What gets measured gets done. If you don’t measure results, you can’t tell success from failure” and you can’t claim or reward success or avoid unintentionally rewarding failure, If you can’t recognize success, you can’t learn from it; if you can’t recognize failure, you can’t correct it. If you can’t measure it, you can neither manage it nor improve it.
KPIs or Key Performance Indicators is a set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals. In simple terms a KPI is a way of measuring how well we as individuals or how well entire companies or business units are performing. A KPI should help us understand how well a company, business unit or individual is performing compared to their strategic goals and objectives. KPIs are tools that may be used by an organization to define, measure, monitor, and track its performance over time toward the attainment of its stated organizational goals.
The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action.
It provides a framework that not only provides performance measurements, but helps planners identify what should be done and measured. It enables executives to truly execute their strategies. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.
This programme has been put together to help participants grasp the fundamental concepts of performance measurements and how to construct KPIs from the group level down to individual KPIs and how these can be aligned.