The Balanced Scorecard is a business management concept. This concept allows to transform strategy into action. With Balanced Scorecard you describe companies’ vision, mission and strategy.
Balanced Scorecard Key features
There are three important things you should know about Balanced Scorecard:
- It’s a concept (not a set of rules, tools or methods);
- It helps to connect your strategy with real action;
- It lets to describe companies’ strategy, vision and mission;
Basing Balanced Scorecard concept every strategic goal must have a success factors. For every factor you can have a measure way and target value.
The balanced scorecard suggests to view the organization from four perspectives:
- The Learning and Growth Perspective
- The Business Process Perspective
- The Customer Perspective
- The Financial Perspective
Then you should develop success measure ways and assign a target values.
Balanced Scorecard History
An article by Robert Kaplan and David Norton entitled "The Balanced Scorecard - Measures that Drive Performance" in the Harvard Business Review in 1992 sparked interest in the method, and led to their business bestseller, "The Balanced Scorecard: Translating Strategy into Action", published in 1996.
Why use Balanced Scorecard
The Balanced Scorecard is another great way to let your employees know about your strategy, mission and vision. People will not just “know” about your strategy, but will be able to answer question:
- What can we do to achieve our strategy;
- What is the relation between things we are doing now and strategy/vision of our company;
- The Balanced Scorecard transforms strategy into action;
Strategy2Act program to build Balanced Scorecard
Strategy2Act program is a Balanced Scorecard support system. This software helps to build and maintain a Balanced Scorecard for your company.
With Strategy2Act software you will need to pass four steps to have your Balanced Scorecard:
- Create a Strategy Tree. You can create your own set of perspectives and goals or use a template;
- Describe measures. Describe how to measure goal improvement and describe target values;
- BSC Documents. Once you designed your Strategy Tree, you can generate a Balanced Scorecard reports. This is a copy of your balanced scorecard document that you can use to provide your employees with strategy and mission information;
- Analyze solutions. You can use a Scorecard to rate any new solution. Strategy2Act will support the process of analyzing. You will be able to find out if this solution helps to achieve your strategic goals and how can it help do it;
Strategy2Act Business results
Strategy2Act software is a Balanced Scorecard support system. With this tool you will be able to:
- Build and describe in details your Strategy, Mission and Vision.
- Your and employees of your company will clear understand what is company strategy, what should we do to achieve it and if the solutions we are working with now helps us to achieve our strategic goals
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