Summary (iCOD)

Introduction

The system of defining, monitoring and measuring of the goals achievement of the company and its organizational units is applicable to any company. This system provides the realization of the strategy and policy development of the company by defining objectives that are monitored (measured) using data from the information system. The traditional concept of measuring company performance has meant relying solely on financial indicators of that performance. Although today the financial parameters of company performance and its parts are indispensable, they are not sufficient, because they show certain imperfections. That is why the world today increasingly uses so-called balanced list of goals or the Balanced Scorecard.

This concept of company management means that for the company as a whole, as well as for its organizational units, identification, monitoring and measuring the achievement of objectives in several areas or perspectives of business is being performed. According to the original concept, which is the most common one in use, the company sets targets in four main perspectives
(Figure 1):

1. Consumers perspective- the market performance of the companies in relation to consumers
2. Internal processes perspective- performance of the company in the efficiency of internal business processes
3. Learning and developing perspective- company performance in innovation and acquiring new knowledge
4. Financial perspective - company's financial results

Figure 1. Company management - four perspectives.

Approach point is that in each of the perspectives management selects goals to be achieved and the criteria which control the realization of these goals. Then continuously monitors achieving the set goals through the identified criteria.

The essence of the balanced list of goals (Balanced Scorecard) is that the company is successful only if it achieves the goals in all perspectives simultaneously.

"People and their managers are working so hard to make sure that things are going the right way so that they barely have time to decide if they are doing the right thing." - Stephen Covey

We should do the right things and do things the right way. It is necessary to have

good business strategy
and
efficient operations

for providing services and products.

BSC (Balanced Scored Card) is a framework for balancing the Strategy and Operations

Balanced Scorecard is a performance management system that can be used in organizations of any size:

1. to align the mission and vision with customer requirements and daily work
2. manages and evaluates business strategy
3. manages by improving efficiency of operations
4. builds organizational capabilities
5. informs all employees of the progress

This system allows measuring of financial and customer results, operations and capacity of the organization and is applicable in the private and public sector

" What you measure is what you manage - you cannot manage what you cannot measure"
The emphasis has shifted from only measuring financial and non financial performance to the management with business strategy.

In this material is presented a software system that gives support to the managing of the company efficiency.