A Balanced Scorecard is best for the mining, metals, and materials industry. It always had to rapidly adjust to wild market fluctuations, social pressures, labor shortages and other forces beyond its control. At the same time, it has had to provide the basic materials and much of the energy for the global manufacturing ecosystem.
To help their business meet today’s challenges, manufacturing executives focus on the metrics they feel will have the greatest impact on their organization.
A balanced scorecard is an excellent tool for mining, metals, and materials companies to ensure that they are not focusing on one business area to the detriment of others. Often managers become so focused on one or several emergent problems that they lose sight of the overall performance of the business. Balanced scorecard provides a simultaneous view of performance in four key areas: financial, customer, internal processes, and learning / growth. The result: the ability to address immediate or emerging concerns without losing focus on overall business performance or allowing it to suffer.
The Goal with a balanced scorecard approach is to use business strategy to drive business actions. While many industries have applied it, mining has only mixed results with it, and it is not as widely used in mining, metals, and materials as in other sectors. Given historical and recent challenges the mining, metals, and materials sector has faced, the next five to ten years could very well be the right time for the industry to get the most from the balanced scorecard approach.
Read this spotlight report to explore:
- The case for balanced scorecard
- The data connection
- Financial and sustainability opportunities
- How data improve the customer axis
- Ways to address today’s critical labor challenges
- The value of process quality and other internal metrics
- Recommendations to get started with balanced scorecard
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