Balanced Scorecards
506 views | +0 today
Balanced Scorecards
Drive High Performance with a Balanced Scorecard
Curated by Connor Jordan
Your new post is loading...
Your new post is loading...
Scooped by Connor Jordan
Scoop.it!

The 3 Kinds of Business Metrics

The 3 Kinds of Business Metrics | Balanced Scorecards | Scoop.it

For tracking overall business performance most organizations have some form of business scorecard or balanced scorecard in place.  Whether using a simple spread sheet or a comprehensive, mature scorecard software technology it is driven by the development and leveraging of specific, tactical measures commonly known as metrics.  When done correctly, metrics allow leaders to know both the expected results (goals) and the actual results (outcomes) and give leaders an opportunity to focus future efforts on continually improving performance.

 

Although using metrics is common, what is not common to most organizations is the implementation of a continuous improvement and auditing process to ensure that the scorecards have the right kind of metrics.  The first step in improving your scorecards is to have the ability to identify and eliminate the metrics that you simply don’t need.

The 3 Kinds of Business Metrics

1. The Meaningful

2. The Nice-to-Know

3.The Stuff filling up my screen

 

Let’s take a look at the 3 kinds of metrics by examining them in reverse order – bad to good.  That way you can trim down your list of metrics as you go...

http://pblscorecard.com/the-3-kinds-of-business-metrics/

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

Can You Really Rely on Spreadsheets to Make Important Decisions?

Can You Really Rely on Spreadsheets to Make Important Decisions? | Balanced Scorecards | Scoop.it

Many organizations begin tracking performance with the tools they have available. Unfortunately, this means that leaders are using outdated spreadsheet technology as a scorecard tool.

- roughly 94% of spreadsheets contain errors

- 57% of spreadsheet users have never received formal training

- 72% of spreadsheet users report having no audit process to check for accuracy

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

Top 5 Challenges of Tracking Business Performance

Top 5 Challenges of Tracking Business Performance | Balanced Scorecards | Scoop.it

Nearly every organization, large or small, public or private, has a method for tracking their overall performance.  Whether using a simple spreadsheet-based document or a comprehensive business scorecard software solution, many organizations face the same 5 challenges in tracking performance.

 

Top 5 Challenges of Tracking Business Performance...

http://pblscorecard.com/top-5-challenges-of-tracking-business-performance/

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

Poor Performance or Poor Scorecard?

Poor Performance or Poor Scorecard? | Balanced Scorecards | Scoop.it

What do you do when you know your team is performing well, but when looking at your scorecard it gives you the impression that everything is going wrong?  Is your scorecard telling a story far different than what your instincts are telling you?  Well, you are not alone, many managers today share this same frustration.  The good news is that something can be done about it.

 

http://processbasedleadership.com/2012/07/poor-performance-or-poor-scorecard/

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

Things to Consider When Building a Supplier Scorecard

Things to Consider When Building a Supplier Scorecard | Balanced Scorecards | Scoop.it

Many organizations develop scorecards to measure the performance of their own company, but struggle to build effective scorecards that measure the performance of their supplier and vendor relationships. These measurements are as critical and sometimes even more critical to the overall success of a business. What about your organization?

 

Questions to consider...

http://pblscorecard.com/things-to-consider-when-building-a-supplier-scorecard/

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

What do you know about your own KPIs?

What do you know about your own KPIs? | Balanced Scorecards | Scoop.it

Let’s assume you have a list of 15 KPIs.  You do what you were trained to do and review them thoroughly once a month.  You scan through the results, find as many green-colored items as you can, print them and tack a few sheets of colorful paper up on a wall near the work area.  You even go so far as to huddle your team around your pretty display for about 5 minutes to discuss whether things are going well or not so good.  Have you paused and thought about the (in)effectiveness of this exercise?

 

Some tough questions to ask yourself concerning your KPIs and the review process…

- How long have you been using the same KPIs?

- Did you inherit the KPIs on your list? And, who created/defined them originally?

- Do you know if, and how, each KPI ties directly to your organization’s mission?

- Does some of the data come from other work areas and affect your KPI scores?

- Which of your KPIs would you consider to be the most important?  Least important?

- Do you use a weighting system to reflect the varying degrees of importance?

- Do you and members of your team understand the ‘why’ behind the KPIs?

- When was the last time you conducted a KPI validity audit? 

- Have business conditions and changes been reflected with changes to your KPIs?

- What would happen, if anything, if you suddenly stopped using a particular KPI?

 

Upon answering these questions, you should now have a clearer picture of the KPIs you are using and what you’ll need to do to make them more effective for you and your team.  Your KPIs should be easily understood, tied to the company mission and within the span of your control.  They should also help you make daily, weekly and monthly decisions about where to focus efforts and when to modify processes.  If your KPIs do nothing more than look pretty on the wall, then you’re not getting what you really need out of them.

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

3 Steps for a Great Team Scorecard - PBLScoreCard.com

3 Steps for a Great Team Scorecard - PBLScoreCard.com | Balanced Scorecards | Scoop.it

Many managers struggle to come up with the most appropriate list of performance measurements to include on their team scorecard.  One common mistake is to put everything possible on the list.  Just because it is measurable doesn’t mean it has to be on your team scorecard. 

 

http://pblscorecard.com/3-steps-for-a-great-team-scorecard/

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

4 Tips for Effective Supplier Scorecards

4 Tips for Effective Supplier Scorecards | Balanced Scorecards | Scoop.it

Effective supplier scorecards need to go beyond evaluating the performance of your supplier relationship. Supplier scorecards must include metrics that assist leaders in identifying and mitigating supplier risk.

 

continue at http://pblscorecard.com/4-tips-for-effective-supplier-scorecards/

 

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

How to Audit and Adjust Scorecards

How to Audit and Adjust Scorecards | Balanced Scorecards | Scoop.it

Business scorecards change and evolve over time. On average, a scorecard is revised six times before it is meaningful and measuring the right metrics. Every 90 days a scorecard audit needs to occur. Here are three tips for conducting an audit and making the necessary adjustments...

http://pblscorecard.com/how-to-audit-and-adjust-scorecards/

more...
No comment yet.
Scooped by Connor Jordan
Scoop.it!

Scorecard Development

Scorecard Development | Balanced Scorecards | Scoop.it

Is your scorecard acting like a thermostat or a thermometer?  Which is more effective at driving high performance?

http://processbasedleadership.com/scorecard-development/

more...
No comment yet.