Business Analysis Toolkit

When it comes to implementing overall proficiency in the business setting, what comes to mind is the efficiency of the scorecarding solution. This is because achieving balanced scorecard development is indeed a worthwhile endeavor that is very promising towards the success of any existing enterprise.

It is perfectly normal for companies to employ a group of experts to take charge of the development of a relevant balanced scorecard for the overall welfare and well being of the organization. At first bat, this is not something that is very easy to handle or deal with. This is because there is much to do when it comes to the development of standards as well as targets. Thus, it is very important to be abreast with the prevalent trends in the arena.

One common and unfortunate mistake so many companies across industries make is the imitation of another company’s scorecard. This is just about the biggest mistake that a company can ever commit. It does not matter if you are copying the scorecard of a company that is of the same industry as yours. You have to understand that the company you are copying the scorecard from may have different goals and objectives as that of yours. Why then should you copy a scorecard bearing metrics that are not geared towards the accomplishment of your own goals and objectives? This would defeat the whole purpose of establishing a balanced scorecard in the first place. Moreover, there is also the fact that each attribute measured by balanced scorecards corresponds to a particular result. As a manager, you should be aware of the very framework that is used in developing balanced scorecards. You should take enormous initiative when it comes to this because the financial benefits that you can reap are limitless.

Why is this so? This is primarily because a manager can never gauge the performance of his or her people effectively without this tool. Without a balanced scorecard and all the figures that go onto it, managers would have to rely on their own perceptions and observations of their employees when it comes to judging their performance. Not too objective now, wouldn’t you say? Moreover, the absence of a concrete system would mean managers would have to rely on their own assumptions, which can always be wrong without concrete proof supported by figures.

A concrete example that we can use to show the importance of having a balanced scorecard in tow is when it comes to attendance. Attendance has always been a very important gauge when it comes to determining the efficiency of an employee. What company would want to deal with an employee who is no constantly late, if not absent, on any given workday, right? Thus, attendance is a commonly used metric that would surely find its way on scorecards across companies of different industries. With a balanced scorecard, you can then have systematic gauges in determining whether or not an employee is efficient or inefficient in this aspect.

This is just one of the many areas where a scorecarding solution would definitely come in handy. As managers, you should very well take into consideration making this worthwhile investment.

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