The Balanced Scorecard (BSC) is a performance management tool which was initially conceptualized as an approach for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy. By focusing not only on financial outcomes but also on the operational, marketing and developmental inputs to the overall outcome, the BSC helps provide a more comprehensive view of a business, which in turn helps organizations act in their best long-term interests.

Balance Scorecards are widely used as a key component of an integrated performance management framework. Many companies that currently use BSC report that they are working to improve their current processes by utilizing new technologies, expanding the scope, drilling down more deeply into the organization, and integrating these processes more closely with other key management processes. BSCs are often referred to as strategy implementation tools, as they help to create scorecards and dashboards to monitor the strategic objectives and key performance indicators that you need to manage your organization. BSC compares current performance against various benchmarks such as industry peers, internal plans or budgets, as well as historical data to assess the organization’s current performance. In addition, users can easily spot trends and compare business performance along different business lines/products/dimensions.

The Oracle Hyperion Performance Scorecard is a balanced scorecard collaborative certified application that helps companies clearly articulate their business strategy and goals, communicate them across the organization, monitor the KPIs and improve business alignment. This software offers you complete strategy and accountability-mapping capabilities, as well as Web-based message boards, forums and discussion threads.

The business values that we at Nouvasys offer to our clients through the Balanced Scorecard based Performance Management System are:

• Effective communication across the organization by sharing operational performance management strategies throughout the business
• Clarify business objectives by aligning the organization with corporate strategy, plans and objectives
• Improve operational efficiency through a continuous business performance management cycle
• Increase employee participation by promoting collaboration and accountability for results
• Create value for key stakeholders by building future economic value