Today I happened to attend a session on ‘The Balanced Scorecard’ and just loved the concept and how it was presented to a diversified audience. It is evident that no single measure can give a complete picture of the current and as well doesn’t help the future. We need to measure our organization, department, region and even the self, the individual on multiple factors to ensure that there is balance in all key aspects and we grow in all the key aspects. The key aspects mentioned in the tool are Financial, Customer/stakeholder, Internal Business and Innovation & Learning. Financial measure can be about your topline or your bottomline, Customer/stakeholder is how satisfied are your customers, Internal Business is all about processes efficiency and effectiveness , finally innovation & learning is about how well the learning have been implemented for the betterment of the organization and our Internal business(processes) In the scorecard, the financial measure is the result of actions already taken and the financial measure, the result can be termed as lagging goals. The rest of the parameters, are drivers of further performance/financial performance and these drivers are termed as leading goals.
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