Balanced Scorecard

The balanced scorecard is a strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications and monitor organization performance against strategic goals.

The balanced scorecard suggests we view 4 critical perspectives of our business:

1. Learning & growth: includes training, learning, corporate culture and attitudes, self growth. Individuals are the main repository of knowledge of an organisation and the critical resource. Communication among workers is key, as is avoiding brain drain.
2. Business process: Metrics based on internal business processes allow management to monitor how well the business is running and wether it’s products/services are well accepted by clients.
3. Customer: Indicators on customer satisfaction and tools to improve and monitor customer relations are critical
4. Financial: Timely and accurate financial data is still a key to manage the business. Data should be centralised and of fast and easy access, but financial data should not be the only indicator, thus the original intention of the word “balanced”.

The Balanced Scorecard automates and centralizes the issuance and tracking of objectives, targets, measures and initiatives.