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Create a Balanced Scorecard SharePoint Business Intelligence Content TeamSummary: Learn how to create scorecards and strategy maps across various measurements and display them in one dashboard by

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1. Identify the company's strategic objectives: Before creating a balanced scorecard, it is important to have a clear understanding of the company's strategic objectives. These objectives will serve as the foundation for the scorecard and help determine the key performance indicators (KPIs) that will be measured.
2. Determine the perspectives: A balanced scorecard consists of multiple perspectives, typically including financial, customer, internal process, and learning and growth. Define the specific perspectives that align with the company's objectives and prioritize them accordingly.
3. Define the KPIs: For each perspective, identify the relevant KPIs that will measure progress towards achieving the strategic objectives. These KPIs should be specific, measurable, attainable, relevant, and time-bound (SMART).
4. Establish targets: Set realistic and achievable targets for each KPI. These targets should be based on the company's objectives and provide a benchmark for assessing performance.
5. Gather data: Collect the necessary data to measure the defined KPIs. This may involve analyzing financial statements, customer surveys, employee feedback, and other relevant sources of information.
6. Develop performance measures: Using the gathered data, calculate the performance measures for each KPI. This can be done through various techniques such as ratios, percentages, or qualitative assessments.
7. Create visual representations: To communicate the scorecard effectively, develop visual representations such as charts or graphs that highlight the performance measures for each perspective. This will make it easier for stakeholders to understand the overall performance at a glance.
8. Monitor and review: Regularly monitor the performance measures and review them against the established targets. This will help track progress, identify areas of improvement, and make informed decisions based on the data.

Who needs to create a balanced scorecard?

1. Organizations: Any organization, regardless of size or industry, can benefit from creating a balanced scorecard. It helps align business objectives with key performance measures and provides a holistic view of performance across different perspectives.
2. Executives and managers: Executives and managers play a crucial role in creating and implementing a balanced scorecard. They need to have a clear understanding of the organization's objectives and ensure that the scorecard reflects these objectives accurately. They also need to track and analyze the performance measures to make informed strategic decisions.
3. Employees: Employees at all levels of the organization can benefit from a balanced scorecard as it provides clarity on the company's objectives and helps track individual and team performance. It can serve as a motivational tool, encouraging employees to align their efforts with the organization's strategic goals.

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