Business Scorecard
A Business or Performance scorecard is a graphical chart representation of the progress over time of some business entity, such as financial of an enterprise, an employee or produc turnover or simply an sales indexes, toward some specified goal or goals. This is widely used in many industries throughout both the public and private sectors.
The Scorecards are also used to monitor the progress of any organizational goal. The integral concepts of scorecards are targets and key performance indicators (KPIs). KPIs are metrics used to evaluate factors that are crucial to the success of an organization; targets are specific goals for those indicators.
KPIs differ from one organization to another. Net revenue is a typical enterprise KPI; unemployment rate is a typical government KPI. In the scorecard, KPIs are represented by icons. For example, the vice president of manufacturing might be interested in such items as:
-The number of units produced
- The number items that fail quality control
- Inventory levels
Each KPI is typically displayed as a symbol indicating the health of that particular number. For example, a recent project in Malaysia, the number of visitors to a building were captured and use to monitor over time for traffic valuation, destination and duration monitoring. A KPI icon may use colored indicators and graphics or graphical charts(green/yellow/red). This way, at a glance, an individual can determine whether things are good for each particular KPI without having to see the exact number or translate a number into an indicator of overall health.
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