BALANCED SCORECARD
The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.
A Strategy-Focused Organization translates strategy into action when it organizes a “strategy map” framework of cause and effect between its strategic objectives, then operationalizes these objectives with measures which, considered as a group, comprise a Balanced Scorecard. This “hypothesis” about how the strategy will create value involves objectives drawn from, at a minimum, four perspectives: Financial, Customer, Internal Process, and Learning and Growth.
Corporate Performance Management, sometimes referred to as Business or Enterprise Performance Management encompasses the relationships and processes that exist between strategic planning on the one hand and the tactical and day-to-day implementation of those plans on the other. These are related through measurement and monitoring and incorporate feedback from one level to another, both in financial and operational terms. BSC therefore incorporates both ‘hard’ measures such as sales, profits, budgets and other data; as well as ‘soft’ measures like competencies and skills that enable the fulfillment of tasks that support both short and log-term goals. BSC is the suite of applications that enable all of these elements to be tied to together to support the corporate vision in a holistic manner.
In technical terms, BSC as a whole consists of Financial Performance Management (budgeting, forecasting, planning, consolidation and so forth), Operational Performance Management, analytic applications, scorecarding and dashboards, and business intelligence capabilities though, arguably, it could also be extended to include such things as business activity monitoring, and these functions are supported by a variety of capabilities including business modelling, metric management, and guided analysis amongst others. In essence, all of these functions should come together to provide a single cohesive whole, though companies implementing BSC should be able to do so in an incremental fashion.
PLEASE USE THESE SITES
www.balancedscorecard,org/basics/bscl.html
www.balancedscorecard,org/basics/index.html
Regarding organizations using BSC in mumbai,
I am not aware of, but it may be useful to
ring HR DEPARTMENTS in corporations like
LARSEN & TOUBRO, HINDUSTAN LEVER ETC ETC
and seek an appointment to see them.
hope this is useful to you
regards
LEO LINGHAM