Post by ummefatihaayat22 on Feb 13, 2024 4:17:46 GMT -6
The balanced scorecard is not a simple tool but an entire strategy that, well implemented, offers much more than tactical and operational reports. For its potential to transcend, it is necessary to establish a management process that can be controlled effectively, whose center will be the balanced scorecard , and in which, at a minimum, the following factors must be guaranteed: iStock_000039505236_Small Photo credits: istock peshkov A/ The establishment of a management process to monitor the execution of the strategy and its adjustment. B/ Sufficient understanding of the difference between strategy reviews and operational monitoring. The balanced scorecard itself consists of the following parts: 1. Strategic map: where the strategic objectives that describe the added value of the organization are collected. Its mission is to provide the vision necessary to align with the global strategy.
Often these types of maps are divided into themes, each of which links to various perspectives and describes a specific part of the strategy. 2. Indicators: KPIs that serve both to communicate the aspects of greatest strategic importance for the organization, and to measure progress in the execution of said strategy. 3. Projects: or critical programs, which put the strategy into practice, generating the added Germany Telemarketing Data value that meets the expectations of the interested parties. Implementation of the balanced scorecard The greatest difficulty in implementing the balanced scorecard lies in choosing the correct data, or in other words, asking the right questions. With more and more data available, how do you know that the right data is being analyzed to support the strategy? The appropriate data is: Relevant, in strategic terms. Accurate, to monitor the results. Complete, in relation to obtaining information that will be transformed into knowledge.
Punctual, because they have to allow risks to be anticipated in order to be able to adapt to the changes that are imposed. A combination of best practices in the selection of the indicators that will generate this data and the appropriate technological choice will produce the metrics necessary to meet the strategic objectives. Currents balanced scorecard There are three essential currents in the balanced scorecard methodology that every business should know: 1. Balanced scorecard and predictive analytics: this combination optimizes results, especially in the areas of budgeting and reporting which, when linked to forecasting functions , make the organization more flexible. 2. Balanced scorecard and BI : business intelligence must be understood as something inseparable from the balanced scorecard, as it is the only possible combination that allows us to deepen and understand the root causes that motivate the fluctuations and changes that occur in the levels of performance. This combination of the balanced scorecard with business intelligence (BI) produces much deeper, more accurate and complete results than either approach alone. 3. Balanced scorecard and systems : this fusion constitutes the axis in the high-quality execution system and must occur from the same design stage of any business management system.