In most big or small organizations whether they are profit or no profit sector, managers are implementing different strategies to measure the organization performance. For example, executives may introduce new strategies and innovative operating processes intended to achieve breakthrough performance, then continue to use the same short-term financial indicators they have used for decades, measures like return-on-investment, sales growth, and operating income. With all these calculations and doing their own maths, we can see these managers fail not only to introduce new measures to monitor new goals and processes but also to question whether or not their old measures are relevant to the new initiatives.
Also most organizations dutifully complete strategic planning on a regular basis. However, there are several studies suggest that fewer than 10% are successful in implementing the strategies created. Based on that in 1992 Robert S. Kaplan and David P. Norton came up with new effective measurement tool that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals.
“You can have the best strategy. You can even frame it and put it up on the wall, but if you’re not executing … it’s just artwork," management expert Tom Peters says.
The scorecard allows managers to look at their companies and approach links strategy to measurement by asking firms to consider their vision, critical success factors for accomplishing it, and subsequent performance metrics. Here's an example of how the Balanced Scorecard adapted in E- Business or Marketing these perspectives
1. Learning and growth perspective: innovation, employee training and corporate cultural attitudes related to both individual and business improvement. Key question: How can we continue to improve and create value?
2. Business process perspective: internal business processes or operational priorities. For instance, key applications for digital strategies include the development of collaboration tools, document management, content management, online project management. These applications are more successful when accessed through the Intranet, and perceived by the employee to be part of the Intranet, rather than a standalone application.
3. Customer perspective: customer focus and customer satisfaction. Key questions: How do our customers see us? What can we do to increase our brand awareness? In Digital Marketing for example using the customer perspective to develop digital strategies should be the most lucrative aspect of the digital strategy. The customer perspective elements of the Digital Strategy include providing information through the website, sales enablers including eCommerce applications, customer self-service where customers can manage their own portfolios through extranets, building communities of value where customers can network and engage with each other, crowd-sourcing initiatives so that the customer can help the organization design products, using social media such as blogs to educate the customer, social tools to create and retain relationships and a host more applications. I would say, satisfied customers drive business success – and business success enables investment to satisfy customers!
4. Financial perspective: financial-related data, such as risk assessment and cost-benefit data. The Financial perspective is satisfied when we are able to capture financial information to report on the period. In general key questions: What revenue and profit do we want to achieve? What costs do we have to cut? For instance in Digital Marketing, we determine which numbers we will be interested in seeing at the end of the financial period and how we will quantify the success of the implementation and applications.
Scorecard Benefits
1- Obtain timely information to update its strategy.
2- Balance long-term and short-term measures and evaluate every part of the firm and how each contributes toward accomplishing selected goals.
3- It helps firms leverage their relationships with partners and supply chain members.
4- Go beyond financial metrics in measuring many different aspects that lead to effective and efficient performance.
5- Creates a long-term perspective for company sustainability Forces companies to decide what is important and translate those decisions into measurable outcomes that all employees can understand.
6- A great communication tool because employees can use the scorecard as a guide to coordinate their efforts.
7- Support employee evaluation in that individual performance can be tied to successful outcomes on the metrics.
8- A way to measure intangible as well as tangible assets.
To sum up, I would say “All organizations are perfectly designed to get the results they are now getting. If we want different results, we must change the way we do things.” .. Tom Northup
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