It’s early Monday morning and the weekend is now a distant memory. You head into the office to which you are greeted with a weighty report entangled with technical jargon, spreadsheets and tedious acronyms.
Its lunchtime and still struggling to get your head around the report, you take a break. Its clear that top level management do not understand the functions of staff on the frontline. Management are trying to drive performance, but have failed to note the true value of the service provided.
A recent study has shown that, 95% of employees do not understand the organisation’s objectives and as a result 90% of organisations fail to successfully implement their strategy.
So ask yourself, does your organisation value customer satisfaction, have a common goal and measure performance effectively? Or, do you work in an organisation where employees are confused, have unclear motives, misaligned priorities and take indecisive actions.
If you answered the latter with yes, then the Balance Scorecard could be the answer to your strategic problems.
Transforming Data Into Insight
The balanced scorecard is a strategic planning and management system that is used extensively in business and industry.
Align business activities with the vision and strategy of the organisation
Improve internal and external communications
Monitor organisation performance against strategic goals
The balance scorecard takes into account the non-financial performance of an organisation in order to provide management a more “balanced” view of organisational performance.
42% of interviewed companies reported the Balance Scorecard to be very helpful
80% report tangible improvement in operating performance
50% of Fortune 1000 companies use this business framework and about 70% have implemented it
With these figures in mind, could the balanced scorecard improve your organisation’s performance?
Active Dashboards and The Balanced Scorecard
Here at Dynistics we believe that if you’re sitting on data you could be sitting on a gold mine. We aim to take your data, turn it into information so you can use that insight to inform the development of your strategic goals.
Our Active Dashboards will allow your organisation to set strategic goals based on the current performance of the business. Our software then analyses the data of your company and presents the findings highlighting issues in a red/amber/green formatting style. This gives a clear view of current performance and next steps to focused upon.
Evidence of this includes the implementation of our product across 70 colleges in the UK. To date we have helped colleges transform their management information reporting to improve student success, achievement and retention rates, staff utilisation, funding optimisation, compliance and SAR preparation for Ofsted inspections. In addition, we have worked with a variety of organisations over several sectors including, healthcare, finance and recruitment to name but a few.
Does your organisation use a balanced scorecard approach? If so, how do you use it?