What is the benefit of a balanced scorecard to your current organization?

A balanced scoreboard is a tool that is meant to support a business manages their future growth, objectives, and plans. The basic premise of this tool is to provide the company with a set of measurable to determine if an organization can meet their goals or exceed them. This is basically called the company metrics.

There are four main components:

Financial: What is the company’s overall financial health status and where should it be?
Internal Business Processes: How the business is operating and where should it be operating, what level?
Learning and Growth: Training and implementation of the corporate culture.
Customer Satisfaction and Appeal: How does your customer view your organization and product?

The benefit of a balanced scoreboard can’t be overlooked. These tools will provide a view of all major deliverables within your organization and determine the health of each.

How can they apply this method of evaluation to your business so that they can develop the proper strategy plan?

Scoreboards are a concrete deliverable within our organization both at the corporate level and at the plant level. It is already applied and working efficiently. The scoreboards are driven mostly by senior management and the customer response directly to a set of questions and deliverables, also questionnaires.

Why is having a balanced scorecard important?

These scoreboards must be adhered to and if populated honestly and efficiently, can be a concrete tool to determine a company’s overall health and where it should be. This scoreboard will also provide tools to ensure that the company is focusing on areas that they need to improve upon.

Describe the areas within your organization that could use this method of evaluation.

As mentioned above, we use scoreboards at both the