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Public Sector and Not-for-Profit Balanced ScorecardWhile the Balanced Scorecard has been designed for commercial companies, the framework has found wide-spread use in the public and not-for-profit sector. The Advanced Performance Institutes has worked with many government and not-for-profit organisations to implement performance management frameworks. The challenge is how to apply the commercial company focused template of the Balanced Scorecard in public sector and not-for-profit organisations. Here are the key changes to the Balanced Scorecard template in order to make it relevant to those organisations: Move the Financial Perspective of the Balanced Scorecard to the bottom of the template. The overall [...]

What is Strategic Performance Management? Strategic performance management is about creating an environment in which organizational performance becomes everyone's everyday job. This involves a clear understanding of the strategic direction and competitive advantage by everyone in the organization as well as their accepted responsibility to continuous refinement of this strategic direction. In such an environment employees use performance indicators to test and challenge the strategic assumptions that underlie performance. Relevant performance indicators are collected to inform strategic decision making at all organizational levels, and not merely to put them into reports that no-one really cares about. Strategic Performance Management (SPM) [...]

Scalability of Performance Management Software In order to assess the required scalability it is important to consider the final implementation scope of the performance management software. Companies might initially only automate one department or business unit but later plan to roll it out organisation-wide. There are three aspects of scalability: The performance management software application should be scalable in terms of programming. It should, for example, be easy to add new cascaded value creation maps The underlying performance management database should be scalable since the amount of data and information accumulates quickly The performance management communication approach should be scalable [...]

3 Essential Ways To Prepare Your Business For 5G 3 Essential Ways To Prepare Your Business For 5G 5G is coming to a town or city near you soon. If it hasn’t already arrived, that is. But what is 5G, why is it such a key technology trend and, most importantly, what should businesses do to prepare for 5G? Read on to find out. 5G: The 30-second explainer 5G stands for fifth-generation cellular wireless communications. The latest in networking technology promises us greater stability, faster connection speeds, lower latency (i.e., increased responsiveness), the ability to connect many more devices at [...]

What are the Benefits of using Balanced Scorecards? Research has shown that organisations which use a Balanced Scorecard approach tend to outperform organisations without a formal approach to performance management. The key benefits of using a Balanced Scorecard include: Better Strategic Planning- The Balanced Scorecard provides a powerful framework for building and communicating strategy. The business model is visualised in Strategy Maps which forces managers to think about cause-and-effect relationships. The process of creating a Strategy Map ensures consensus is reached over a set of interrelated strategic objectives. This means that both performance outcomes as well as key enablers of [...]

The COVID-19 pandemic altered our world in many ways including the acceleration of digital transformation. Here we discuss the five technology megatrends of our times and how their adoption was accelerated by the reality of trying to sustain business as well as live and cope in a COVID-19-impacted world. While many were juggling at-home schooling of children and professional responsibilities amid stay-at-home orders because of COVID-19, the digital transformation accelerated. Here are five of the biggest technology trends of our times and how the coronavirus pandemic accelerated their adoption. This acceleration will change how businesses operate and compete as they [...]

A short look at the development of the balanced scorecard - "one of the most significant management ideas of the past 75 years" The balanced scorecard is a concept that has become deeply embedded in organisations of all kinds around the world - and yet, remarkably, it has only existed for fifteen years. By 2003, the editors of the Harvard Business Review were naming the balanced scorecard as one of the most significant management ideas of the past 75 years, and a survey has found that around half the Fortune 1000 companies in the USA and 40 percent of those [...]