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The scorecard system is a strategic planning and management system used by organizations to ensure that operations are in line with the business vision and strategy.
The scorecard system allows:
Because it joins financial and non-financial metrics together, it is also termed as the balanced scorecard system.
Measuring and managing effectively
When using the scorecard system, a set of performance measures works as the basis on which to measure strategy and manage its implementation effectively.
Furthermore, in the balanced scorecard system, performance is measured and compared to expected values of performance. For an effective performance measurement in this case, the metrics or data need to be relevant, the expected values for performance need to be chosen effectively, and the organization must have the ability to make interventions to correct the gaps between reality and expectation.
There are four major perspectives for measuring performance, and some commonly utilized scorecard measures within these include:
Performance measurement through scorecards has several features. Most importantly, it must demonstrate results that bring financial improvement in an organization. This improvement may be brought by showing gaps between reality and expectation and the ways to bridge them.
Other features include:
Measuring strategy through the balanced scorecards has vital bearing on the financial status of an organization. At Analytix Solutions, we employ a mix of effective automation and sound business insights to ensure that our clients’ businesses are measured effectively and profitably.
To learn more about how our processes can help you measure and manage business strategy better, call us at 781.503.9004 or send us an email at firstname.lastname@example.org.
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