How do you monitor and evaluate your balanced scorecard and KPIs for strategy measurement?

Alignment with Goals 🎯: Define KPI which primarly involves your strategic objectives. If it doesn't align, go back to the scorecard and if its position is not appropriate, remove/revise it. Accuracy is Key 🔍: Find out if your data source is reliable or not, and as a result, and you can track the watched numbers correctly. Validity Matters 📊: In a world of big data where everything is measurable, make sure you are measuring the right thing. Consistency 🔄: Ensure that the measures of data used to collect and analyze the KPI statistics remain unchanged or consistent throughout the period.

The long list of criteria mentioned in the article summary at the end are AI randomness, not necessarily applicable to the topic. The balanced scorecard gives you a critical and comprehensive 4-dimensional view of your organisational performance towards strategic goals. For the balanced scorecard to be used effectively, there are 2 main criteria: 1) Clearly defined strategic goals 2) Clearly defined OKRs, KPIs and metrics to support the measurable and objective tracking of the goals and to collect performance data

Identify assessment criteria based on strategic goals, stakeholder expectations, and industry standards. Consider factors like alignment, accuracy, timeliness, and relevance to ensure your KPIs are meaningful and actionable

A balanced scorecard (BSC) is a strategic performance management tool that helps organizations align their activities with their vision & strategy. It provides a comprehensive view of an organization's performance by measuring it from 4 perspectives:   Financial: How do we create shareholder value Customer: How do customers see us? Internal Processes: What must we excel at? Learning and Growth: How can we continue to improve and create value?   Keep the BSC & KPIs simple and easy to understand. Ensure that KPIs are aligned with strategic objectives & business goals. Collect & analyze data in a timely manner to enable timely decision-making. Use performance data to drive action & improvement.

Variety is the Spice 🌶: Make sure you also tailor your analytics with qualitative (feedback, insights) and quantitative (numbers, percentages) data combined for a comprehensive 360° perspective. Tech 💻: Utilize the analytics' platforms, dashboards, and tools for automatic calculation in order to watch which ones to track in real-time. Observe and Note 👀: Experiencing from the processes turns to be an look of the unknown which adds to the learning progress. This can help realize the you are not necessarily supposed to memorize a process. External Intel 🌍: Be open-minded trying anything that comes your way.

If you have defined your OKRs, KPIs and Metrics in clear, measurable ways (Quantitative and Qualitative), then collecting data becomes quite easy. You may face certain challenges though, which are likely to be more technical, tool or process related, and easier to solve, such as: 1) Interdependence Data may be composite and come from multiple sources, or relying on other data before it can be calculated 2) Predictability The data may fluctuate and need more processing before final usage, such as process performance, especially manual processes 3) Availability The source of the data (tools, software) may need to be enhanced to be able to provide it

Gather data from various sources, ensuring it is comprehensive and relevant. Use automated tools for real-time data collection to enhance accuracy and efficiency in tracking your KPIs

I monitor and evaluate my balanced scorecard and KPIs for strategy measurement by CACTS (read cactus): - Collecting data from various sources such as surveys, reports, feedback, etc. - Analyzing the data to identify trends, gaps, strengths and weaknesses - Comparing the actual results with the expected targets and benchmarks - Taking corrective actions or adjusting the strategy if needed - Setting clear and measurable objectives for each perspective of the scorecard It's a great way to track progress and performance and align my actions with my goals.

Collecting the quantitative data is easy once you have the right data management in place and the best tools analytics and other power BI tools. The collection is almost daily and visible to everyone, however, it does require a revision to cleanse it and sometimes you would need to add additional criteria’s in your system to catch it. For Example, in the previous company, when measuring the refund % we had to add an additional feature to the system to identify which credit operation in system was an actual refund or mistake or just exchange that allow us to adjust the refund percentage from 25% to 10% . As for the Qualitative data, it is more delicate to collect and companies should ensure a full objectivity toward the process.

