3. What exactly is a Balanced Scorecard?
A strategic planning and management system used to
align business activities to the vision statement of an
organization.
How does a Balanced Scorecard help?
A Balanced Scorecard attempts to translate the
sometimes vague, pious hopes of a company's
vision/mission statement into the practicalities of
managing the business better at every level.
4. To embark on the Balanced Scorecard path an organization
first must know
•The company's mission statement
•The company's strategic plan
•The financial status of the organization
•How the organization is currently structured and
operating
•The level of expertise of their employees
•Customer satisfaction level
7. Third-generation balanced scorecard
•Destination statement
•Strategic linkage model
•A set of definitions for each of the
strategic objectives
•A set of definitions for each of the
measures selected to monitor each of
the strategic objectives, including
targets
8. Balanced Scorecard Software
There are many software packages on the market that
claim to support the usage of Balanced Scorecard system.
For any software to work effectively it should be:
•Compliant with your current technology platform
•Always accessible to everyone - everywhere
•Easy to understand/update/communicate
9. A Balanced Scorecard should result in:
1. Improved processes
2. Motivated/educated employees
3. Enhanced information systems
4. Monitored progress
5. Greater customer satisfaction
6. Increased financial usage
10. Last but not the least…
It is of no use to anyone if only the top management keep
the objectives in their drawers/cupboards and guard them
like the Holy Grail.
Feedback is essential and should be ongoing and
contributed to by everyone within the organization.
And it should be borne in mind that Balanced Scorecards
do not necessarily enable better decision-making!
