Balanced Scorecard

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Company's Strategic Plan & Balanced Scorecard

Company's Strategic Plan & Balanced Scorecard

Vision, Mission, and Objectives mean finally to Measure

You cannot tell you are on the right path unless you set your direction, i.e., your final target. So you have to define your Company's Vision as a kind of a final destination that is worth working on, you and your associates, to be useful not only to yourselves but for all of the society. From this, you can conclude what you have to do for today, i.e., define your Company's Mission. But Mission statement is also a generic one. We have to define our Company's Objectives to approach from the heavens the earth, i.e., the ground, the place where we humans are working to make our living!

Defining the Company's Objectives

The Objectives are the first measurable part of the Strategic Plan of the Company. These are statements as "Fast Customer Order Delivery" or "Increase Number of Active Customers". The Objectives are a kind of weighted Metrics, of one or more, simpler ones as "Days Of Delivering Special Orders" or "Number Of Active Customers". We have to set the Perspective of the Objectives from the "causes" to the "results" to show the functional relations that produce excellent final results. The Perspectives are Human Resources, the Internal Processes, Customer Service Excellence, and the Financial one. The Objectives must be accompanied by actions to be accomplished. They can be implemented as Processes like Preventive and Corrective Actions or separate Projects, that can work towards Objectives success. Mykosmos can automate the implementation of both Processes and Projects.

The Balanced Scorecard

The Balanced Scorecard gives the grades of the Company as a final weighted grade. The mentioned four (4) Perspectives provide to the final grade their own composite and weighted ones. The Perspectives also contain composite and weighted Metrics, they are the so far called Company Objectives. By considering the Balanced Scorecard as a first level grade, the Perspectives give the second level grade, and the Company Objectives provide the third level grades. It is not necessary all of the third level grades be considered part of the Strategic Plan of the Company. There are various proposals of what exactly is the Balanced Scorecard and what is the Strategic Plan. In the end, they are a system of composite weighted Metrics that rely on simpler and more obvious ones.

Metrics are produced automatically by Procedures

The automation of Company processes using Mykosmos allows for collecting valuable Metrics. Nearly for all of those Metrics, responsible Accosites or Roles can be defined. Upon the receiving of a Metric, the accountable Associate has to explain why it is low or high. All of the Initial Processes Perspective is about times and events that taking place on those times. So, not only automation is achieved throughout the Company, but also occurs valuable measuring. The Perspective of Human Resources can be provided with Metrics that take into account the effectivity of our Associates. For the Customer Excellence Perspective, every Procedure that relates to a Customer can incorporate processes measures. Metrics also can be provided by Associates directly, as data input upon Mykosmos request.