What are Balanced Scorecards?
Takt Time Tracking ensures production aligns with customer demand by maintaining an optimal production pace. Takt time is crucial for maintaining production efficiency and avoiding bottlenecks. By tracking real-time performance, manufacturers can enhance workflow precision, reduce downtime, and meet production targets effectively. With automated takt timers, alerts, and performance tracking, this feature supports lean manufacturing and continuous improvement.
Kaplan & Norton
In the early 1990s, Robert S Kaplan and David P Norton developed a Balanced Scorecard model to help organisations measure and analyse business performance using financial and non-financial data. Balanced Scorecard (BSC) is a tried and tested framework for organisational success. Kaplan and Norton articulated the five fundamental principles needed for building Strategy-Focused Organisations:
- Translate the strategy to operational terms
- Align the organisation to the strategy
- Make the strategy everyone's everyday job
- Make strategy a continual process
- Mobilise change through robust and effective leadership.
Digital Vs Excel Balanced Scorecard
Usually, organisations begin their strategic planning and management with a paper-based solution or excel spreadsheet. Spreadsheets are not appropriate for long term process planning and execution. The collaboration of real-time data and retrieval of reports is not possible; the process is highly time-consuming and limits the entire organisational performance view. Both paper-based or spreadsheet Scorecard lacked features such as:
- Advanced search, filter and sort options
- Data Analytics and reports
- Historical data analysis
- Global access
- Real-time data visibility
- Centralised data
- Data security
- Flexibility
- Version control
The most appropriate way to actually track your scorecard on a regular basis is to use a balanced scorecard software. Using scorecard software, the organisation stays up-to-date and tracks relevant information. By replacing a traditional scorecard with a digital scorecard system, organisations can improve efficiency, gain transparency over each process, evaluate and implement actions for improvement and achieve the preset organisational goals.
- Get better strategy map visualisation
- Access to real-time data
- Increase data security
- Saves time and increase productivity
- Support business framework
- Analyse, evaluate and visualise different KPIs in dynamic dashboards
- Communicate organisational strategy to all employees
- Align Organisational, Departmental and Individual goals
- Retrieve reports on different KPIs such as Health and Safety, Sales, Quality, Delivery, Cost, People, Maintenance and Environment
Benefits of Balanced Scorecard
Better Strategic Planning
The Balanced Scorecard is vital in building and communicating strategies across the organisation. A strategy map shows a logical cause-effect relationship between the different strategic objectives. Strategy Map ensures harmony between interrelated strategic objectives.
Better Process Alignment
A proper strategy focused organisation gets better outcomes. Well implemented balanced scorecards help the organisation align various business processes such as budgeting, risk management and analytics and much more with the preset strategic priorities.
Better Organisational Alignment
A proper strategy focused organisation gets better outcomes. Well implemented balanced scorecards help the organisation align various business processes such as budgeting, risk management and analytics and much more with the preset strategic priorities.
Improved Strategy Communication & Execution
Internal strategy communication is crucial to the successful implementation of the organisation's goal or plans. Regular analysis using a balanced scorecard will help employees align with organisational vision.
KPIs Analysis
Key Performance Indicators (KPIs) are a set of performance measurements that help organisations achieve key business objectives. Key Performance Indicators and Balanced Scorecard aligns employees' performance with the organisation's long-term strategic goals.
