Balanced Scorecard Definition and Solutions

• What is a "balanced scorecard"?
• What are the benefits of implementing a balanced scorecard?
• How is it different from other methodologies, such as Six Sigma, activity-based costing and IT governance?
• Does every organization need a balanced scorecard of some type?
• Who is the champion within the organization?
• How can you determine your scorecard measures?
• How is the balanced scorecard implemented?
• Are there software tools that can help?
• What if you choose not to use off-the-shelf software?
• What are the challenges of implementing a balanced scorecard?
• How can you determine ROI?
• Can you dip a toe in the water, or is it an all-or-nothing proposition?
• Is this something a company can do internally, or is external help advisable?
• Even with tools, consultants and books, this is a huge undertaking. Are there general guidelines available?

Even with tools, consultants and books, this is a huge undertaking. Are there general guidelines available?

There are several independent, technology-agnostic organizations with reams of good material. They include:

• Best Practice Institute, North Palm Beach, Fla., www.bpinstitute.net



• Balanced Scorecard Institute, www.balancedscorecard.org



• Foundation for Performance Measurement, www.fpm.com



• Benchmarking Network, www.benchmarkingnetwork.com



• Best Practices LLC, www.best-in-class.com

Using a balanced scorecard methodology is as good a way as any-and better than many-to measure and track processes and progress, and there are plenty of resources, many of them free, at your disposal. It doesn't make sense not to give it a try; after all, you don't have that much to lose, and you have much to gain.

Karen D. Schwartz is a writer based in Washington, D.C., who specializes in business and technology issues. She can be reached at karendschwartz@gmail.com.