Creating a Strategy Scorecard on StratNavApp.com
You can build a Strategy Scorecard in StratNavApp.com to help you track progress against your Key Performance Indicators (KPIs) as you execute your business strategy.
The Strategy Scorecard will show:
- Categorised by Balanced Scorecard Perspective
- Your long-term Goals
- Your SMART Objectives to meet those Goals
- And your Key Performance Indicators (KPIs) to track progress towards those goals and objectives, including
- The most recent measurement for each KPI
- A chart showing that KPI over the last period (including targets and actual results)
- Commentary on the last measurement for that KPI
Here is an example of what your scorecard could look like. (Note that the data on this scorecard has been generated by a random number generator.)
To build your own Scorecard:
- On the Strategy Board, click on Add on the Articulation Quadrant, and then click Goals
- Add Goals
- For each Goal, add one or more Objectives
- For each Objective, add on or more Performance Indicators
- For each Performance Indicator, add one or more Targets or Actuals
- Click on StratNavApp at the top to return to the Strategy Board
- Click on Scorecard in the Control Quadrant to see your Scorecard
You can click on a thumbnail chart to zoom in.
The scorecard will automatically scale all of the thumbnail charts to cover the same time period. This is to make it easier to compare results over time and spot trends and correlations. The time period will run from the current date to either the first recorded actual measurement or three years ago, whichever is the most recent. (That is the time period will be up to three years to the current date.) You can disable this scaling by clicking on the gears icon on the top right of the screen and deselecting the checkbox. If you do this, then each thumbnail chart will show all the data for that KPI(just as it does on the zoomed-in version).
Once you've added a first Actual to a Performance Indicator, StratNavApp.com will remind you each time the next one is due.
To make your Scorecards easier to interpret, you can choose to:
- Display the last actual results to three significant digits. This means, for example, that 1,234,567 will display as 1.23m and 12,345 will display as 12.3k. Numbers displayed this way have more impact and are more memorable. Default setting is 'on'.
- Invert the y/vertical axis on a chart. For example, you may have an objective to reduce errors. A good result would be a chart that trends from top left to bottom right. By inverting the y axis, a good result will still show as trending from bottom left to top right. Most readers are more accustomed to interpreting this shape of chart positively. Default setting is 'off'.
- Chart Delta allows you to chart the change in a value, rather than the value itself. Note that the last value displayed will still be the absolute value. Only the chart is affected. Default setting is 'off'.
These are optional and can be set for each Performance Indicator individually.