Balanced Scorecards for Performance Management

The balanced scorecard is a strategic planning and management system that is used in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. The Balanced Scorecard (BSC) can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions.

The design of a Balanced Scorecard is about the identification of a small number of financial and non-financial measures and attaching targets to them, so that when they are reviewed it is possible to determine whether current performance 'meets expectations'. The idea behind this is that by alerting managers to areas where performance deviates from expectations, they can be encouraged to focus their attention on these areas, and hopefully as a result trigger improved performance within the part of the organization they lead.

Different Perspectives of A Balanced Scorecard

  • Learning
  • Growth Perspective
  • Business Process Perspective
  • Customer Perspective
  • Financial Perspective

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The Modern Balanced Scorecard

The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The “new” balanced scorecard transforms an organization’s strategic plan from an attractive but passive document into the "marching orders" for the organization on a daily basis. It provides a framework that not only provides performance measurements, but helps planners identify what should be done and measured. It enables executives to truly execute their strategies.

Balanced Scorecard Performance Management: Why InetSoft?

InetSoft makes performance management tools that are easy to deploy and easy to use, and when combined with their unique data mashup capabilities, you get unified views of organizational performance and maximum self service.

InetSoft's small-footprint, Web-based application provides a streamlined, intuitive interface for all users. As an innovator in reporting software since 1996, InetSoft has pioneered the evolution from static reporting towards interactive visualization of data via dashboards.

Read why choosing InetSoft's cloud-flexible BI provides advantages over other BI options.