A Balanced Scorecard is a model that summarizes an organization’s high-level strategic goals, initiatives designed to reach those goals, and metrics, or key performance indicators, that monitor success over time, and shows how they are connected to the mission, vision, and core values of the organization. It is a strategic planning tool used ubiquitously in organizational management that clearly and concisely communicates what the organization has set out to achieve and how it proposes to do it.
What are Balanced Scorecards, and what are best practices, tools and templates for teams and organizations?
Definition of Balanced Scorecard
Description of Balanced Scorecard
Balanced Scorecards typically include four areas of strategic focus, including financial sustainability, customer experience, internal processes and structures, and workforce culture, learning, and development. Focusing on these four overarching components gives you a balanced perspective of your organization’s health. It also provides a methodology for breaking down a large-scale vision and strategy into categories and activities that become actionable and measurable. Balanced Scorecards are unique in that they help you visualize in a straightforward manner how an organization’s high-level strategy drives the day-to-day priorities and desired outcomes and the measure of your success along the way.
Tools & Templates
Specific tools used to create Balanced Scorecards typically include a one-page graphic or template that connects the organization’s mission, vision, values, strategic goals/priorities, initiatives, key performance indicators, and timeframes for implementation.
upBOARD's Online Balanced Scorecard Tools & Templates
Unlike most traditional Balanced Scorecard techniques, upBOARD’s online Balanced Scorecard collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform for Innovation Management goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s library of other innovation management online best practice tools and templates, including:
Agile Innovation Process, Business Case Development, Business Model Canvas, Concept Development, Concept Screening, Concept Testing, Customer Empathy Map, Customer Problem Statements, Design Thinking, Innovation Funnel Management Process, Innovation Horizons Model, Innovation Roadmap, Jobs to be Done, Lean Startup, Listening Hats, Open Innovation Process, Painstorming, Rapid Prototyping, SCAMPER, S-Curve Mapping, Stage Gate Process, and Technology Scouting.