Download this free ebook with five examples. First, notice the vertical text on the left side of the strategy map. These perspectives make the BSC unique, because traditional reporting frameworks typically only look at the financial perspective. Strategy maps are read from top to bottom. The objectives are listed in order of importance. Beneath the financial perspective is the customer perspective.
So what makes the customers happy? And, the cost and experience need to be Comparable To Other Travel, like cars, trains, or buses. Upward knows that to meet financial goals and make customers happy, they need to focus on Innovation by offering Fast Ground Turnaround, Good Locations that better serve their customers, and Direct Routes to big cities. In order to execute all of this, Upward looks at their final perspective, which is Learning and Growth.
So as you can see, each of these perspectives directly relates to the next, offering a ground-up approach to strategy management. For Upward Airlines, this strategy is very effective, and helps them ensure that they continue to add value to their firm. Reviewing strategy maps from both inside and outside your sector is critical, as it will give you a good idea of what other organizations are doing to ensure their success.
For-Profit Balanced Scorecard Examples Naturally, any for-profit financial institution scorecard will list financial objective statements at the top of its strategy map. As you can tell from this map, this bank wants to be certain it can both support its clients and grow the business simultaneously. Some organizations have one map for all departments and divisions and others have a separate map for each.
Manufacturing companies are primarily concerned with operational efficiency—both increasing their output and decreasing production costs. Some of the ways they can achieve these goals are by creating correctly- priced goods, ensuring their products can be easily obtained by customers, and manufacturing the right assortment of goods, among other things. Manufacturers also typically place a large emphasis on safety, and so implement many related goals and metrics.
Innovation is fairly common in manufacturing strategy maps today, but it is not included in the example above. In the software example above, the customer and internal perspectives are combined.
This highlights what the customer is looking for and how the company is responding. There are three areas focused around the customer relationship, market leadership and operational excellence. For example, this strategy emphasizes safety, a strong economy, and a creative culture, among other things.
Unlike the other examples above, this strategy map begins with a purpose statement. Additionally, note that this scorecard positions customer i. This is because hospitals and nonprofits need steady financing to operate. Remember, this is another good example of how you can structure a strategy map to tell your story. The map is a flexible framework and can be built to meet your needs. Muchas gracias profesor, sus conocimientos son de gran ayuda para comprender ese interesante tema.
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Need an account? Click here to sign up. Download Free PDF. A short summary of this paper. Download Download PDF. Translate PDF. Due to popular demand, the article has been updated to include six sample Balanced Scorecard strategy maps. The Balanced Scorecard BSC , in my humble opinion, is one of the best management reporting frameworks available.
You can find those all over the internet. You are probably wanting less of a simple definition, and more of an easy-to-digest, full and comprehensive example. To learn more about what the Balanced Scorecard is and how it can aid your organization, take a look at this thorough definition.
Objectives are high-level organizational goals. When you create an objective, you should focus on what your organization is trying to accomplish strategically. You might have measures per objective, so you are aiming to come up with measures at the enterprise level of your strategy.
Initiatives are key action programs developed to achieve your objectives. Action items typically arise from review meetings, and are tasks typically delegated to one person or a small team. They are technically not part of the BSC framework, but they are part of the management process as a whole; they help to achieve key initiatives in a timely and organized fashion.
In Summary You have a high-level goal in mind, which is your objective. Keep in mind, you may have multiple initiatives focused on improving your measures and achieving your objective. And, if your projects are not helping you improve in these areas, you may need to rethink your overall strategy.
Why Build A Balanced Scorecard? There are many reasons why you should implement the Balanced Scorecard, but here is one way to look at it. Your leadership team is responsible to some group of people: either stakeholders, shareholders, a board of directors, a council, citizens, etc. This depends entirely on the type of organization. In order to answer to this group, your team needs to ask two important backward- and forward-looking questions: 1.
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