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How can you identify key drivers of financial performance with a balanced scorecard?

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If you want to improve your financial performance, you need to measure and manage the factors that drive it. A balanced scorecard (BSC) is a strategic tool that helps you align your goals, actions, and indicators across four perspectives: financial, customer, internal process, and learning and growth. In this article, you will learn how to identify the key drivers of financial performance with a balanced scorecard and how to use it to monitor and improve your results.

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Iván Arrieta G.

9 a?os Marca Perú. Top Voice en Business Strategy & Management Accounting. Creador del BSC Focusplus? y la versión…
Neeraj Sajwan

Financial Planning & Analysis | Data Analytics | MIS & Financial Modelling | Data visualization | 9 Years’ experience |…

1 What is a balanced scorecard?

A balanced scorecard is a framework that translates your vision and strategy into a set of objectives and measures that reflect your value proposition to your stakeholders. It enables you to track your progress and performance on four dimensions: financial, customer, internal process, and learning and growth. The financial perspective focuses on the outcomes that affect your profitability and growth, such as revenue, costs, cash flow, and return on investment. The customer perspective focuses on the attributes that create value for your customers, such as quality, satisfaction, loyalty, and retention. The internal process perspective focuses on the activities and processes that deliver value to your customers and shareholders, such as innovation, efficiency, quality, and productivity. The learning and growth perspective focuses on the capabilities and resources that enable you to achieve your goals and adapt to changes, such as skills, knowledge, culture, and technology.

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Iván Arrieta G.

9 a?os Marca Perú. Top Voice en Business Strategy & Management Accounting. Creador del BSC Focusplus? y la versión Balanced Scorecard: SXXI. Líder del Grupo BSC No. 1 del mundo. CEO de Consultoría y Asesoría Stratego.
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Qué es el Balanced Scorecard versión Siglo XXI? Es nuestro aporte al mundo del Management Estratégico. La metodología que permite realizar el upgrade del BSC tradicional al BSC versión Siglo XXI se denomina BSC Focusplus?. Tiene su partida de nacimiento académica en el 2022 con la publicación de un artículo en una Revista científica. A continuación las diferencias del BSC SXXI respecto a la versión tradicional: 1. Ya no utiliza dos formatos (Matriz BSC + Mapa Estratégico) sino un solo (Hoja de Ruta Estratégica). 2. Enfoque hacia la generación de valor (No Ebitda ni Rentabilidad Neta). 3. Enfoque Tool Box Management (ninguna metodología es omnipoderosa, ni el BSC). 4. Agilidad Estratégica (para estar a la altura de las metodologías ágiles).

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Md. Mejbahe Makam

Accounts & Trade Finance Specialist Freelance basis only (this is NOT a permanent position)
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The balanced scorecard involves measuring four main aspects of a business: Learning and growth, business processes, customers, and finance. BSCs allow companies to pool information in a single report, to provide information into service and quality in addition to financial performance, and to help improve efficiencies.

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Md. Mejbahe Makam

Accounts & Trade Finance Specialist Freelance basis only (this is NOT a permanent position)
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The basic structure of a KPI scorecard includes four perspectives: financial, customer, internal process, and learning & growth. Each perspective is represented by a set of measurable goals or objectives. The financial perspective focuses on measures such as profitability, return on investment, and cash flow.

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David Radley

Commercial and Finance Director | Specialist in Analysis and Strategy, and HR Leadership | Heads Corporate Services | MBA with Distinction | Chartered Water and Environmental Manager | Chartered Engineer | CIMA Candidate
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Having seen the power of a well implemented balanced scorecard first hand I would say it is more than a tool; it's a strategic approach that aligns business practices and maximise effectiveness and interconnectivity. This holistic framework integrates financial, customer, internal process, and learning and growth perspectives. It enables organisations to synchronise strategies, drive performance, and achieve strategic outcomes by fostering cross-functional collaboration and aligning business practices with overarching objectives. Through this approach, businesses gain a comprehensive view of their operations, enabling informed decision-making and strategic adjustments to optimise performance and value delivery.

