The Balanced scorecard is a structure for implementing and managing strategy at all levels of an organization. It seeks to link objectives, initiatives, and projects to the organization’s strategy. The scorecard considers financial metrics along with other performance indicators, including organizational growth, innovation, customer perspectives, business processes, and learning.
Balanced scorecard software is instrumental in ensuring that process improvement activities support the strategic objectives and that progress against goals can be accurately measured and shared with the organization.
Communicate Objectives & Opportunities
Balanced scorecard software gives administrators the ability to make objectives available to the entire organization and to customize them at the department level. It also gives employees the ability to identify opportunities for improvement and link them to the objectives they support. This allows leaders to report on the opportunities that impact each goal, making it easier to balance the organization’s efforts across all strategic objectives.
Oversee Employee Contributions
The best balanced scorecard software gives leaders visibility into which departments, teams, and individuals are identifying and implementing opportunities for improvement that impact the strategic goals outlined by the balanced scorecard. This makes it easy to determine which people and groups should be singled out for recognition and which ones may be facing roadblocks or need additional training.
Track Progress and Trends
It isn’t unusual for organizations to see peaks and valleys in improvement work. Balanced scorecard software helps smart leaders stay on top of these trends and take early action if improvement work starts to wane. They can also identify the reasons behind spikes and dips in activity and act accordingly.
Because the balanced scorecard covers so many functions of the organization, collaboration across groups is often necessary to achieve objectives. When all goals and opportunities for improvement are available in a central, electronic repository, teams can more easily stay in sync and accomplish more, faster.
The balanced scorecard approach is a straightforward, effective tool for tracking performance across the most important areas for focus. It puts leaders in the position to predict future results and respond to areas where improvement is falling behind. Software with easy-to-use tools for aligning opportunities for improvement with strategic goals helps organizations maintain momentum and exercise control.