subject: An Essential Introduction to Balanced Scorecard Strategy Map [print this page] An Essential Introduction to Balanced Scorecard Strategy Map
Balanced Scorecard Strategy Map - for Effectively Developing and Communicating High - Level Business Strategy
Effective decision making is the most important part of ensuring the success of any business in the highly competitive arena today. It's not a one time process rather it's something that continues to grow in importance as your business matures and expands. However, decisions need to be implemented in to actions in order to churn out profits.
You Need Balanced Scorecard to be a Market Leader
When discussing the importance of effective discussion making, we can by no means overlook the significance of effectively strategizing, which is nonetheless as important as is effective decision making. In order to be a market leader, it's important to create right strategies and get them implemented on the right time and in the right manner. High level business strategies need to be developed and communicated to the staff effectively. Besides this, comprehensive management system is required for creating a result oriented culture.
Use of Balanced Scorecard Strategy Map a tool from Demand Metric for strategic performance management, is recommended to implement a proven business performance management methodology.
The Balanced Scorecard Approach
The tool is quite useful for managers as they can keep a track of:
How various activities were executed by the respective staff members?
What was the consequence of their actions?
Developed by Kaplan & Norton in 1992, the tool empowers the business persons to align business strategy with their vision and mission. It's a system that helps in the development of key performance indicators to ensure success. Measuring performance across your key perspectives viz. financials, customers, business process, and learning & growth is also facilitated by the balanced scorecard.
With the help of tools such as Balanced Scorecard Strategy Maps, business planning and prioritization is simplified. At the same time, it becomes a lot easier to set goals and objectives, establish KPIs (Key Performance Indicators) & metrics, and choose initiatives that deliver best value.
In a nutshell, tools such as Balanced Scorecard Strategy Map are meant to help businesses create as well as communicate high level decisions, prepare right strategies and implement the same for greater results and in turn boosted ROI.
