The main components within a business that determine successful business execution are considered by Kaplan and Norton's balanced scorecard strategy map to be internal business processes, finances, consumer marketing, and sustained, continuous growth of the business with the implementation of new strategic initiatives.
To determine the current state that these fundamental business areas are in, the CEOs of organizations simply need to ask themselves a few key questions:
- How should we appear as a business to our shareholders in order to succeed financially?
- To make our vision a reality, how should we appear to our consumer base?
- What measures can be put in place to ensure constant improvement, so our objectives can be achieved?
- Which business processes are fundamental to customer and shareholder satisfaction?
To identify the answers to these questions, organizations are in considerable need of assistance, and there are many performance management tools available that can help managers to keep a handle on the internal processes that effect all aspects of an organization - particularly, the consequences these processes are having on wider business execution in terms of goals.
The balanced scorecard is one such tool, and has been adopted in countries worldwide as a report system supported by automation tools that can be used to monitor the impact that particular employee actions are having on business execution.
Its main characteristic is the presentation of a mixture of both financial and non-financial measures, each of which are compared to a target value within one succinct report. This report doesn't replace traditional financial reports, but instead collects the information that will have the most relevance to those using it.
The business execution specialists at i-nexus have developed an innovative balanced scorecard software solution that supports all stages of Kaplan and Norton's methodology, and transforms the balanced scorecards of organizations into systems of execution. This balanced scorecard solution is designed to help organizations put actions into play that can correct issues relating to the hindrance of goal achievement; thus creating efficiency and ease for companies across the globe.
For more information on how i-nexus' balanced scorecard software and other business execution solutions can help drive your organization's goals, contact them today.
