Scorecard Definition
A scorecard is a performance management tool that helps organizations track and assess progress towards their goals. Scorecards can be used to measure and track progress in any area, from financial performance to employee engagement.
There are four main types of scorecards:
1. Financial scorecards track measures such as profitability, return on investment (ROI), and cash flow.
2. Customer scorecards track measures such as customer satisfaction, customer loyalty, and customer acquisition rates.
3. Employee scorecards track measures such as employee engagement, employee retention, and employee productivity.
4. Process scorecards track measures such as process efficiency, quality control, and cycle time.
Organizations can use scorecards to set goals, measure progress, identify areas for improvement, and make course corrections along the way. Scorecards provide a visual representation of an organization’s progress and help keep everyone on the same page.
