Information
Balanced Scorecard
Information
Balanced Scorecard: Balanced Scorecard is a Performance Management
system for tracking goals and progress toward the strategic visions.
A thorough Information Balanced Scorecard measures performance from
four distinct perspectives: Financial, Customer, Internal Process
and Innovation & Learning. It allows to effectively
consolidating existing initiatives into four quadrants in order to
make the best use of company efforts.
The Information
Balanced Scorecard is implemented in a series of steps resulting in
quantitative and qualitative data used for annual and long range
planning. This will help us to move toward a level of performance
consistent with our predefined goals and objectives.
The steps are:
- Create a
clear vision for the future
- Define clear
objectives and goals for the four performance perspectives
(Customer, Financial, Internal Process and Innovation &--
Learning)
- Set critical
success factor/performance measurements
- Measure
progress
- Evaluate and
Report Progress (quarterly/annually)
- Annual
planning for performance enhancement based on Scorecard
results
Some more
Information Balanced Scorecard: Balance Scorecard provides
information about insurance, small business, softwares, performance
management strategic information system
etc.
The Insurance
Scorecard is an application specifically designed to provide
insurance industry executives with a comprehensive framework to
define and measure the strategic objectives of the organization. The
Insurance Scorecard utilizes third generation Business Intelligence
(BI) tools, developed to give the insurance executive immediate,
accurate and up-to-date information on a wide variety of performance
measures. Information is displayed in graphical formats, affording
the insurance executive slice and dice capability that allows
critical information to be accessed quickly. The Insurance Scorecard
is easy to use, quick to implement, and can have both an immediate
and lasting effect on the bottom line. It is a third generation
management tool, designed to both measure the performance of
strategic initiatives as well as drive strategies.
Every small
business should have an objective. However, this may depend upon
what the small businessman actually wants. Small businesses start
for a variety of reasons. Employees of large companies made
redundant set out to market their skill, often because they are too
old to find other, suitable employment. Others have an idea, or see
a niche, and exploit it. McClelland suggests that:
- Objective
should be beyond satisfying basic needs, perhaps at least two
rungs up the Maslow Pyramid;
- It should be
demanding and bring out the achiever. Bank loan applications
require a business plan and this requires the applicant to state
short, medium and long-term objectives. Curiously, organizations
such as the Prince’s Trust, set up to help fund new businesses
which have been rejected by the banks, do not appear to require a
statement of objectives.
To sum up the
Information Balanced Scorecard: The potential benefits of a Balanced
Scorecard depend on what it is to be used for. Simply having a
Balanced Scorecard is not enough - the Scorecard will only be useful
if it is applied correctly. Although many different types of
organization are using Balanced Scorecard, in many different
formats, there are two distinct applications: Management Control and
Strategic Control Although visually similar, these two applications
of Balanced Scorecard require substantially different design and
development processes, and provide different benefits to a
management team.