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Neeraj Sajwan

Financial Planning & Analysis | Data Analytics | MIS & Financial Modelling | Data visualization | 9 Years’ experience | Python & SQL| MBA |
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It is just a financial performance tracker, it's a strategic management tool. It helps you identify the non-financial factors that drive your financial performance

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2 How to identify key drivers of financial performance?

To identify the key drivers of financial performance with a balanced scorecard, you need to follow a cause-and-effect logic that links your objectives and measures across the four perspectives. You need to ask yourself how each perspective contributes to the financial results you want to achieve and what are the critical success factors and indicators for each one. For example, you may want to increase your revenue by attracting and retaining more customers. To do that, you need to improve your customer satisfaction and loyalty by delivering high-quality products and services. To do that, you need to optimize your internal processes by enhancing your innovation, efficiency, and quality. To do that, you need to invest in your learning and growth by developing your skills, knowledge, culture, and technology. By identifying these causal relationships, you can define the key drivers of financial performance and align them with your strategy.

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Iván Arrieta G.

9 a?os Marca Perú. Top Voice en Business Strategy & Management Accounting. Creador del BSC Focusplus? y la versión Balanced Scorecard: SXXI. Líder del Grupo BSC No. 1 del mundo. CEO de Consultoría y Asesoría Stratego.
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En el Balanced Scorecard versión Siglo XXI, se identifican dichos factores dise?ando una Hoja de Ruta Estratégica intergerencial. Dicha Hoja de Ruta en una entidad lucrativa debe tener como objetivo supremo maximizar la generación de valor para el accionista y su indicador debería ser el Flujo de Caja Proyectado Descontado. Considerar como indicador financiero alguno cortoplacista (como el Ebitda o la rentabilidad neta) no es recomendable pues la Hoja de Ruta estaría enfocada en alcanzar ese indicador, por lo que estaría llena de factores claves cortoplacistas, pudiendo estar hipotecando el futuro de la entidad. Por el contrario, se debe tener una Hoja de Ruta Estratégica que impulse la generación de valor de la entidad de forma sostenida.

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Neeraj Sajwan

Financial Planning & Analysis | Data Analytics | MIS & Financial Modelling | Data visualization | 9 Years’ experience | Python & SQL| MBA |
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1-Traditional metrics like revenue growth, profitability, and return on investment 2-Measures customer satisfaction, loyalty, and acquisition costs. 3-How efficient and effective are your internal processes at delivering value to customers? This could involve cycle time, defect rates, or employee productivity

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3 How to design a balanced scorecard?

To design a balanced scorecard, you need to follow a systematic process that involves several steps. First, you need to clarify your vision and strategy and communicate them to your stakeholders. Second, you need to select the objectives and measures that represent your value proposition and reflect your strategic priorities. Third, you need to set targets and initiatives that define your desired level of performance and the actions you will take to achieve it. Fourth, you need to implement and update your balanced scorecard and use it as a management tool to monitor and improve your performance. Fifth, you need to evaluate and revise your balanced scorecard and align it with any changes in your environment or strategy.

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Iván Arrieta G.

9 a?os Marca Perú. Top Voice en Business Strategy & Management Accounting. Creador del BSC Focusplus? y la versión Balanced Scorecard: SXXI. Líder del Grupo BSC No. 1 del mundo. CEO de Consultoría y Asesoría Stratego.
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Siguiendo la metodología BSC Focusplus?, lo primero es definir el Qué (su visión y misión). Para el Cómo, la metodología toma en cuenta los 3 eslabones del Management Estratégico: 1. Arquitectura Estratégica: Dise?ar el Organigrama de Unidades Estratégicas de la entidad y realizar un diagnóstico visual de las mismas (rojo, ámbar, verde). Así se tomará conciencia que estamos jugando varias partidas de ajedrez con diferente éxito. 2. Planeamiento Estratégico: Definir el kit de estrategias necesario para cada una de las Unidades Estratégicas, además del nivel corporativo. 3. Gerenciamiento Estratégico: Con cada kit de estrategias, dise?ar la Hoja de Ruta intergerencial, incorporándoles indicadores claves y responsables para cada uno de ellos.

