One of the key takeaways from this week’s readings is about the balanced scorecard. This topic resonated with me very strongly since it is something that I have been utilizing frequently within my organization recently. How it is utilized within my organization is similar as well as different from how the article described the tool, but it is a great tool to help ensure new strategic initiatives are developed.
One method on how I use the tool differently is currently I utilize as a method to reference the various aspects, but I currently don’t track key performance indicators. The template I utilize has the ability to track key performance indicators, but it hasn’t been a priority to adopt currently. Our focus has primarily been on tracking key projects and status. Another area my organization is adopting the balanced scorecard is tracking key customer projects and reviewing how we are delivering services to our internal customers. With this view we track how our individual work groups are supporting the customer and this also includes our staffing plans. Additionally, a customer view of the balanced scorecard allows the team to track how we are performing to the customer’s budget additionally we utilize it to track our customer’s key projects and our status. If we notice that we are starting to impact delivery we can make appropriate changes.
Recently I utilized the balanced scorecard as a tool to review impacts of a change in strategy. The tool was extremely useful as a way to ensure all aspects of my organization’s business was reviewed for impact. After the successful implementation of the strategy, the balanced scorecard has been adopted for other areas/projects and is now a common tool that is utilized for new projects and is continually reviewed for new impacts and improvements for my organization.
After reading the material this week, I believe my organization needs to expand the usage of the balanced scorecard and start to track key performance indicators so we can use the balanced scorecard tool as a method to ensure we are using facts and data with our implementation of our strategy.