This is part one of a five part series on successful scorecarding. Over the course of the next several weeks, we’ll touch on the following scorecard related topics…
- Strategy and corporate performance management
- Identifying benefits
- Understanding potential risks
- Realizing opportunities
- Scorecarding 101
- Requirements gathering
- Best practices & other practical advice
Tune in weekly for the latest and greatest!
Many successful companies realize the importance of strategy and the benefits of driving performance in the desired strategic direction. Unfortunately, relatively few have properly articulated, communicated, or implemented the practical means to wind up at their chosen strategic destination. Scorecarding applications allow you to do just that…guide day to day decisions in the direction of your company’s chosen strategy. Living your company’s mission statement OR strategy/road map OR balanced scorecard doesn’t have to be a pipe dream or something that only happens in an annual review. Implementing a pragmatic and actionable scorecarding system gives employees the ability to think and act strategically every day.
The uses of conventional BI systems are really only one part of a larger corporate performance management opportunity.Combining planning components (drive the business), scorecarding components (monitor/influence the business), and reporting components (understand the business) allows for a fully synergistic decision making continuum. This is true closed-loop analytics, where clearly stated strategy influences outcomes, and those outcomes influence future planning, and so on. In this continuum, corporate strategy can now be implemented and thoughtfully executed at all desired levels of the organization.
Now that we’ve set the table on where scorecarding fits in terms of living strategy and corporate performance management, we’ll spend next week’s post detailing the benefits, identifying risks, and better understanding scorecarding opportunities.