Performance Management consists in essence of two components: the objectives definition process based on each business’s strategy and the indicators system implementation that evaluates the performance of corporate’s strategic objectives. One of methods used to measure performance of company is 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 communication and monitor organizational performance against strategic goals. It is a strategic approach and performance management system that organizations use to translate vision and strategy into practice, from four perspectives: Financial, Customer, Business process, Learning and growth.
The benefits of Balanced Scorecard:
- To better align company’s vision with the company’s strategic objectives at all organisation levels.
- To build a powerful framework and communicating company’s strategy.
- To integrate various corporate programmes (like quality and customer service).
- To align organisational processes such as budgeting, risk management and analytics with the strategic priorities.
- Alignment of individual goals with the firm’s strategic objectives and measure of company performance.
We can help your company to implement the Balanced Scorecard successfully.