Balanced Scorecard 101: An Executive Guide to Balanced Scorecard
- 20 November, 2008 16:10
- What is a “balanced scorecard”?
- What are the benefits of implementing a balanced scorecard?
- How is it different from other methodologies, such as Six Sigma, activity-based costing and IT governance?
- Does every organisation need a balanced scorecard of some type?
- Who is the champion within the organisation?
- How can you determine your scorecard measures?
- How is the balanced scorecard implemented?
- Are there software tools that can help?
- What if you choose not to use off-the-shelf software?
- What are the challenges of implementing a balanced scorecard?
- How can you determine ROI?
- Can you dip a toe in the water, or is it an all-or-nothing proposition?
- Is this something a company can do internally, or is external help advisable?
Can you dip a toe in the water, or is it an all-or-nothing proposition?
It's a good idea to start slowly. Start simple by focusing on just three indicators, and put a few employees in charge who are champions of the effort. Do a pilot program with those parameters, and expand from there. Also, don't jump into expensive software-try the grow-your-own approach first.
Is this something a company can do internally, or is external help advisable?
It's certainly possible to do it internally if you have sufficient executive commitment, if your balanced scorecard leaders are motivated to learn and lead, and if you have the internal bandwidth to do it right. It all depends on how much time you have, how much you can spend, how much time you can afford to take from your employees, and how much internal expertise and willingness to learn you have. Sometimes it does make sense to use an external consultant, such as when your effort or company needs a jump-start, when you don't have the internal expertise or manpower, or when the cultural change is just too difficult to handle without an outside influence.
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