The Balanced Scorecard is a strategic planning and management system that monitors organizational performance against strategic goals. It was developed in the 1990s by Kaplan and Norton as an alternative to traditional performance measures that only consider financial perspectives. The Balanced Scorecard provides a balanced approach across financial, customer, internal business process, and learning and growth perspectives. It helps organizations execute strategy by translating strategic objectives into measurable goals and linking strategic measures to critical business activities.
Balanced Scorecard, A Comprehensive Guide Upendra K
The Balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action.
Provides an organization with feedback of both the internal business processes and external outcomes, which allows for continuous improvement of strategic performance and results.
Nerve center of an enterprise
The term “scorecard” signifies quantified performance measures and “balanced” signifies the system is balanced between:
Short-term and long term objectives
Financial and non-financial measures
Lagging and leading indicators
Internal and external performance perspectives
The concept of the balanced scorecard was first touted in the Harvard Business Review in 1992 in a paper written by Robert S Kaplan and David P Norton.
The paper introduced the idea of focusing on human issues as well as financial ones, and measuring performance across a much wider spectrum than businesses had done before.
Kaplan and Norton published their ideas in full in The Balanced Scorecard: Translating Strategy into Action in 1996 and it became a business bestseller.
The balanced scorecard is centered on four performance metrics or perspectives:
Customers
Internal processes
Financial
Learning and growth
When implemented properly, each one of these perspectives contains four subparts consisting of
Objectives
Measures
Targets
Initiatives
Balanced Scorecard, A Comprehensive Guide Upendra K
The Balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action.
Provides an organization with feedback of both the internal business processes and external outcomes, which allows for continuous improvement of strategic performance and results.
Nerve center of an enterprise
The term “scorecard” signifies quantified performance measures and “balanced” signifies the system is balanced between:
Short-term and long term objectives
Financial and non-financial measures
Lagging and leading indicators
Internal and external performance perspectives
The concept of the balanced scorecard was first touted in the Harvard Business Review in 1992 in a paper written by Robert S Kaplan and David P Norton.
The paper introduced the idea of focusing on human issues as well as financial ones, and measuring performance across a much wider spectrum than businesses had done before.
Kaplan and Norton published their ideas in full in The Balanced Scorecard: Translating Strategy into Action in 1996 and it became a business bestseller.
The balanced scorecard is centered on four performance metrics or perspectives:
Customers
Internal processes
Financial
Learning and growth
When implemented properly, each one of these perspectives contains four subparts consisting of
Objectives
Measures
Targets
Initiatives
Webinar: The Balanced Scorecard What Does It Mean And How To Implement ItAli Zeeshan
For other Informa Webinars: http://www.informa-mea.com/webinars
To view recording: https://youtu.be/4RQF-oUMgcw or watch the video at end of the slide
This webinar is designed as a practical guide to using the Balanced Scorecard.
The Balanced Scorecard is a system used extensively in business and industry, government, and non-profit organisations worldwide to align business activities to the vision and strategy of the organisation, improve internal and external communications, and monitor organisation
performance against strategic goals.
The Balanced Scorecard was originated by Drs Robert Kaplan (Harvard Business School) and David Norton as a framework to help managers consider both financial and non-financial aspects of their business and design performance metrics around them.
While the phrase Balanced Scorecard was coined in the early 1990s, the roots of this type of approach are deep, and include the pioneering work of General Electric on performance measurement reporting in the 1950s and the work of French process engineers (who created the Tableau
de Bord – literally, a "dashboard" of performance measures) in the early part of the 20th century.
About the Presenter:
Ian has over 30 years of business experience ranging from senior management positions, in such companies as Ericsson to founding and selling his own companies. Ian designs and delivers training programmes globally with particular attention to the GCC nations. He works in many
fields including both accredited and non-accredited courses.
Ian divides his time equally between the Middle East and the UK. In the UK, Ian is a lead professor at London Met University and the University of West London specialising in working with students to gain their membership to the Chartered Institute of Procurement and Supply.
Webinar: The Balanced Scorecard What Does It Mean And How To Implement ItAli Zeeshan
For other Informa Webinars: http://www.informa-mea.com/webinars
To view recording: https://youtu.be/4RQF-oUMgcw or watch the video at end of the slide
This webinar is designed as a practical guide to using the Balanced Scorecard.
The Balanced Scorecard is a system used extensively in business and industry, government, and non-profit organisations worldwide to align business activities to the vision and strategy of the organisation, improve internal and external communications, and monitor organisation
performance against strategic goals.
The Balanced Scorecard was originated by Drs Robert Kaplan (Harvard Business School) and David Norton as a framework to help managers consider both financial and non-financial aspects of their business and design performance metrics around them.
While the phrase Balanced Scorecard was coined in the early 1990s, the roots of this type of approach are deep, and include the pioneering work of General Electric on performance measurement reporting in the 1950s and the work of French process engineers (who created the Tableau
de Bord – literally, a "dashboard" of performance measures) in the early part of the 20th century.
About the Presenter:
Ian has over 30 years of business experience ranging from senior management positions, in such companies as Ericsson to founding and selling his own companies. Ian designs and delivers training programmes globally with particular attention to the GCC nations. He works in many
fields including both accredited and non-accredited courses.
Ian divides his time equally between the Middle East and the UK. In the UK, Ian is a lead professor at London Met University and the University of West London specialising in working with students to gain their membership to the Chartered Institute of Procurement and Supply.
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2. The Balanced Scorecard is a strategic planning
and management system used to align business
activities to the vision and strategy of the
organization by monitoring performance against
strategic goals.
