Thursday, July 22, 2010

The History of A Strategy Map Balanced Scorecard

A lot of people are intrigued to know what a strategy map balanced scorecard is. But most of them do not even know what it is for. They are only getting attracted to it since it has become a trend where business owners are encouraged to get. For this reason, a number of strategy maps are not working out. If you are a business owner, it is a good to know what this map is before getting one. A short history of the strategy map balanced scorecard can be dated back to 1987, when it was first introduced. In a way, this is a concept wherein the goals of a business are being enlisted with a visual representation. They are no longer limited to the imagination of the business owner as these maps are readily available to all the employees of the company.

Ever since its introduction, the strategy map balanced scorecard has been able to gain much popularity and is currently being used by almost all industries. But the real aim of this concept was due to the needs of its developers, Analog Devices, to determine if their business' goals are being met. Once the company was able to depict their business goals, they were able to determine the factors that were causing delay to achieving them. At the same time, they were able to come up with possible cause and effect methods in order to make sure their goals could be achieved. And this led onto the popularity of the concept.

Sadly though, a lot of companies focus too much on their financial issues instead of looking at the whole issue. They tend to forget that there are other factors that can help affect their business. Among these factors include their human capital, management, resources, and a lot of other things to consider. But thanks to the strategy map balanced scorecard, business owners are able to tackle each of these factors individually. As such, they are able to create plans of action on how these issues can be improved.

Since then, the popularity of the strategy map balanced scorecard has rapidly evolved. Today, it has even come to a point where there are so many different software programs that business owners can use. In addition, these software programs have been improved and made more effective in terms of measuring the business' performance.

Surely, the strategy map balanced scorecard has come a long way since it was first developed in the early 1990s. To what started as a concept, has largely evolved into an actual diagram. But before software programs were introduced, the balanced scorecard was done using various programs such as Word, Excel, and PowerPoint. Even though these programs were already effective, other people still wondered how they could disperse their data quickly and securely. Aside from that, business owners were also thinking of ways they could communicate and connect the strategy map with their employees in a timely manner. Thus, the software program for balanced scorecard was born.

To this day, hundreds and even thousands of companies are using these software programs. For this, they have been able to achieve their business goals that they initially thought was almost impossible to do.

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