The Balancing Act – Balanced Scorecard Visualizations
The balanced scorecard is a strategic performance monitoring tool that can help the executives identify and track the status of the business activities taking place in the organization. It helps link the business activities to the vision and the strategy of the organization and monitor performance against strategic goals.
It is generally used to monitor performance on a timely basis with the usual interval being a month. It helps the executives in determining and review the progress towards the organizational objectives.The balanced scorecard underlines 4 critical perspectives for the business:
Learning & growth:
It includes training, learning, corporate culture and attitudes and self growth. Individuals are the main repository of knowledge of an organization and the critical resource. Communication among the workers is a key, as is avoiding brain drain.
Metrics based on internal business processes allow management to monitor how well the business is running and whether its products/services are well accepted by clients.
Indicators on customer satisfaction and tools to improve and monitor customer relations are critical
Timely and accurate financial data is still a key to manage the business. Data should be centralized and of fast and easy access, but financial data should not be the only indicator, thus the original intention of the word ‘balanced’.
The Balanced Scorecard automates and centralizes the issuance and tracking of objectives, targets, measures and initiatives to help you better align your decision making with organizational vision and strategy.