Post by jannatara2896 on Oct 18, 2023 22:31:21 GMT -7
All the difference in implementing the strategy, as it helps the company to execute its short-term actions, but always maintaining focus on long-term objectives. Like a true map, the objective of this instrument is to guide the team on the path it needs to follow within the four perspectives of the BSC. It is important to highlight that the strategic map not only helps with the progress of the process, but even before the team gets down to business: from the beginning, it identifies the key objectives and gaps in the strategy.
Indicators Another fundamental component of the Balanced Scorecard are the indicators defined within each of the strategic objectives. Indicators dbtodata.com measure progress towards objectives and help monitor the success of the actions that shape them. The basis for these tools is data, from which the indicators fulfill the function of communicating results in a simple, clear and quantifiable way. The BSC has the support of these metrics to support accurate and reliable assessments of organizational activities and obtains substance to speed up the changes that are necessary.
Goals Goals pave the way for the practical part of the Balanced Scorecard, as they allow the organization's strategic objectives to be achieved. As in the BSC all components are interdependent, goals are fundamental for defining performance indicators , after all, we need to know what value needs to be measured. The most important characteristics to take into account when describing goals are summarized by the SMART method: Specific – clear and easy to understand; Measurable – can be quantified by indicators; Attainable – they are possible to achieve; Relevant – will provide significant results for the business.