A scorecard is a type of report that measures and compares your performance against your projections and goals. It evaluates the success and failure of your efforts, based on key performance indicators KPIs. Dashboards are made up of multiple report types, allowing users to easily compare and contrast different reports or access diverse datasets within one business intelligence environment.
Scorecards can be included and viewed on a dashboard with other types of reports as well. Some of the most common reports used on a dashboard are ACV, velocity, new item sales, week profit analysis, and exception reports. Dashboards can be customizable allowing the same data set to be used by multiple stakeholders across departments. The most common scorecard used in every business is Balance Scorecard. It is strategically designed performance management tool or a standard structured report that can be used by supervisor to keep a track of current activities performed by their staff within their control and also monitor the consequences of these actions.
For example, a Sales performance scorecard may show performance related to sales, revenue and profit against target or budget estimates. It may also highlight the shortfalls or deviations in actual figures against the estimated targets. A major difference between the dashboards and scorecards is that a scorecard focuses on a given metric and compares it to a forecast or target, whereas a dashboard will present multiple numbers in different ways.
Scorecard takes a top down approach to measure periodic results e. The balanced scorecard is one of the most widely used management tools built with the use of a number of performance metrics referred to as key performance indicators KPI. Balanced scorecard operates with four perspectives where objectives are set for each perspective.
KPIs are used to measure whether the objectives are achieved or not, as well as to what extent they have been realized. The difference between dashboard and scorecard depends on a number of factors such as the purpose and the time period that they are used for.
Dashboards can be utilized for effective short-term decision making and scorecards are used as strategic management tools. Use of dashboards and scoreboards enables access to information for better decision making, improve communication and serve as a useful analytical tool.
Thus, companies can use both dashboards and scoreboards since they are not mutually exclusive. References 1. Wise, Lyndsay. Dig into Cause and Effect What happens when a supervisor receives a warning signal generated by a dashboard? Measure and KPI Although many sources tend to differentiate measures no target and KPIs with target , in practice most companies follow the idea of the KPI in the dashboard as well by assigning some synthetic benchmark. Dashboard helps to get an idea of how customer service is performing now:PROs: We can track current performance data Historical information is displayed for the metrics CONs: It is not clear how certain metrics contribute to the overall strategy The action plan for the KPIs is not displayed.
What's next? Access templates. Sign-up with a free plan at BSC Designer for immediate access to 30 scorecard templates, including Dashboard vs.
Scorecard discussed in this article. Master skills. Check out free video tutorial for the Balanced Scorecard. Master your strategy planning and execution skills with Strategy Execution training. Learn what Balanced Scorecard software is and how it can make your life easier by automating strategy execution, KPIs, and strategy maps.
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