In our previous article, we presented the Balanced Scorecard as a dynamic strategy model that empowered businesses to effectively articulate and monitor business procedures. In this article, we will elaborate on the Balanced Scorecard as a specific functionality within Corporater BMP (Business Management Platform). This technology has been certified by Palladium-Kaplan-Norton as a recognized Balanced Scorecard solution given the popularity of the Balanced Scorecard model among clients.
THE BALANCED SCORECARD WITHIN CORPORATER BMP
Image 1: Balanced Scorecard
As can be seen above, a full scorecard structure can be created within the system. A fully configured scorecard will show all perspectives, strategic objectives and KPIs, with their accompanying Status and Trend objects, providing a comprehensive measure of overall performance. The technical foundations for the scorecard are laid within Configuration Studio, where all levels of the Balanced Scorecard and their accompanying objects are managed.
CREATING THE SCORECARD STRUCTURE
Corporater BMP uses data objects called Nodes in order to store values for KPIs within the scorecard structure. When Nodes are configured with the appropriate functions, it is possible for KPIs to display performance details on the scorecard via the Status and Trend functions seen above. These will provide a visual measure of success in comparison to the previous period.
The scorecard itself features its own Navigation Panel, from which Corporater BMP allows end users to view the scorecard from multiple perspectives. It includes various period types beyond the conventional month format, allowing clients to see metrics for every year, half year, four months and quarter. This will allow clients to see important measures in a more cumulative manner.
Image 2: Balanced Scorecard
NAVIGATING TO THE DETAILS
It is also possible to see metrics for specific organizations or sub-organizations, in addition to specific layers of the scorecard model, such as KPIs. From here, the user can view specific information via the Drill function, charts and tables, recommended actions, supporting documents, comments, and more.
Image 3: Navigate Toward Specific KPIs
These functions will communicate the degree of organizational efficiency at all levels within the scorecard structure, providing an overall assessment of strategy implementation.
THE STRATEGY MAP WITHIN CORPORATER BMP
In 2001, Kaplan & Norton published The Strategy-Focused Organization, in which they introduced the concept of a Strategy Map, a graphical means of representing a business strategy, into their schema of strategy management. Strategy maps are effective in that they make business strategies less abstract, providing a clear and comprehensive presentation of the strategy as a whole. According to Kaplan and Norton:
“Strategy maps will help organizations view their strategies in a cohesive, integrated, and systematic way. They often expose gaps in strategies, enabling executives to take early corrective actions. Executives can also use the maps as the foundation for a management system that can help an organization implement its growth initiatives effectively and rapidly.””
Strategy Maps are also configurable in Corporater BMP via the Map function and can be used to clearly demonstrate the contents of the Balanced Scorecard in order to make a business strategy accessible to all levels of an organization.
Image 4: Strategy Map
CONCLUSION
The Balanced Scorecard is a standard instrument for organizations around the world and therefore its inclusion within Corporater BMP allows this solution to meet the strategy needs of a significant roster of clients.
Executives looking for clear insights on strategy and performance will be impressed with the capabilities of the Scorecard function to present performance metrics at all levels of operation. The Map function enhances the presentation of these metrics, making them concrete and accessible, allowing executives and managers to identify methodological flaws. In view of these functionalities, executives and employees alike will benefit from clear and detailed metrics that will serve to enhance business performance.
REFERENCES
The Balanced Scorecard Premise: Pushing the Boundaries on Performance Metrics
https://corporater.com/en/balanced-scorecard-solution/
https://hbr.org/2000/09/having-trouble-with-your-strategy-then-map-it
Image 1 - Clariba Sales Demo
Image 2 - Clariba Sales Demo
Image 3 - Clariba Sales Demo
Image 4 - https://corporater.com/en/business-solutions/strategy-management/balanced-scorecard-software/