Patterns & Trends: You may not realize it, but they are notice boards and directions.🗺️↗️↘️ Benchmark Like a Boss: You can compare your performance with the top dogs of the industry, as well as against underdogs that will be chasing your spot. Gap Analysis: Correctly identify what you do best and what you don't. It feels like a missing part of the puzzles we have found to be missing.🧩 SWOT It Out: Weaknesses, Opportunities, Threats and Strengths- SWOT analysis is still trendy. 🤺

We live in the age of all things data 🙂. There is no shortage of applications, tools and techniques for all sorts of statistical modelling and analysis, especially now with ML and AI, data visualization and presentation in the mix. Six Sigma methods and strategic analysis (SWOT, heat maps) provide more structure and direction to the analytics. Identifying the patterns and trends, gaps and decisions will enable quick decisions and course correction.

Utilize analytical techniques such as trend analysis, benchmarking, and SWOT analysis to identify patterns and insights. Look for correlations and deviations that can inform strategic decisions

Let me add the most important aspect here. If you have well defined robust strategy that fits your requirement, you have achieved key milestone. The next step is to understand the balance scorecard and define your KPI's accordingly. You may need to assess if you have defined all required KPI's for your organization, and, if not, add the KPI's that is missing and may not be part of Balance scorecard.

To monitor and evaluate a balanced scorecard and KPIs effectively, we should integrate financial tools, data analytics, and strategic frameworks like PEST and SWOT. Collect and analyze both quantitative and qualitative data, using predictive analytics to forecast trends. We can apply PEST analysis to understand external factors impacting performance and SWOT analysis to assess internal strengths and weaknesses. This comprehensive approach ensures that data-driven insights align with strategic goals, facilitating informed decision-making and achieving long-term objectives.

I believe that effective reporting of the findings is about going beyond the numbers; by telling a story. Presenting the data to stakeholders clearly, concisely, and utilizing visuals like charts or tables to present complex information. Key insights and achievements are highlighted to demonstrate the progress, and framing challenges as opportunities for growth and improvement. Recommendations presented as actionable steps, ensuring that every piece of feedback is constructive. Moreover, I believe on prioritizing recognizing the contributions of the team members who drive the performance. This approach keeps everyone informed and motivates the team towards achieving the strategic goals.

Keep It Clear: Make use of charts and graphs to show the path-finding. 📊📚 Key Insights Front & Center: List accomplishing narrations and kinds of failing.🌟 Narrative Is King: It is essential that you present figures together with why they matter rather than just throwing if off. Your stakeholders are those whom you are talking to; they are your audience.📖

Create clear reports that summarize your analysis, highlighting key insights and performance against targets. Use visual aids like charts to enhance understanding among stakeholders

I benefited by - Leveraging Power BI for dynamic dashboards and visualizing KPIs. - Regularly update with data, analyzing trends via Excel. - Link each KPI to strategic goals, using traffic light coding for quick variance identification. - Blend quantitative metrics with qualitative insights through SurveyMonkey or direct interviews. - Summarize key findings and actionable steps in an executive overview. - Facilitate stakeholder discussions using collaborative platforms focusing on data-driven insights for strategic alignment. - Regularly refine KPIs and strategies based on these evaluations, ensuring a continuous loop of improvement and strategic congruence. Useful? Click Like!

After analyzing the data, I focus on presenting the key insights to stakeholders like the board and management. You should use charts, graphs, and summaries to ensure the message is clear, highlighting the main achievements, challenges, and recommendations. Don’t forget to recognize the team’s contributions when delivering the findings.

Prioritize Impact: Select tasks that prove to be an implementation of the strategy and a delight for the stakeholders.🎯💥 Assign & Align: Disaggregate them by roles, resources, and timelines 📅🤝 Communicate Like a Boss: Keep everyone informed and be part of the trip.Evaluate its accuracy, authenticity, and ethical implications on the audience. Set Milestones: Just like topping up on the gas for your car in order to keep rolling, forgetting to do so won't take you further to the final game!🏁🎉

Based on your findings, develop action plans to address any issues or capitalize on opportunities. Communicate these plans effectively to ensure alignment across the organization

Put Balance scorecard and KPI together to evaluate the fitment with strategy and come to conclusion. Best approach to do it is to have objective assessments and reduce the subjective/individual opinion to minimal. Balance scorecard and KPI together must help you in implementing the strategy and direction.

As long as you build the culture to have accurate projections and reports, you'll be able to have realistic solutions for challenges in your organization. Again, the act of using data should be to guide you, not chastise an individual or group or find out who messed up. It's an opportunity to identify areas for improvement, understand the priorities based on severity/impact, and address them. Don't assume that the issues will be addressed right away, so communicate what is needed, from resources to SMEs, then act on a plan to get things started and point out the risks (both leaving it alone and what it means to have more resources addressing key issues/challenges).

