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In the world of Performance Management, these two terms are often confused and sometimes used interchangeably. Although they both aggregate data across business units and give the reader the opportunity to monitor performance, there are important distinctions to be noted between Scorecards and Dashboards.
The Desired State of Evolution is a performance management tool used to integrate all strategic statements of an organization. Having the structure of a pyramid, the Desired State of Evolution closes the gap between mission and vision, by integrating in the middle of the pyramid the progress at which the company aims, the “destination statement”. (Lawrie and Cobbold, 2004)
“Measurement is the first step that leads to control and eventually to improvement.” – H. James Harrington, CEO of the Harrington Institute.
Across the years, companies have traditionally and exclusively measured their success in terms of financial achievements. In the rapidly emerging business world it appeared the need for a much broader range of measures, in order to keep companies and organizations on track into achieving their goals. This is how the fulminating interest in dashboards, scorecards and KPIs can be explained, and Procurement and Supply Management is no different.
Why is it important to track the performance with the help of a dashboard?
Here are 5 benefits:
Performance reporting is no longer just a legal regulation for companies, as it has become an instrument to improve brand image through transparency and by showing interest not only in the financial area, but also towards employees, environment and community.
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