Measuring the use and process of implementation of your company's innovations is extremely important.
Many company owners will take a long time to realize that they simply cannot just bring a new system and technique of doing things into the company, and just expect it to be implemented and learned right off the bat. To efficiently manage and run your business, you have to be right there on top of many different aspects of your organization. Just one of many of these, is how your company is using innovations, what areas of your company are being negatively, or positively affected by a new process, whether you are saving or spending money on innovations; or whether or not you're paying for something that's just driving your company deeper into the red. Also, considering and measuring how your staff is handling learning the new innovations you're bringing into your company. Perhaps just one area of staff is having troubles learning the new techniques, and the fault lies with st
aff instead of the technique you're using. Also, learning how customers are viewing the changes you've implemented, and whether or not they are fully satisfied with the changes you've brought into the way you do business.
In this balanced scorecard, you will learn how the different perspectives and major areas of your company can be positively or negatively affected by how your innovations are being applied or used in the company. In the first section in the scorecard, the major indicator; Financial Perspective, you can see in what ways your innovations are affecting your company's finances; whether your use of innovations and new techniques and processes, are depleting the company's savings, or adding to them. In the second section of the balanced scorecard, is the second major indicator; Customer Perspective. In this section, you can measure with actual units, how your customers are reacting to your company's use of new processes. Remember, that without customers, there would be no company; you may need to modify and change some of your current innovations in order to get more positive customer reactions. In the third section of this scorecard, you will find the Internal Process Perspective
; in this area you'll learn how the inner workings of your company are affected by the new innovations and techniques you are bringing into your business. This basically measures in what ways your innovations are improving the work process in all areas of your company, or hindering them. In the fourth section, and is the major indicator for Education and Growth, which is a highly significant area of this scorecard; if your staff is not learning processes and innovations correctly, the innovations, essentially, never actually are implemented. This is just one of the different education and growth areas that are covered in this section's sub-indicators.
In the first major indicator of the balanced scorecard is the Financial Perspective. This section is what you will use to monitor how your finances within the company are affected by the innovations your company has been using. In the first sub-indicator it shows "Finances Saved With Innovations." This is basically for you to measure how much money you are saving, by using innovations. For instance, in the example shown in the scorecard, it shows that 30% of savings is due to the innovations you are using. This can seem like a large amount, until you glance down, and see in the second sub-indicator, "Finances Spent On New Innovations." It shows that approximately 60% of finances in the hypothetical company are being spent on innovations. If your situation is anything like that shown in this example, it might be a good idea to relax your spending on new innovations, and allow some of the ones you already have in the works to develop further.
In the second major indicator of this balanced scorecard is the Customer Perspective. This section is used to monitor how customers are reacting to your company's use of its current innovations. In the first sub-indicator, it shows "Customer Satisfaction." You can measure how satisfied your customers and clients are more easily than you think, by using friendly surveys and more in-depth customer service techniques. In the second sub-indicator, showing "Percentage of Innovations For Customer Use," you can measure how many innovations your company has, or uses that are solely customer oriented, or directly affect the sales process, or customer's experience. By directly monitoring your customer's experience with innovations, you can decide how to cut back, or which innovations must be improved to make a more positive experience for customers.
In the third major indicator of the scorecard, is the Internal Process Perspective. This section is used to measure and monitor what internal processes must be improved upon, or developed more intuitively to retain and satisfy staff, customers, and shareholders. In the first of the sub-indicators is "[Hours] Saved With Innovations," which is used to measure whether or not the innovations you are introducing into your company are actually saving time and energy. You can measure in this sub-indicator what the percentage of hours per employee per department are saved by using an innovative feature(s). In the second sub-indicator is "Satisfaction With Innovations", which is used to measure how satisfied management, and general staff are with the innovations you are using within your organization. In the third sub-indicator, is "Problems Solved With Innovative Processes", which is fairly self-explanatory, and is used to measure just what it says; the amount of issues resolved int
ernally through the use of innovative processes. In the fourth sub-indicator is "Hours Spent Developing New Innovations" which is also fairly self-explanatory and is used to measure how many hours your staff are spending trying to learn the new innovative processes and features in your company. The idea is to find a maximum amount of time per each employee, and encourage participation in learning these new techniques.
In the fourth major indicator of the balanced scorecard is the Education and Growth Perspective. This section contains techniques for how you can measure how your company is changing and evolving through the use of innovative features. In the first sub-indicator is "Time [Hours] Reserved For Innovations Training", where you can measure how many hours are being set aside as a part of staff's daily or weekly routine, for specifically training just to learn new innovations. In the example shown, five hours is the maximum and preferred time to be used to learn the new innovations, however, as shown, the average employee is only spending three hours. Try to think what you would do in this situation, to encourage more time to be taken for the learning process. The second sub-indicator is also fairly self-explanatory; "Courses Taken For Innovation Training." This is used to measure out of the maximum courses for training that your company offers for learning innovative processes, ho
w many on average, are actually being taken by staff. You want employees to be as educated as possible about these new techniques, so try to modify the amount, if it is less than satisfactory, by encouraging participation in courses, or giving incentives to employees and staff.