10 October 2007

Balanced Scorecard for Strategic Planning

This is a sponsored review of Balanced Scorecard Designer by Strategy2Act.com. BSC Designer is a tool for using the balanced scorecard framework for strategic planning. I also have reviewed this product on CoolAdzine for Marketers, so you may want to view that post as well.

Strategic Planning!

When I hear these words, I think of stuffy rooms, white boards and those markers whose fumes make your head spin, huge sticky post-its curling up on pale green walls, stale coffee, too many donuts, and playing the gatekeeper so everyone gets to contribute. In short, boil me in oil rather than ask that I help write another mission statement or outline short-term and long-term goal and the accompanying key performance indicators (KPIs) or key result areas (KRAs).

I remember the first time I saw the term, Key Performance Indicator. I just shook my head and looked at the stack of blank job descriptions that were to be completed (by me) for every full-time and part-time position in the largest department on campus. In the new strategic plan, written by the incoming administration, employee job descriptions and performance evaluations were to be synchronized with strategic plan. Then I shrugged it off and started in on the first job description. "This is not too hard," I thought.

Then I saw "performance standard" and "evaluation criteria." I think I ducked into the Woman's restroom for a primal scream. Well, that experience and many like it are behind me now; but every day, some manager, administrator or employee faces developing job descriptions and performance evaluations based upon them. In essence, we try to quantify the qualitative work that we do.

There is hope. Strategy2Act.com has developed a tool used in balanced scorecard management. Balanced Scorecard Designer by Strategy2Act.com can help bring goals for employees in line with goals for the company.

Annotated Screenshot of BSC Designer

When finished, you may save your results of the BSC Designer as .bsc file type so that it may be easily shared and modified. Alternately, you can export data to MS Excel, where you may use data from the Enterprise Resource Planning (ERP) system.

When you begin implementing balanced scorecard, you may want to purchase metrics already written for your type of business.

Metrics Available from Strategy2Act
  • HR Metrics: HR, HR Hire, HR Training
  • CRM Metrics: Customer Relationship, Call-Center, Help Desk
  • Marketing Metrics: Web Investment, Brand Evaluation, Web Advertising, Presentation, Marketing
  • Sales Metrics: Retail Sales, Sales
  • Security Metrics: Identity Theft Risks, Security and Privacy, IT Security
  • Transportation Metrics: Supply Chain, Transportation
  • Other Metrics: Real Estate, Inventory and Warehousing, Productivity


Balanced Scorecard said...

The balanced scorecard concept is quite an important element in strategic planning. What is even amazing is this concept is being continuously developed, so we can say that we can use it to measure performance and use the results in evaluating what we have done so far in relation to our strategic plans.

Mike said...

we are using the tool of Strategy2Act.com on our site,and it has really improved the productivity as well as enthusiasm among employee from top to bottom.

BTW nice post! I like your blog!

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