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Balanced Scorecard

Balanced Scorecard: what is it ? .. (1)

At the highest level, the Balanced Scorecard (BSC) is a framework that helps organizations to translate strategy into operational objectives that drive both behavior and performance. Drs. Robert Kaplan (Harvard Business School) has subsequently published another book on the subject, called The Balanced Scorecard: You Can't Drive a Car Solely Relying on a Rearview Mirror. Note that the Balanced Scorecard is a management system not a measurement system. Measurement is a key aspect of the Balanced Scorecard, but it is much more than just measurement; it is a means to setting and achieving the strategic goals and objectives for your organization.

Balanced Scorecard: what is it ? .. (2)


Question:
How can complex organizations achieve results like this in such short periods of time?

Answer:
Alignment!

The Balanced Scorecard process allows an organization to align and focus all its resources on its strategy

BUSINESS UNITS

STRATEGY

EXECUTIVE TEAM

HUMAN RESOURCES

INFORMATION TECHNOLOGY BUDGETS AND CAPITAL INVESTMENTS

Balanced Scorecard: the ingredients of highly successful


1. Leadership From the Top Create the Climate for Change Create a Common Focus for Change Activities Rationalize and Align the Organization

Formulate

4. Make Strategy a Continuous Process Strategic Feedback That Encourages Learning Executive Teams Manage Strategic Themes Testing Hypotheses, Adapting, and Learning

Communicate

STRATEGY

Navigate

2. Make Strategy Everyones Job Comprehensive Communication to Create Awareness Align Goals and Incentives Integrate Budgeting with Strategic Planning Align Resources and Initiatives

Execute

3. Unlock and Focus Hidden Assets Reengineer Work Processes Create Knowledge Sharing Networks

Balanced Scorecard: what is the focus ?


They typically focus your company strategy around the following areas: Financial Perspective How do you look against the financial objectives of the companys owners Customer Perspective How do you look to your current and prospective customers? Internal Business Perspective What must you excel run an effective business? Learning Perspective What must you organization learn to improve your business? You not only have to measure these critical four focus, but also set strategies, goals, objectives, and tactics to make them happen. And while you're at it, you have to make sure that your strategies and tactics are congruent. They have to work together and create a single thread, tying together in ways that make sense. This isn't an optional exercise; it's essential. The future of your business depends on it.

Balanced Scorecard: the positioning of a perspective framework

Balanced Scorecard: the positioning of a perspective framework .. (illustration)

Balanced Scorecard as a Centerpiece of Strategy

Strategic Maps and Balanced Scorecards: issues & metrics


Strategic maps help communicate your corporate strategy. And, balanced scorecards are a way to measure your strategic progress.

Strategic Maps and Balanced Scorecards: illustration corp.

Sample: Value Budget

Sample: Value Creating Processes

Sample: Value Time Line

Case Study corp.

Case Study personal

Some of the Indicators of Good Balanced Scorecard


1. Executive Involvement
Strategic decision makers must validate and own the strategy and related measures

2. Cause-and-Effect Relationships

A good Balanced Scorecard will tell the story of your strategy in actionable terms.

Every objective selected should be part of a chain of cause and effect linkages that represent the strategy

3. Balance between outcome and leading measures There should be a balance of outcome
measures and leading measures to facilitate anticipatory management

4. Financial Linkage
Every objective can ultimately be related to financial results

5. Linkage of Initiatives and Measures: Each


initiative should be based on a gap between baseline and target.

Management Cockpit
A DashboardManagement Information System for effective making decision Information will be updated regularly and presented in the clarity, summary, and predetermined and sequenced basis

Management Cockpit