Scorecard

A scorecard, also known as a performance scorecard, key performance indicator (KPI) scorecard, or balanced scorecard, is a strategic management tool through which organizations can assess performance against strategic objectives, goals, and targets. Scorecards usually comprise a set of KPIs or metrics that reflect the mission, vision and strategic priorities of the organization and their success factors. Scorecards allow stakeholders to assess performance across multiple dimensions, that is, accountability, monitoring and control, allowing them to make well-informed decisions.

Example Scorecard

A financial services company uses a scorecard to keep track of and evaluate their performance in the key areas of customer satisfaction, operational efficiency, financial performance, risk management, and employee engagement that are related to their strategic objectives. The scorecard combines a set of KPIs's that are in line with each strategic objective, and defines targets and benchmarks for comparing and evaluating.

Customer satisfaction score (CSAT): Evaluates customer satisfaction with the products, services, and interactions with the company, using surveys, feedback, and consumer ratings.
Net promoter score (NPS): Measures customer loyalty and willingness to recommend the company based on customer feedback and referrals.
Operational efficiency ratio: Computes the performance of operational processes and resource utilization, including cost per transactions, cycle time or productivity metrics.
Return on investment (ROI): Determines the economic efficiency and profitability of investments, projects, or initiatives relative to costs or investments.
Employee engagement score: Measures employee satisfaction and motivation, as well as the level of commitment to the organization using surveys, feedback, and engagement indicators.