KeyLogic Begins Fourth Year of Balanced Scorecard Planning

In 2004, KeyLogic employees adopted the Balanced Scorecard (BSC) to communicate and align corporate and departmental goals and connect individual performance plans to corporate strategies.  The Balanced Scorecard strategic model provides a basis for charting individual goals and conducting performance reviews. This practice will continue in 2007, and for many years to come. 

The BSC focuses on four major corporate strategic perspectives – Financial, Customer, Internal Processes, and Learning and Growth.  This actionable plan enables companies and employees to annually clarify a vision and strategy, define critical success indicators and set measurable goals.  Once established, these strategies and goals can then be translated into reasonable and organized actions for accomplishment. 

The Balanced Scorecard was developed in the early 1990s by Drs. Robert Kaplan (Harvard Business School) and David Norton as a new approach to strategic management.  They described the innovation of the BSC as:

“The balanced scorecard retains traditional financial measures.  But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success.  These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology and innovation.” 

KeyLogic embraced the Balanced Scorecard Strategic Approach because it supports KeyLogic’s strong commitment to quality.  The company feels so strongly about the value of the BSC that process was implemented throughout all levels within the company.  By using the BSC as a planning template KeyLogic sets challenging strategic goals such as strong financial growth, high levels of customer satisfaction, efficient and effective processes, and an engaged, experienced workforce.  Each perspective’s targets support the company’s mission, vision and values.  KeyLogic can focus, align and measure goals, set priorities, allocate funding, and lead employees to meet or exceed customer expectations, as well as departmental and personal objectives. 

To better recognize these personal objectives in 2006, KeyLogic employees also used Individual Action Plans (IAPs) to further define and measure personal goals and initiatives. The IAPs compliment the annual BSC, as these plans are updated and reviewed at least twice annually with managers.