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Scorecards

In 1992, Robert S. Kaplan and David Norton introduced the balanced scorecard (BSC), a concept for measuring a company's activities in terms of its vision and strategies. It gives managers a comprehensive view of the performance of a business. more...

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It is a strategic management system that forces managers to focus on the important performance metrics that drive success. It balances a financial perspective with customer, internal process, and learning & growth perspectives.

The system consists of four processes:

Translating the vision into operational goals;; Communicate the vision and link it to individual performance;; Business planning;; Feedback and learning and adjusting the strategy accordingly.;

A Comprehensive View of Business Performance

Balanced Scorecard is a method and a tool solely dedicated to the execution af any organizations strategy. Its structure consists of:

- a strategy map where strategic objectives are placed over four perspectives in order to clarify the strategy and the cause and effect relationships that exists among them.

- strategic objectives which are smaller parts of the strategy interlinked by cause and effect relationships in the strategy map.

- measures reflecting the intent of each strategic obective. Their prime purpose is to measure that the desired change or development defined by strategic objectives acutally takes place. Measures in a balanced scorecard never tracks business as usual unless it becomes a necessary part of the overall strategy.

- strategic initiatives that constitutes the acutal change as described by strategic objectives

The scorecard drives implementation of strategy from the following perspectives:

Financial Perspective - measures reflecting financial performance, for example number of debtors, cash flow or return on investment. The financial performance of an organization is fundamental to its success. Even non-profit organizations must make the books balance. Financial figures suffer from two major drawbacks:

They are historical. Whilst they tell us what has happened to the organization they may not tell us what is currently happening, or be a good indicator of future performance.; It is common for the current market value of an organization to exceed the market value of its assets. Tobin's-q measures the ratio of the value of a company's assets to its market value. The excess value can be thought of as intangible assets. These figures are not measured by normal financial reporting.;

; Customer Perspective - measures having a direct impact on customers, for example time taken to process a phone call, results of customer surveys, number of complaints or competitive rankings.; Business Process Perspective - measures reflecting the performance of key business processes, for example the time spent prospecting, number of units that required rework or process cost.; Learning and Growth Perspective - measures describing the company's learning curve -- for example, number of employee suggestions or total hours spent on staff training.;