The Balanced Scorecard implementation should be considered as project implementation for the following reasons:
Some of the phases could be undertaken in parallel depending on resources and time availability. Therefore, it is recommendable to use project management tools for a better project management.
1- Analyse business data with a holistic and dynamic approach
2- Define BSC work team
- Leadership Team (Upper level management):
- Core Team (Middle level management):
- Measurement Team (Lower level personnel):
3- Report first diagnosis to BSC team.
4- Establish strategic objectives and define used criteria.
5- Revise strategic themes.
6- Build a Strategic Map: Define cause-effect relationships. Key factors to success (drivers) to KPI.
7- Define targets, KPIs and business drivers from all company's metrics.
- Target definition
- KPI definition, ownership, frequency of revision
- Define how is calculated and reported
- Sources needed
- Measurement Summary: Summary of attributes associated with each measurement in the Balanced Scorecard
- Check the balance between outcomes (KPIs) and operating drivers of the BSC
8- Plan strategic programs, action plans and its key milestones.
- Program name
- Program accountability and sponsors
- Program allocated resources
- Program benefits and expected impact on strategic goals
- Define programs weight, rank and score within total programs
- Check objectivity and fairness with top management
- Plot impact of programs against strategic objectives: No strategic objective without program
9- Summarize Objectives, Measurements, Targets & Programs.
10- Create an Implementation Plan