Balanced Score Card is a well-known Strategy and Process Management Tool. It is adopted globally among businesses, governments, and non-profit organizations. It helps in tracking organization and individual performances against strategic goals, aligning business activities to the vision and strategy of the organization and improves communications in the organization and well as to relevant stakeholders outside the organization.
- Perspectives
- Features and Benefits
- Consulting Methodology
In terms of the Balanced Score Card, the organization is viewed in four perspectives. It is suggested to develop metrics, collect data and analyse it relative to each of these perspectives:
1) The Learning & Growth Perspective
This perspective is related to developing long-term competence in this era of rapid technology change. This perspective focuses on developing high-performance teams by enabling them to access a various right set of sources of knowledge which in turn help them develop skills.
2) The Business Process Perspective
This perspective makes business aware of the performance of their product and services and acceptance of customers. This perspective is about setting up the right set of processes to develop product and deliver services.
3) The Customer Perspective
As they say, the customer is the king so in today’s connected world customer satisfaction is of prime importance for the future growth of a business. Good financial numbers but poor customer satisfaction metrics ensure the decline of business in the long-term.
4) The Financial Perspective
Analysing financial numbers and providing insights to senior executives for the healthy growth of the organization.
In this day and age, organizations understand the need for reliable systems that can effectively measure performance levels at every stage. It is seen that keeping a track of performance, motivates employees to do better and companies to aim for higher goals. This way of operation focuses on efficient use of resources and encourages people to work smartly. And this is where implementing the system of Balanced Scorecard come in handy
Any company regardless of size or industry can adopt the Balanced Scorecard. This framework can be aligned with the company’s mission, vision and philosophy. It can be easily incorporated within the systems of the company and managed accordingly. BSC goes hand-in-hand with an enterprise’s quality management systems and enhances the efficiency of the company.
The Balanced Scorecard helps monitor and review the existing performance of the processes as well as employees. The company can get a reliable estimate of how much time a particular project will need and what kind of results should be expected. The enterprises can have brainstorming sessions to plan on a strategy that will give them the results they need in the available timeframe. This helps the organizations to identify areas that need modification to improve results. There are many benefits of applying Balanced Scorecard to the management and operations of a company. Some of them are:
- Better Strategic Planning
- ImprovedStrategy Communication & Execution
- Better Alignment of Projects and Initiatives
- Better Management Information
- Improved Performance Reporting
- Better Organisational Alignment
- Better Process Alignment
Implementing Balanced Scorecard can be a smooth process if the company understands the framework and knows the changes it needs to make. However, this is a complicated concept and requires professional guidance. Technocrat Consultants provides training & consulting services and helps companies implement these strategies without a hitch.
To acquire kosher certification, all processes involved in the production of food are evaluated thoroughly. One unique feature of this certification is that for a food product to be kosher, all units and subunits must comply with the said regulations.
Technocrat Consultants helps companies gain the kosher certification and enhance their brand image for the same. We also provide training so that employees can understand the regulations and can maintain the same standard of production.