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The Balanced Scorecard - Innovate, re-invent or expire.
"Innovation is about changing course before its required." Tom Peters, 2009.
Needed more than ever in a recession, the ability to link strategy and operations creates much more specific, much more valuable feedback loops. Re-inventing an organisation has never been more important.
The Balanced Scorecard provides senior managers with a manageable set of data that clearly indicates where action is needed.
The measurement data is typically from four categories:
Financial Data - how well the organisation is meeting its financial objectives.
Customer Data - how well the organisation is adding value to its customers.
Talent Data - have employess the capability to support present and future needs.
Process Data - how well the organisation is managing risk and protecting its assets.
The combination of this information provides an overall view of the health of the organisation and a clear picture of ongoing progress towards achieving the organisation's objectives. Ultimately now, the focus of activity is aligned to achieving success in the areas seen as being most important to the organisation.
The impact of adoption of a balanced approach to measurement has been variously estimated as a profitability increase of between 15% and 30% for a typical FT-SE 100 company.
Balanced Scorecard, more than this, is your opportunity for involvement, empowerment, buy-in, innovation, re-invention, collaboration, performance, direction, execution, implementation and success.
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