Getting,the,Most,Out,Scorecard business, insurance Getting the Most Out of a Scorecard Forum
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Managers could visit and participate in online scorecard forum to learn more about the balanced scorecard management approach. Through these online gatherings, insights from experienced strategic management practitioners could help other managers derive better overall performance from their respective organizations. The concept of a balanced scorecard was introduced by Robert S. Kaplan of the Harvard Business School and David P. Norton in 1992. Basically, this concept was created for companies to determine if company activities are in line with organizational objectives in terms of strategy and vision. This comprehensive management approach not only measures performance through financial profits but also considers human issues as well. This management approach shares similar principles with Management by Objectives, another management approach also developed by both Kaplan and Norton earlier in the 1990s. Since the introduction of the balanced scorecard approach, it has been awarded as the best theoretical contribution in 1997 by the American Accounting Association. It has also been taught in the academe alongside other management approaches like activity-based costing and total quality management. Implementing a balanced scorecard approach typically requires four processes. The first of which is the translation of company vision into achievable goals. The second process involves the communication of the company vision and linking it to individual performance. The third and final processes include business planning and subsequent feedback and adjustment of business strategy. Balanced scorecards are basically divided into four sections or perspectives namely, financial perspective, customer perspective, internal business processes perspective and learning and growth perspective. Under this approach, five to six metrics should be identified for every perspective. The financial perspective focuses on how a business strategy and its execution and implementation contributed to organizational improvement. There are three stages identified by both Kaplan and Norton which fall under this perspective. These are the stages of rapid growth, sustain and harvest. During the growth stage, financial measures could be focused on organizational development and growth as measured through sales volume, new customer acquisition or revenue growth. Metrics during the sustain stage, on the other hand, should measure the effectiveness of operation and cost management by determining return on investment or return on capital. Lastly, cash flow analysis, payback periods and volume of revenue should be the financial metrics considered during the harvest stage. Aside from the financial perspective, the other perspectives are given importance in the balanced scorecard approach. Customer perspective, for one, measures the value that is delivered to a customer and its outcome including customer satisfaction and market share. The internal process perspective scrutinizes all required activities and processes needed for a company to provide a product or service to customers. Finally, the learning and growth perspective focuses on intangible organizational assets including human capital, information capital and organizational capital. Managers may be familiar with the balanced scorecard approach in theory however, not all may have implemented this approach in their respective organizations. Participation in scorecard forum online could benefit managers as it would pave the way for them to meet managers who have a wider experience in implementing this management approach. Moreover, this online resource tool is a source of useful tips in balanced scorecard implementation.
Getting,the,Most,Out,Scorecard