Written by

Bernard Marr

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’

View Latest Book

Follow Me

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’

View Latest Book

Follow Me

Balanced Scorecard: Implementation Pitfalls (Part 2)

2 July 2021

Balanced Scorecard Implementation Pitfalls to Avoid (part 2)

There are many Balanced Scorecard implementations where companies don’t seem to get all the benefits described above. Research and experience have identified various traps and pitfalls main ones to avoid are listed below.

  • Seeking Perfection in a Balanced Scorecard.
    There are some companies that spend forever trying to create a perfect Balanced Scorecard and therefore never actually start using it. It is important to realise that there will never be a perfect Balanced Scorecard. The world around you changes constantly and therefore the Balanced Scorecard needs to change too. However, in order to be practical it is important to agree on one Balanced Scorecard and run with it for a while instead of waiting forever to create something perfect.
  • Lack of Senior Management Support for the Balanced Scorecard. 
    Not having the buy-in and support of key manager and executives can jeopardise the success of any Balanced Scorecard implementation. It is important that key individuals in an organisation are committed to the strategic objectives and performance indicators identified in the Balanced Scorecard. The best way to achieve this is to closely engage them in the process of designing the Balanced Scorecard.
  • Not Involving Staff and External Stakeholders in the Balanced Scorecard design.
    The Balanced Scorecard is often seen as a top management initiative in which they define what needs to be done and what needs to be measured. However, creating a Balanced Scorecard is a fantastic opportunity to engage with a wider group of internal staff and key external stakeholders. Involving them will yield a better Balanced Scorecard and most importantly help to create buy-in and support.
  • Lack of Balanced Scorecard Understanding.
    Many organisations assume that once senior management have agreed on their Balanced Scorecard, strategic map and their indicators everyone will happily implement it and collect and report the data. Don’t underestimate the need for training and communication about the Balanced Scorecard initiative and its aims and objectives. Again, this is especially important since there are so many different interpretations of what a Balanced Scorecard is and what it is for. Experience has shown that the support of lower and middle tier managers is essential for the success.
  • Using the Balanced Scorecard for Additional Top Down Control.
    As I have outlined in my book “Strategic Performance Management”, one of the main problems with Balanced Scorecards arises when senior managers use the performance indicators identified to apply a command-and-control approach in which they use the indicators to punish or reward people. This creates fear, resistance and cheating. Instead, managers should use their Balanced Scorecards to foster a learning culture where everybody is encouraged to collect performance information to improve future performance.

Business Trends In Practice | Bernard Marr
Business Trends In Practice | Bernard Marr

Related Articles

The Exciting Technology Highlights Of CES 2022

CES 2022 will be an opportunity for technology fans and industry insiders to get a first glimpse of the latest innovations, gadgets and devices consumers will be lusting for over the next 12 months.[...]

How Do You Prioritize Data Projects?

Every business could come up with hundreds (or thousands) of potential data projects. How do you prioritize?[...]

The 5 Biggest Global Trends Every Business Must Be Ready For | Bernard Marr

The 5 Biggest Global Trends Every Business Must Be Ready For

No business operates in a vacuum. Today’s organizations are continually shaped by the world around them, and the same will be true for the organizations of the future[...]

The 8 Biggest Consumer And Customer Experience Trends In 2022 | Bernard Marr

The 8 Biggest Consumer And Customer Experience Trends In 2022

Our world is changing rapidly, and so too are consumer expectations. Therefore, if your business wants to continue to add real[...]

The 8 Biggest Business Trends In 2022 | Bernard Marr

The 8 Biggest Business Trends In 2022

Across all sectors, organizations are grappling with rapid transformation. On top of that, there are enormous global[...]

The 8 Biggest Retail Trends Every Retailer Needs To Be Ready For | Bernard Marr

The 8 Biggest Retail Trends Every Retailer Needs To Be Ready For

Like every sector, retail is going through a transformation and must respond to the forces of the fourth industrial revolution and major societal shifts[...]

Stay up-to-date

  • Get updates straight to your inbox
  • Join my 1 million newsletter subscribers
  • Never miss any new content

Social Media

0
Followers
0
Likes
0
Followers
0
Subscribers
0
Followers
0
Subscribers
0
Followers
0
Readers

Podcasts

View Podcasts