What is a Balanced Scorecard?
3. Was first published in 1992 by Kaplan and
Norton, a book followed in 1996.
Traditional performance measurement that only
focus on external accounting data are obsolete.
The approach is to provide 'balance' to the
financial perspective.
Balanced Scorecard Concept
4. Improve organizational performance by
measuring what matters
Increase focus on strategy
Align organization strategy
day-to-day basis
and results
with workers
on a
Focus on the drivers key to future performance
Improve communication of the organization’s
Vision and Strategy
Prioritize Projects / Initiatives
Why Use a Balanced Scorecard?
5. The Balanced
Scorecard model
suggests that we
view the
organization from
4 perspectives.
Then Develop
metrics, collect
data and analyze it
relative to each of
these perspectives
Adapted from The Balanced Scorecard by Kaplan & Norton
4 Original Business Perspectives
6. Financial
What must we do to create sustainable economic value?
Internal Business Process
To satisfy our stakeholders, what must be our levels of
productivity, efficiency, and quality?
Learning and Growth
How does our employee performance management
system, including feedback to employees, support high
performance?
Customer
What do our customers require from us and how are we
doing according to those requirements?
4 Business Perspectives Questions
8. Obtaining executive sponsorship and
commitment
Involving a broad base of leaders, managers
and employees in scorecard development
Choose the right Scorecard Champion
Beginning interactive (two-way) communication
first
Viewing the scorecard as a long-term journey
rather than a short-term project
Getting outside help if needed
Key Implementation Success Factors
9. PROCESS: MANUFACTURING EXCELLENCE
THEME: ROCE > xx%, VOLUME = xx,xxx units
FI
PERSPECTIVE
Monitoring
Monitoring
CUSTOMER
PERSPECTIVE
OPEX
RM XX M
Prod. & Sales Mtg.
I
CAPEX
PERSPECTIVE
RM xx M
• Specific Programmed
Operational Process
• Defensive Driving
• Certification
LEAR
PERS
• Communication
•Strategic Awareness
Programm
• Cycle Time
•Productivity
THAT ARE CONSISTENT, TIMELY
• Man-hour per Unit
•Low Cost Manufacturing
Standards
NANCIAL
Long-Term Shareholder
Value ROCE > xx%
Improve Grow
Productivity Revenue
• Monthly Monitoring
O
RM
CA
RM
• Weekly/Monthly
• Monthly Monitoring
• Weekly/Monthly
OFFER PRODUCTS & SERVCIES •World-Class Quality • Defect per Unit
and LOW-COST •World-Class Delivery Timing • Sales Delivery
Low World •Knowledgeable & Skilled • Direct Pass Rate
Cost Class Partner
Customer Enhance •High Customer Satisfaction • Market Feedback
Satisfaction Brand
•Reinforce Brand Image • Sales Volume
• Weekly Monitoring
• Daily Monitoring
• Daily Monitoring
• Daily Monitoring
• Weekly Monitoring
• Monthly Monitoring
TERNAL
ENSURE OPERATIONAL EXCELLENCE WITH •Delivery
• Meet Daily Plan
INNOVATION AS WELL BEING SOCIALLY • WIP
RESPONSIBLE •Continuous Improvement
• KAIZEN
• ICC
Excellence Innovation
•NPI • Timely Introduction
Alliances with Socially •Safety & Health
• Industrial Accident
• Commuting Accident
SBUs Responsible • Toxic Waste Disposal
•Environment
• ISO 9002
• Hourly Monitoring
• Daily Monitoring
• Daily Monitoring
• Monthly follow-up
• Weekly Follow-up
• Cross Audits
• Facility Readiness
NING & GROWTH
PECTIVE •Develop the Necessary Skills • R&D & Development • Training and Skill
Build-up
STRATEGIC JOB & SYSTEMS
•Information Systems
Availability
• ALC, Procurement,
Financial
• Set-up, Test and
Validation
Skills Info. System •Strategic Aw • Alignment
• Communi
Programm ed
• Cost/Unit, Efficiency
•% Utilization
• Trial Prod.
• Spare Parts Prod
•Warranty Cost t
•Operating Cost & Efficiency
•Capacity Utilization
•Capability Utilization
•Brand / Image
INITIATIVE BUDGET
MEASUREMENT TARGET
Balanced Scorecard Example
STRATEGY MAP BALANCED SCORECARD ACTION PLAN
MEASUREMENT TARGET INITIATIVE BUDG
OBJECTIVES
13. Lack of a well Defined Strategy
The balanced scorecard relies on a well defined strategy and
understanding of linkages between strategic objections and
metrics. Without this foundation the implementation could fail.
Too much focus on the lagging measures
Focusing on only the lagging measures may cause a lack of
priority or opportunity for the leading measures.
Use of Generic Metrics
Don’t just copy metrics from another firm. Identify the measures
that apply to your strategy and competitive position .
Self-serving managers
Managers whose goal is to achieve a desired result in order to
obtain a bonus or other self reward.
Scorecard Potential Pitfalls & Criticisms
14. Helps align key performance measures with strategy at all levels of
an organization
The methodology facilitates communication and understanding of
business goals and strategies at all levels of an organization
Strategic initiatives that follow "best practices" methodologies that
cascade through the entire organization
Transforms an organization’s mission statement and strategic plan
from a passive document into the "marching orders" for the
organization on a daily basis.
It enables executives to truly execute their strategies by identifying
what should be done and measured.
To date, some form of a Balanced Scorecard is used by nearly 60% of
Fortune 500 companies
Balanced Scorecard Benefit Re-Cap