Dashboards and scorecards are two types of performance management tools that help organizations track and monitor key performance indicators (KPIs) to achieve their strategic goals. While they have some similarities, they also have some key differences.
A dashboard is a visual display of KPIs that provides real-time information about an organization’s performance. Dashboards typically use a combination of charts, graphs, and tables to show performance data in an easy-to-understand format. Dashboards are often used to monitor operational metrics, such as sales revenue, customer satisfaction, or website traffic. Dashboards are interactive and allow users to drill down into the data to understand the underlying trends and causes of performance.
A scorecard, on the other hand, is a strategic performance management tool that measures progress towards achieving long-term goals and objectives. Scorecards typically use a balanced set of KPIs that are aligned with the organization’s strategic objectives. Scorecards often include both financial and non-financial KPIs, such as revenue growth, customer retention, employee engagement, and innovation. Scorecards are typically used at the executive level to monitor progress towards strategic goals and to make decisions about resource allocation and priority setting.
Here are some key differences between dashboards and scorecards:
- Focus: Dashboards focus on operational performance, while scorecards focus on strategic performance.
- KPIs: Dashboards display a broad range of KPIs, while scorecards typically use a balanced set of KPIs that are aligned with strategic objectives.
- Frequency: Dashboards are typically updated in real-time or on a daily basis, while scorecards are typically updated on a monthly or quarterly basis.
- User audience: Dashboards are typically used by operational managers and front-line employees, while scorecards are typically used by executive-level managers.