(Source: Gartner)
Balanced Scorecard is an approach that translates an organization's mission and strategy into a comprehensive set of performance measures that provides the framework for a strategic measurement and management system.
that are addressed by the use of Balanced Scorecard can be summarized as follows:
- A clear strategic vision is not enough. It requires communicating to the entire company and understood.
- When a strategic vision is in place, it typically has little or no impact on the operating goals of departments and individuals. It must be tied to the goals and objectives of the individuals and departments concerned.
- Day-to-day decisions ignore the strategic plan. The plan must be broken down into objectives and initiatives that have a direct relevance to the day-to-day activities of personnel.
- Companies fail to collect the right information to monitor progress toward their strategic goals. It requires the right data gathered and input to provide effective measurement of objectives.
- Companies do not identify or learn from their mistakes. If an objective is not attained, it must be clearly understood why with initiatives created to modify the objective or change the approach.
The balanced scorecard is a management approach that addresses these precise issues. Its purpose "...is to translate strategy into measures that uniquely communicate your vision to the organization" as defined by Robert Kaplan and David Norton in their book, ‘The Balanced Scorecard’.
Organizations have come to realize the importance of an enterprise strategic feedback and performance measurement and management application that enables them to more effectively drive and manage their business operations.
Unify can support your Balanced Scorecard initiative by not only housing the required components of the Balanced Scorecard system, but also simplifying the complexity associated with enterprise performance measurement.
Learn more about Balanced Scorecard:
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