Why should you Audit your Scorecard Process?

Once the initial battle is over in identifying what KPIs to measure and the tracking of data begins, many organizations tend to lose focus or become complacent over time.  Here are some common situations that arise that cause loss of focus:

• Changing Roles: When team members switch roles, they might forget to update the data.

• Inconsistent Data: Sometimes, the data isn't entered regularly, which makes the numbers less reliable.

• Dealing with Red KPIs: Those warning signs should also come with a plan to improve things.

• Evolving Business Priorities: As your business adapts, your scorecard should adapt too to stay relevant.

• Meeting Inconsistencies: Without regular meetings to discuss the numbers, important things might be overlooked.

Competitive Solutions Inc. recommends an annual audit of your scorecard and key performance indicators to ensure you are tracking the right data at the right levels. Change in your organization is inevitable. Your balanced scorecards are not a “set it and forget it”. It is a living, breathing part of your organization’s success or failure.

Interested in more information? We have a free guide that will help your organization implement balanced scorecards called The Guide to Scorecard Fundamentals. Download it here!

If you're feeling unsure about what aspects to measure in your business, we're here to help. Check out our collection of free scorecard examples from various industries and job roles. Simply click here to explore. These examples can provide the inspiration you need to get started.