Scorecards Are Not Only For Senior Management

This is the continuation of the transcript of a Webinar hosted by InetSoft on the topic of "Business Intelligence Agility" The speaker is Mark Flaherty, CMO at InetSoft.

Number eight, I used to say that your scorecard should tell you what’s going on in your organization, and what I’ve learned over the years is that your scorecard might be a lot better if you included a couple of external metrics. What’s going on in the world might have a big impact on your decision making in your organization.For an example, a metal products company might have the price of steel on their dashboard. It’s something they track on a daily basis. They can’t control it but it makes a big impact on their profitability and so forth.

Number nine, of all the sections on the scorecard, the people section is usually the worst. Most of these metrics are pretty useless. They don’t really tell you anything about what’s going on. I see things like employee turnover, and what it doesn’t consider is that sometimes when you lose somebody that’s a good thing. Or I see things like how many butts are in, or how many chairs are in training programs. It doesn’t measure whether people learned anything, and usually it doesn’t even measure their attendance because they hand out the roster sheet in the morning, and then people leave and go back to work.

So, number ten, measures drive the wrong behavior. People do what they are being measured on. Let me tell you about the best scorecards I’ve seen out there. Most of the measures are indices or analytic measures versus singular measures or just numbers that you could count. Like dollars in sales is a singular measure. The ratio of sales divided by expenses would be a formula measure. An index is a different type of measure where you take different units of measurement and combine them into one number.

The best scorecards have an equal number of measures for different aspects of performance. I still see a lot of scorecards that have 20 or 30 financial measures and one or two customer and employee measures, so it is not exactly balanced. Their scorecard is the foundation of their strategic plan, and it links both to their mission, what they are doing for a living, their reason for existence, and it links to their vision, what they are trying to achieve for the future.

Good companies are actually using scorecard software that they’ve purchased. I know of many companies that have purchased very expensive scorecard software, and they still use Excel spreadsheets and PowerPoints to display performance because that’s what people are comfortable with. They define links between their leading and lagging measures and their softer ones and their harder ones, like employee satisfaction and productivity and things like that. They’ve got scorecards cascaded all the way down to all levels of employees, and there is a good mix of past, present and future measures.

Most scorecards still are tracking things that have already happened, the past. A future measure is not a forecast of a past measure. A future measure is something like cholesterol, something real you can measure, and it predicts heart disease, which is something you care about. So you have to figure out what your cholesterol measures are for your organization and put some of those on your scorecard.

How a Clinical Reviewer at the FDA Uses InetSoft's BI Scorecard Software

A Clinical Reviewer at the FDA plays a pivotal role in ensuring the safety and efficacy of medical products, including drugs and biologics. Their primary responsibility is to evaluate clinical data submitted by sponsors during the drug approval process. This involves analyzing clinical trial protocols, assessing study designs, and reviewing results to determine whether a product meets regulatory standards. By doing so, Clinical Reviewers help protect public health while facilitating the availability of innovative therapies.

InetSoft's BI scorecard software can significantly enhance the efficiency and effectiveness of a Clinical Reviewer's work. The software allows users to track key performance indicators (KPIs) in real time, which is crucial for monitoring the progress of drug evaluations. For instance, a Clinical Reviewer could use the software to track metrics such as the number of applications reviewed, the average time taken for each review, and the percentage of applications requiring additional data. These insights can help identify bottlenecks and improve workflow efficiency.

The software's intuitive design enables Clinical Reviewers to create customized dashboards that aggregate data from multiple sources. This feature is particularly useful for managing the vast amount of information associated with clinical trials. By visualizing data in an interactive format, reviewers can quickly identify trends, anomalies, and areas requiring further investigation. This not only streamlines the review process but also enhances decision-making by providing a clear and comprehensive view of the data.

Another advantage of InetSoft's BI scorecard software is its ability to set triggers and notifications based on predefined conditions. For example, a Clinical Reviewer could configure the software to send alerts when specific milestones are reached or when certain criteria are not met. This proactive approach ensures that critical issues are addressed promptly, reducing the risk of delays in the drug approval process.

Collaboration is a key aspect of a Clinical Reviewer's role, as they often work with multidisciplinary teams, including statisticians, toxicologists, and medical officers. InetSoft's software facilitates collaboration by allowing team members to share dashboards and reports seamlessly. This ensures that all stakeholders have access to the same information, fostering transparency and alignment in decision-making.

Previous: The Second Stupid Performance Measurement Mistake

Next: The Difference Between a Singular Measure and an Analytic Measure