balanced scorecard

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Balanced Scorecard

A type of internal audit. A balanced scorecard collects data and reports to management on four areas: learning and growth, business processes, customers, and finance. The balanced scorecard helps an organization monitor performance and, if necessary, make improvements.

balanced scorecard

a tool for setting and communicating corporate goals and for measuring corporate performance. The balanced scorecard incorporates four groups of goals and derived performance indicators: External Indicators (financial goals and measures); (customer goals and measures); Internal Indicators (internal business process goals and measures); (learning and growth goals and measures).

The balanced scorecard approach balances traditional financial measures such as net profit and return on capital with customer measures such as market share and customer satisfaction; business process measures such as productivity and stock turnover; and learning and growth goals such as employee turnover and training. Balanced scorecards provide a broader set of performance measures and related management systems for judging overall performance, than financial targets alone. See BUSINESS STRATEGY.

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To deliver immediate value, the application includes integrated meta data, pre-built queries, reports, analyses, executive dashboards, and industry-standard metrics, from which customers can easily create robust balanced scorecards.
Successful companies use a systematic approach in designing their Balanced Scorecards, according to a report from benchmarking leader Best Practices, LLC.
Oracle's ability to deploy Balanced Scorecards over the Internet offers companies a powerful way to communicate and execute strategy throughout the enterprise.
Since the concept was introduced in1992, Balanced Scorecards have been implemented at corporate, strategic business unit, shared service functions, and even individual levels at hundreds of organizations-in both the private and public sectors-worldwide.
Robert Kaplan and David Norton, the Collaborative provides organizations and individuals with a global center of excellence and expertise on all things related to Balanced Scorecards.
We've always had strategies, but through Balanced Scorecards we bring them to life," said Rudi Lamprecht, member of the managing board at Siemens AG and president of Siemens IC Mobile.
today announced the release of the Balanced Scorecard (BSC) Online Design Center(TM), a powerful new Internet tool that allows users to design and build their own Balanced Scorecards online.
Since the concept was introduced in 1992, Balanced Scorecards have been implemented at corporate, strategic business unit, shared service functions, and even individual levels at hundreds of organizations-in both the private and public sectors-worldwide.
We are going to enhance and streamline the work they have already done by building their Balanced Scorecards into our online software system.
More than 100 organizations using new version of First Report application to implement over 500 Balanced Scorecards
According to a study by research and consulting firm Best Practices, LLC, consistently updated, balanced scorecards help channel limited resources to critical functions and better measure corporate performance.
At their most effective, balanced scorecards can be powerful tools, providing concise, predictive, and actionable information about how a company is performing and may perform in the future, and world-class companies are 159 percent more likely than typical companies to have mature balanced scorecards in place, according to Hackett's 2004 Finance Book of Numbers research.