Once you’ve decided on the objectives for your Balanced Scorecard, KPI Fire software can be used to build your scorecard and to get the right performance information to the right people. KPI Fire adds structure and discipline to share and implement the Balanced Scorecard system, helps to transform disparate corporate data into information and knowledge, and helps communicate performance information.
How to Build Your Balanced Scorecard in KPI Fire
Step 1: Configure your Departments
The Department structure in KPI Fire should be similar to your Organization structure.
Assumption: Your company should be organized in a way that best helps you achieve your strategic goals. As your goals are assigned through the organization there should be some connection between your departments and your goals.
Pro Tip: Some companies have a formal “Strategic Planning” department or function. Others may have an “Executive Leadership Team” that defines the top-level Balanced Scorecard objectives. We recommend creating a Department in KPI Fire to represent this group of people
Step 2: Select your Department
Go to > Goals > Grid View > select BSC/Strategic Planning > select your Department.
Step 3: Add Goals For Each Perspective
Click on the + New Goal button for each of the Four Perspectives: Financial, Customer, Business Process, Culture Learning and Growth.
Step 4: Create a 2nd Level Goal for each Perspective.
If you have already identified your strategic goals, you can input them now. You can mouseover the tile to find the “+”add button, or you can open the goal by clicking on the Goal title.
Click here for an additional resource about what goals to set.
Step 5: Identify the Metrics and Projects required to achieve your goals.
Pro Tip: Similarly, many strategic plans get messy when Goals, Metrics and Projects get mixed up. KPI Fire allows you to separate these 3 types of KPIs into what they really are. If you are facilitating a strategic planning discussion then, open the goal tile and add notes from the discussion in the description text area. Lastly, you may want to separate out the Metrics and Projects.
The KPI Fire model encourages users to ask 3 key questions in this planning process.
- What do we want to accomplish: (This is the Goal)
- How will we measure it? (The Metric is a measurable number that will tell us when we achieve the number.)
- What work needs to be done (These are the Projects).
Note: If you already have a Balanced Scorecard developed and you are simply starting from the Goal record, then use the “add/edit Metric” or “add/edit Project” option. You will be able to input each of your Metrics and Projects.
Step 6: Set Targets for Each Metric
- Open the Metric, click on the Data Tab.
- Set the Team Members as Owner, Editor, or Viewer.
- The visibility can be set on the “visible to” button.
- Go to the Data Tab to set up your Target zones for each metric.
Alternate Option: You can export all of your metrics and do your metric planning in Excel, and then upload the data file.
The Metric Export option will allow you to manipulate the values in Excel.
After making your changes, re-save the file as a .csv format and use the Metric Import option.
Step 7: Develop a Charter for each Strategic Project
Step 8: Create a Saved View
Use the Save View button to save the set of Global Filters you used as the basis for this view. Name the view in a way it will be easily recognized when needed. This will make it easy to locate this Balanced Scorecard later when you are ready to do a review.