Benefits of implementing Balance Scorecard:

Helps to monitor the overall performance of the organisation Is a holistic indicator for the progress of an Organisation Helps keep a track of customer perception. Provides a guideline in framing strategic Objectives

Introduction:
Balance Scorecard is a strategic management methodology developed by Dr. Robert Kaplan and David Norton. The name itself declares that it is a holistic approach toward implementing a management system. It helps to provide a measurement system which recognizes the various internal and external business processes and their dependencies.

Kaplan and Norton describe the innovation of the balanced scorecard as follows:
“The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation.”

The balanced scorecard advocates at viewing the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives:

The four perspectives are as follows-

• The Learning and Growth Perspective
  
• The Business Process Perspective
  
• The Customer Perspective
  
• The financial perspective

CQM approach:
CQM offers assistance in implementing the concept the methodology of balance score card.

CQM’s experienced facilitator/consulting Associates train the organizations team, facilitate all workshops, and help develop the scorecard system in a short cycle time, typically 8 to 12 weeks.

The focus is on developing a sustained model with intrinsic control by an internally trained team.