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A Balanced Scorecard is a model that summarizes an organization’s high-level strategic goals, initiatives designed to reach those goals, and metrics, or key performance indicators, that monitor success over time, and shows how they are connected to the mission, vision, and core values of the organization. It is a strategic planning tool used ubiquitously in organizational management that clearly and concisely communicates what the organization has set out to achieve and how it proposes to do it.
Description of Balanced Scorecard
Balanced Scorecards typically include four areas of strategic focus, including financial sustainability, customer experience, internal processes and structures, and workforce culture, learning, and development. Focusing on these four overarching components gives you a balanced perspective of your organization’s health. It also provides a methodology for breaking down a large-scale vision and strategy into categories and activities that become actionable and measurable. Balanced Scorecards are unique in that they help you visualize in a straightforward manner how an organization’s high-level strategy drives the day-to-day priorities and desired outcomes and the measure of your success along the way.
Praxie's Online Balanced Scorecard Tools & Templates
Strategy teams and business managers that are looking to track the execution of a specific set of activities by the staff under their purview will be better able to do so using the new online Balanced Scorecard template from Praxie. The Balanced Scorecard is a report used by management teams which focuses on the implementation of a business strategy or operational tasks by the employees within a business. This type of report enables a business leader or a strategy team to carefully track and monitor the success of a project over time by ensuring that a team is operating to the best of its abilities. Balanced Scorecard tools also enable business leaders to track the effectiveness of specific activities in an ongoing manner.
Get started with our Balanced Scorecard template.
How to use it:
- For each dimension of the balanced scorecard, list your strategic goals.
- Provide the initiatives that support the goals.
- Describe the metrics that will be used to measure the success of the initiatives.
- List the target metrics that you will ideally achieve.
- Create an action plan based on creating your Balanced Scorecard, gathering input, and creating alignment with your team, and implementing the Balanced Scorecard itself.
Unlike most traditional Balanced Scorecard techniques, Praxie’s online Balanced Scorecard collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.