“If you cannot measure it, you cannot improve it.” (Lord Kelvin)
The Balanced Scorecard, or BSC, is a strategy performance management tool that helps managers to put in balance four main perspectives (the customer’s perspective, the company’s internal perspective, as well as innovation and improvement). Also, it encourages them to focus on complex cause and effect relationships and on developing a systemic aligned strategy.
The focus on performance management across different sectors and platforms is hardly a new attainment. Performance management practitioners and most of the business world is aware that the principles, indicators and tools used by this relatively young discipline have found their way in both the public and private sector. However, their actual presence and use remain mostly concealed.
Measurement is fundamental if not vital in every organization. Constant use of metrics ensures a good development and guarantees great outcomes. In healthcare, measurements are being performed daily, by healthcare providers and patients altogether. The central point and target of measurements in healthcare is represented by patients.
Who sustains this? The Emirates National Oil Company (ENOC), a wholly-owned company of the Government of Dubai, which develops downstream and upstream activities in the oil and gas sector. Saeed Khoory, Chief Executive Officer at ENOC, asserts that “ENOC’s name will become synonymous with industry best practices across multiple industries and markets.” How is this going to happen? Through the right performance management approach.
An article posted in 2012 on www.forbes.com discussed the changes that are likely to occur to performance management in the year 2013. Sylvia Vorhauser-Smith, author of the article, argued that no other organizational practice is more broken than performance management. The reasons she gives for this daring statement reside on the fact that people and technology have changed, as well as the relationships between them.
