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On the journey to strategy execution and performance improvement, there are no easy solutions. With leadership commitment, employee support and efforts to translate strategy, the balanced scorecard can live in an organization and generate results.
One of the crucial elements of the project charter in the define phase of a Six Sigma project is the selection of project metrics. Proper project metrics should reflect more than just business and customer measurables.
The challenges confronting healthcare are complex, but combining Six Sigma with the balanced scorecard may be the best way to reach and sustain a new level of organizational excellence.
A company using Lean Six Sigma must, for optimal impact, balance both financial measures of success (voice of the business) and customer measures of success (voice of the customer). The balanced scorecard is a great tool for doing exactly that.
Utilizing a performance measurement system, such as a balanced scorecard, an organization can assess, monitor and course-correct performance, and align all employees with key objectives. Thus the company can implement its business strategy.
The balanced scorecard enables an organization to maintain the perspective of various stakeholders while providing a complete assessment of organizational progress. It can help improve the performance in one area without harming another.