The Balanced Scorecard (BSC) introduced by Kaplan and Norton In 1992, began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy. It is designed to translate vision and strategy into objectives and measures across four balanced perspectives: financial, customers, internal business process and learning and growth. It gives a framework ensuring that the strategy is translated into a coherent set of performance measures.

By focusing not only on financial outcomes but also on the human issues, the balanced scorecard helps to provide a more comprehensive view of a business which, in turn, helps organisations to act in their best long-term interests. The strategic management system helps managers focus on performance metrics while balancing financial objectives with customer, process and employee perspectives. Measures are often indicators of future performance.

Implementing the scorecard typically includes four processes:

• Translating an organisation’s vision into operational goals

• Communicating the vision across the organisation and linking it to individual performance

• Business planning

• Feedback and learning providing the ability to adjust the strategy in reaction to changing conditions, both internal and external.

Discover how Tagetik 4.0 delivers Dashboard & Scorecarding process

Back to Glossary’s Index

Tagetik delivers a unified software solution that can support Performance Management and Enterprise Governance, Risk & Compliance, Business Intelligence, Collaborative Disclosure Management.

Tagetik 4.0 creates value by simplifying complex business processes for CFOs and CIOs: budgeting, cash flow planning, statutory and management consolidation, cost allocation & profitability analysis, financial close & fast closing, dashboard & scorecarding, collaborative disclosure management, business intelligence and compliance/industry requirements.

Tagetik 4.0 is the solution to translate strategy into operations, manage and control overall performance down to business transactions and improve decision-making across the whole organization while achieving faster ROI and lower total cost of ownership (TCO).

Tagetik operates in 18 countries leveraging a close partnership with Microsoft. Its market experts are totally committed to the success of 400 worldwide customers, including some of the largest Fortune 1000 companies and representing all industries, as well as to foster partnership with system integrators, technology leaders and local consulting specialists.