sales, manufacturing, supply chain, employee satisfaction, etc.. Each of these categories has its own set of activities, objectives and goals, metrics, business targets and projects.
When used properly, the balanced scorecard approach to business metrics, provides a solid foundation for the organization and ensures that every employee and team member is working with accurate, objective information and can collaborate with other employees to work together toward a common goal with a comprehensive understanding of results.