How do you measure performance?
The balanced scorecard is a management system that enables businesses to clarify vision and strategy and translate them into Key Performance Indicator (KPI) centred action.
It provides feedback around the internal business processes and external outcomes in order to continuously improve strategic performance and results.
It is important to view your business from four perspectives:
- Learning and growth perspective
- Business process perspective
- Customer perspective
- Financial perspective
By collecting and analysing data relative to each perspective you are able to build KPIs to meet the expressed needs in each area.