A discerning organization prides itself in adopting a continuous improvement culture as part of its Quality Management System (QMS). However, an adept understanding of contributory factors to the pains and gains of such an organization would be more apparent by the application of swotcompare to develop a business balanced scorecard. Conversely, Swotcompare offers a further value-adding tool to an organizations’ QMS.
Balanced scorecard for performance management can be applied within a branch of an organization (comparing performance by constituent units) or across a national, regional or global network of outlets and offices. Assessment of business balance scorecard could also be undertaken for a pool of vendors and suppliers categorized by product or services type. Swotcompare.com offers users the option of either using its built-in criteria or applying customized criteria unique to the organization’s business profile.
The target contributory factors for performance assessment in an organization are outlined, each of these is then ranked based on current observation using a built in weighted score system within the factors of Strength, Weaknesses, Opportunities, and Threats. A conclusive deduction can then be made based on the resulting highest weighted factors of Strength while offering the most Opportunities as well as least insurmountable Threats and Weaknesses.
The areas of strength can then be exploited to sustain performance, while the opportunities to improve performance are consolidated. Furthermore, factors in particular areas depicting Weaknesses can be enhanced to pull them into areas of strength while strategic actions are initiated to resolve aspects bearing nascent, impending or apparent Threats. A periodic (quarterly, bi-annual or annual) assessment of the comparative positioning from an initial assessment can be undertaken to examine if indeed the actions generated previously (and implemented) have contributed to performance improvement or not. The visual output charts (Bar Chart, Pie Chart, Stacked Charts) provide vivid results that can be incorporated as part of a performance management discussions presentation or transmitted in a relevant correspondence.