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4 How to use a balanced scorecard?

To use a balanced scorecard effectively, you need to integrate it into your daily operations and decision making. You need to collect and analyze data on your measures and compare them with your targets and benchmarks. You need to identify and address any gaps or issues that may affect your performance and take corrective or preventive actions. You need to communicate and share your results and feedback with your stakeholders and involve them in your improvement efforts. You need to reward and recognize your achievements and celebrate your successes. You need to learn from your experience and best practices and apply them to your future plans and actions.

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Neeraj Sajwan

Financial Planning & Analysis | Data Analytics | MIS & Financial Modelling | Data visualization | 9 Years’ experience | Python & SQL| MBA |
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Step 1- What are your organization's overall goals and vision? What strategic themes are you focusing on? step 2- a) Identify the key financial metrics that reflect your strategic goals. b) Define what customer satisfaction looks like for your business. c) Look at your internal operations. What processes are critical for delivering value to customers and achieving financial goals? d) Focus on how your organization fosters innovation and continuous improvement. Track metrics like employee training hours, new product development, or process improvement initiatives. step 3- For each strategic objective, define specific, measurable KPIs to track progress. KPIs should be actionable and time-bound.

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Iván Arrieta G.

9 a?os Marca Perú. Top Voice en Business Strategy & Management Accounting. Creador del BSC Focusplus? y la versión Balanced Scorecard: SXXI. Líder del Grupo BSC No. 1 del mundo. CEO de Consultoría y Asesoría Stratego.
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. Se debe asignar la responsabilidad de monitorear el BSC a un área o persona con peso político en el organigrama. Kaplan llama a esa área Oficina de Gestión Estratégica. Si no la hubiera, sería el Controller o el que haga las veces de él. . Se debe institucionalizar reuniones periódicas para revisar el avance de los distintos BSC de Situación de la entidad. El fin de las mismas es levantar los cuellos de botella que se vayan presentando con el fin de impulsar el cumplimiento de la Hoja de Ruta. . Se debe institucionalizar la política de bonificaciones alineada al cumplimiento de los objetivos del BSC. . Se debe institucionalizar la política de sanciones para quienes manipulen indicadores, impulsando en paralelo la automatización del BSC.

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5 What are the benefits of a balanced scorecard?

A balanced scorecard can provide you with several benefits that can enhance your financial performance and competitive advantage. It helps you align your vision and strategy with your actions and indicators, as well as balance your short-term and long-term goals. Additionally, it helps you measure and manage the drivers of financial performance, create value for customers and shareholders, improve communication with stakeholders, and foster a culture of learning and growth. All of these benefits can help you differentiate yourself from your competitors and increase engagement and commitment from stakeholders.

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Iván Arrieta G.

9 a?os Marca Perú. Top Voice en Business Strategy & Management Accounting. Creador del BSC Focusplus? y la versión Balanced Scorecard: SXXI. Líder del Grupo BSC No. 1 del mundo. CEO de Consultoría y Asesoría Stratego.
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El Balanced Scorecard versión Siglo XXI nos permite gerenciar con enfoque estratégico la entidad en base al dise?o y posterior cumplimiento de una Hoja de Ruta de objetivos estratégicos con KPIs estructurados en torno a ella, en lugar de gerenciar en base a un Dashboard con KPIs recopilados muchas veces con criterios perfectibles. Además se logra impulsar una Cultura medible, sentando la base para una Política de Bonificaciones alineada a la Estrategia. De esta manera se eleva la probabilidad de maximizar la generación de valor de la entidad pues estamos impulsando a lo largo del a?o el avance de la Hoja de Ruta, motivando al equipo humano a cumplir la misma.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you identify key drivers of financial performance with a balanced scorecard?

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1 What is a balanced scorecard?

2 How to identify key drivers of financial performance?

3 How to design a balanced scorecard?

4 How to use a balanced scorecard?

5 What are the benefits of a balanced scorecard?

6 Here’s what else to consider

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