BSc Seminar as a Form of Indicators Presentation

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Why is it important to organize BSC training and seminars? How top management of a company should start working with BSC? Should ordinary personnel be involved with BSC development? Find answers to these questions in this article. Check additional information about indicators presentation.

Development of Balanced Scorecard is quite a complex process consisting of several stages that are interrelated and thus very important for successful BSC implementation in an organization. Mistakes and failures at each stage result in failure to make an effective use of Balanced Scorecard. It should be said that BSC implementation is quite difficult as it requires profound knowledge and relevant experience. However, even knowledge and experience cannot guarantee success. Balanced Scorecard should become a part of company that should be ready for changes. Implementation process starts with strategy development. Balanced Scorecard is a performance evaluation and strategic management tool, and thus there is no point in using BSC if there is no comprehensive and realistic strategy. Failure to develop a good strategy means failure to successfully use Balanced Scorecard. At the same time even a good strategy does not guarantee positive results. Perhaps, one of the most important stages is choice of key performance indicators and their presentation to company personnel. It should be noted that BSC works at its maximum potential only when used by the majority of personnel. History knows examples when effective strategies and excellent Balanced Scorecards have been designed by only several people in the company who were competent in this issue, but Balanced Scorecard never worked because it was used only by a few people.

Thus, presentation of key performance indicators, and of course, their choice is all important. Key performance indicators are measures that are evaluated in order to get information whether or not the company is doing OK on the way to implement strategic goals. One can imagine that the wrong choice of key performance indicators will result in obtaining the wrong data. This, in its turn, can lead to adoption of wrong decisions. In other words, Balanced Scorecard will show that everything is OK with implementation of company strategy, while in fact the company will be moving to an entirely different direction. That's why the right key performance indicators need to be chosen, as well as they have to be presented to company personnel at all managerial and production levels.

Indicators presentation may take the form of a seminar for top, midlevel and low management employees, as well as ordinary personnel in various departments of a company, since every department may have an individual set of key performance indicators. At such a seminar, BSC team should present key performance indicators, explaining reasons for choosing each of them, as well as providing listeners with a full description of each key performance indicator. Employees must understand what exactly an indicator measures and how their work influences certain indicators.

Presentation of key performance indicators can also involve discussion. Even ordinary employee can suggest something as they are the people who directly contact customers and thus they may possess valuable information on customer preferences, requests and needs. This information can be used when developing key performance indicators in customer perspective of Balanced Scorecard. After discussion BSC is implemented in the company each managerial level receives own set of key performance indicators the number of which as a rule does not exceed 20.

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Balanced Scorecard Toolkit includes step-by-step manuals, documents, presentations, check lists designed to help business professionals with successful development and implementation of Balanced Scorecard. Learn more about BSC Toolkit.