One of the important assets of any organization is its INFORMATION which is processed data stored in the ERP systems and MS Spreadsheets. This asset is always used for two purposes: Operational record keeping and analytical decision making.
The balanced scorecard (BSC) is a strategic planning and management system that organizations use to:
- Communicate what they are trying to accomplish
- Align the day-to-day work that everyone is doing with strategy
- Prioritize projects, products, and services
- Measure and monitor progress towards strategic targets
We at Quickreport Software Private Limited, thought of using our Business Intelligence Tool called MyReport to generate BSC by marrying the data stored in ERP Systems and in MS Spreadsheets. Before we talk about the tools and how to generate BSC lets touch upon the basics of BSC.
Balanced Scorecard Basics
The system connects the dots between big picture strategy elements such as mission (our purpose), vision (what we aspire for), core values (what we believe in), strategic focus areas (themes, results and/or goals) and the more operational elements such as objectives (continuous improvement activities), measures (or key performance indicators, or KPIs, which track strategic performance), targets (our desired level of performance), and initiatives (projects that help you reach your targets).
Who Uses the Balanced Scorecard (BSC)?
BSCs are used extensively in business and industry, government, and nonprofit organizations worldwide. Gartner Group suggests that over 50% of large US firms have adopted the BSC. More than half of major companies in the US, Europe, and Asia are using the BSC, with use growing in those areas as well as in the Middle East and Africa. A recent global study by Bain & Co listed balanced scorecard fifth on its top ten most widely used management tools around the world, a list that includes closely-related strategic planning at number one. BSC has also been selected by the editors of Harvard Business Review as one of the most influential business ideas of the past 75 years.
What is MyReport
Tailor made to your needs, MyReport makes reporting bugs a laughable concept. MyReport enables you to collaborate and centralize your entire data in an elegant and controllable data base. We’re talking about reduction in tedious data handling time, almost by one fifth! Flexible and simple, you can now link and control your data without losing in on the visualization. So, Click, Drop, and Drag, your dashboards are finally yours! No additional installations, MyReport can be integrated with Excel. You can now work on any unfamiliar data with the utmost ease, MyReport will see to it that Report Creation and its management are done according to your needs and supervision!
MyReport is one of the few MIS tools which collaborates ETL as well as the Reporting tool. The free-flowing connectivity with the databases makes MyReport an integral asset while working on your data. The Native Drivers are especially dedicated to connect to your most commonly used databases.
Another important aspect of MyReport is that your data warehouse can be used as a source data! Yes, you can filter out the time and effort leakage by using your data warehouse as a starting point for your other work and applications. MyReport Messenger, a unique distribution tool, will help you to distribute Reports. You can set triggers and warnings with the help of this tool, but most importantly, your reports can be distributed in multiple formats like PDF, EXCEL, EXCEL without the data, etc.
Quickreport Software Private Limited (QRSPL) is a company established in May 2009 and primarily into selling of the MyReport solution in India, GCC, Asia and Africa regions. We have built a Simple, Flexible and Affordable prototype for any organization to build their BSC for senior and Middle Management. We primarily used a customized front end module and MyReport to build the dashboards for some of the BSC nuances. These dashboards may answer some of the questions below that all the stakeholders ask from time to time.
- We collect tons of data, but we can’t access it.
- We need to slice and dice the data every which way.
- Business people need to get at the data easily.
- Just show me what is important.
- We spend entire meetings arguing about who has the right numbers rather than making decisions.
- We want people to use information to support more fact-based decision making.
Below are the sample screen shots to elaborate the BSC concept.
The salient features of this prototype are:
- Ability to define Roles and Users to control the access to sensitive data.
- Ability to load the Business Plan targets in a predefined format.
- Ability to look at high level KRA values with drill down to detail reports, Top 10 values (Customers, Suppliers, Products etc.) for every KRA.
- Ability to define KRAs, Targets and compare the same with actuals from the ERP systems.