Scorecard vs Dashboard – What Each Adds to Business Intelligence l Sisense (2023)

FAQs

What is the difference between dashboard and scorecard in business intelligence? ›

A dashboard is a business tool that provides a visual overview of the most important KPIs and metrics in a company and updates them in real-time. A scorecard is a framework that analyzes the current strategies and compares them with the company's overall objectives.

A Balanced Scorecard is one type of business scorecard method that is used to measure a company's business performance against strategic goals and determine whether its business operations are linked to its objectives, strategies, and vision.

The Balanced Scorecard design process is up to down (with some exceptions). It starts with global business objectives and then moves down to KPIs level. The dashboard is more oriented on an operational level; as a result the process starts with the identification of relevant metrics and monitoring of their values.

The four perspectives of a balanced scorecard are learning and growth, business processes, customer perspectives, and financial data. These four areas, which are also called legs, make up a company's vision and strategy.

The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.

A BI dashboard is a business intelligence tool which allows users to track, analyze and report on key performance indicators and other metrics. BI dashboards typically visualize data in charts, graphs and maps which helps stakeholders understand, share and collaborate on the information.

Scorecards are the performance management tool that compares strategic goals with results. This tool allows management to implement its strategy by aligning performance with goals.

A dashboard can also be segregated into three different informational layers: Monitoring information utilizing graphical, metrics data for executives. Analysis information utilizing summarized, dimensional data for analysts.

Remember, the basic element of a dashboard are Objective (+primary and secondary drivers), Performance Indicator, Target and Activities.

What are scorecard metrics? ›

The metrics on a scorecard reveal how well objectives are being met by comparing planned values to actual results. By analyzing the metrics list, you can quickly evaluate performance.

A KPI scorecard is a term used to describe a statistical record that measures progress or achievement towards a set performance indicator. It gives decision-makers the ability to combine specific metrics in order to gain an overview of a complete performance scorecard.

The four phases of strategic management are formulation, implementation, evaluation and modification.

Business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions.

There are three main components of the business intelligence infrastructure. They are the reporting schema, the set of extractions processes, and the embedded analytics, all of which come OOTB with the application.

A Balanced Scorecard, also called BSC, is a planning tool that businesses use to rank their products, projects, and services; communicate targets and goals, and plan their everyday operations. Companies may use the scorecard to track and assess the effectiveness of their plans to see how well they have performed.

Why would a company use a Balanced Scorecard? While financial measures tell part of the story, the Balanced Scorecard offers an overarching view a business's strategic plan from the executive perspective. This, in turn, provides a framework for the entire organization in terms of guiding performance.

A scorecard is a report that shows the current activity of the organization in comparison to planned goals or outcomes. Using KPIs, you can monitor business progress by comparing current values and statuses against defined targets.

By combining the financial, customer, internal process and innovation, and organizational learning perspectives, the balanced scorecard helps managers understand, at least implicitly, many interrelationships.

What are the challenges in implementing the scorecard? ›

Types of dashboards (and how to choose the right one for you) There are three types of dashboards: operational, strategic, and analytical.

Key Performance indicators (KPIs) are individual metrics that can be displayed on a dashboard to track key measurements. You can think of them as a single important number that is displayed in large text. Dashboards are a collection of Insights and KPIs put together on a page.

What are KPI dashboards? KPI dashboards are tools that unite data sources and provide at-a-glance visual feedback showing how your business is performing against your key performance indicators (KPIs).

A dashboard usually focuses on a theme to be explored over time, represented by indicators that are updated in real time and visualisations that show the evolution of the data over time. Reports, on the other hand, are used to monitor projects or themes of a specific duration.

In short, the optimal number of KPIs in an executive dashboard should be between three and ten. It's not the place for irrelevant KPIs to the managers like bounce rate or average time spent.