What is the role of strategic initiatives in the BSC?

Strategic initiatives in the Balanced Scorecard (BSC) play a crucial role in achieving the objectives set by an organization. They are the actions that need to be taken to reach the targets. These initiatives are developed in relation to the four perspectives of the BSC, which are financial, customer, internal process, and learning and growth. They help in performance analysis and evaluation.

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The nine steps to BSC implementation are Assessment, Strategy, Strategy Mapping, Performance Measures, Strategic Initiatives, Performance Analysis, Evaluation. You can use this slide to walk your audience through each of them. The BSC suggests that an organization should be examined from four different perspectives for the leaders to develop objectives, KPIs, targets, as well as initiatives and campaigns in relation to these perspectives. We discuss below. There are three types of companies that can benefit from creating and managing their Balanced Scorecard in Excel: small firms, pilot projects and companies in transition. Creating BSC in Excel is by far the most cost-saving option.

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Balanced Scorecard

Need a way to streamline your strategic planning process? The Balanced Scorecard (BSC) is a tried-and-true method used by some of the most successful...

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