Historically, software scorecards were a direct result and visual representation of the theoretical balanced scorecard approach to business strategy created at Harvard Business School. Scorecards are a valuable component of any company’s business analytics toolbox, and play an essential role in helping management teams make better decisions for the future.
Software scorecards are also well-known by the disciplined top-down organizational planning process. This process intends to pinpoint the key performance metrics that best signify an organization’s progress towards their strategic goals, and then trickles down through the organization to all supporting metrics, workgroups, and individuals. Software scorecards highlight individual accountability for contributing to and achieving an organization’s strategic goals.
A Balanced Scorecard is one type of business scorecard method that is used to measure a company’s business performance against strategic goals and determine whether its business operations are linked to its objectives, strategies, and vision. When this method is used with business analytics, it’s possible to drive strategic decision-making across the company.