Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He is a best-selling author of 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK.
Bernard’s latest book is ‘Business Trends in Practice: The 25+ Trends That Are Redefining Organisations’
Bernard Marr ist ein weltbekannter Futurist, Influencer und Vordenker in den Bereichen Wirtschaft und Technologie mit einer Leidenschaft für den Einsatz von Technologie zum Wohle der Menschheit. Er ist Bestsellerautor von 20 Büchern, schreibt eine regelmäßige Kolumne für Forbes und berät und coacht viele der weltweit bekanntesten Organisationen. Er hat über 2 Millionen Social-Media-Follower, 1 Million Newsletter-Abonnenten und wurde von LinkedIn als einer der Top-5-Business-Influencer der Welt und von Xing als Top Mind 2021 ausgezeichnet.
Bernards neueste Bücher sind ‘Künstliche Intelligenz im Unternehmen: Innovative Anwendungen in 50 Erfolgreichen Unternehmen’
7 Common Balanced Scorecard Mistakes Every Company Should Avoid
2 July 2021
Even though more than half of all major companies in the US, Europe and Asia are using Balanced Scorecard (BSC) approaches, I would argue that many of those are not as good as they could be. The reason for this is that companies take short cuts or they forget vital components when developing their own BSC.
Here are seven of the key pitfalls I see time and time again:
1) Not having buy-in and understanding of the tool across the company before you implement it.
2) Starting the BSC development with metrics and KPIs instead of the strategy. Measures cannot be relevant if they are not firmly based on the strategic objectives. The Strategy Map is the first and most important component of any BSC, KPIs follow once the strategy is clear.
3) Simply ‘filling in’ the generic strategy map template. It is important to note that the strategy map template is a framework to guide your thinking and not one you simply customise with your own worlds.
4) Copying a strategy map from another company. A strategy map has to be a unique representation of your company’s strategic objectives at this point in time. It has to be developed with close senior executive engagement and represent the distinctive challenges your company is facing today.
5) Not revising and refreshing the Strategy Map, KPIs or Action Plans. We all know that your company’s priorities shift over time and therefore the Strategy Map, KPIs and Action Plans have to reflect that.
6) Only using oversimplified KPIs to track progress. It is important that the KPIs help to track your strategic objectives but instead of developing the most relevant KPIs companies often chose the ones that are most easy to measure or the ones everyone else seems to be tracking. More effort has to go into developing truly relevant and meaningful KPIs.
7) Not having Action Plans linked to the BSC. A strategy without a plan to deliver it will always remain a trip to fairy land!
There’s really no escaping artificial intelligence (AI) and the Internet of Things (IoT). It seems pretty much anything can be made smart these days – and that goes for services as well as products.[...]