Once the findings are clear, I focus on implementing the actions that will enhance the balanced scorecard and KPIs. You should prioritize actions that will have the greatest impact on your strategy and stakeholder satisfaction. It’s important to assign responsibilities, resources, and timelines for each action, and to communicate these steps to your stakeholders, ensuring they’re actively involved in the implementation process.

Reviewing the measurement of Strategic parameters are continuous process including -Review periodically from multiple perspectives including data collection, data validation & and analysis process. -use Porter Five Force/ PESTLE for assessing external business environment -Network with senior stakeholders to understand Org strategic changes -Exercise formal review process at various levels of engagement to enable timely action, adaptation, and resilience. -Keeps your strategic plan & and roadmap dynamic and responsive to change. Useful? Click Like!

Never stop reviewing your data, and making it visible to your entire company. Let all team members know what you are tracking, and how it will be reported. This will increase accountability.

The Balanced Scorecard allows for monitoring the evolution of the strategy; however, it is only part of the equation. To ensure that what is being monitored remains valid, it is necessary to validate through interactive control systems any external factors that could trigger a market reaction, requiring an adjustment to the internal strategy and, consequently, its measurement system. In my case, this review is conducted monthly with the other team leaders, where we communicate the criticality of any changes, the variables that are adjusted or eliminated, and the new initiatives that are included along with their KPIs and OKRs.

While the continuous monitoring of a balanced scorecard and KPIs is essential, one might argue that an overemphasis on metrics can stifle innovation and agility. In a rapidly changing business landscape, leaders should prioritize adaptability over rigid adherence to predefined measures. This perspective encourages a more dynamic approach, where qualitative insights and employee engagement play a crucial role in strategy evaluation. By fostering a culture of open dialogue and experimentation, organizations can better align their performance metrics with evolving strategic goals, ultimately driving sustainable growth and resilience.

Using the balanced scorecard needs a fairly immersive understanding of business strategy, execution and governance. The scorecard itself is a powerful, multidimensional tool that enables perspectives on key areas such as financial, customer, growth, etc., as well as dependencies and correlations. Having a clear, measurable strategy is the actual important first step

- the monitoring group and the leaders should be open enough to call out "red" as "red" and have the courage to accept that it is not going right and look for potential ways to fix it RED is not bad and better than a watermelon green ( where it is green outside and deep red inside) - be Agile and consider changing the ways we measure ,that is we don't have to necessarily look at the data as is ,even scrutinize the source and methods of data collection -be accepting to call off kpis that are no longer relevant or not giving much sense to business direction.its not the number of kpis that matter but the quality of measure and the insight it gives

In my experience, monitoring and evaluating the balanced scorecard and KPIs involve regular reviews and updates to ensure they stay aligned with our strategic objectives. I set up quarterly meetings to review our performance against these metrics, involving team leaders and stakeholders in these discussions to provide a comprehensive view. We also use dashboards for real-time tracking, which allows us to spot trends and make adjustments proactively. Importantly, I consider external factors that might affect our KPIs, such as market changes or competitive actions, ensuring our strategies remain relevant and responsive. This approach ensures not just alignment with our strategic goals but also fosters agility in our decision-making processes.

Gosto muito de uma ampliação do conceito original de KPI para a área das pessoas. Keep people informed, involved, interested e included. As pessoas querem entregar resultados, querem se conectar aos seus líderes. Mas, muitas vezes não sabem por onde começar. Informa-las e mante-las atualizadas, para que se envolvam no projeto é o primeiro passo. Sustentar o interesse e a inclusão por meio de ferramentas de gestão de desempenho, como os KPI, orientados por IA é o segundo passo. O terceiro eu te conto nos comentários.

One thing I have found useful, that Strategic Leaders must use KPIs in a broader context to maximize their utility and avoid negative consequences. If not used wisely—that is, as one feature in the larger landscape of a lab’s status—KPIs quickly morph from objective health measures to proxies for what cannot be quantified. This disconnect allows staff to game KPIs to meet departmental or personal goals without furthering strategic objectives.