Power Combination: Business Intelligence And The Balanced Scorecard
Source: DecisionPath Consulting
As a management framework, the BSC isn't intended to address all of management's needs for business information, analytical tools, and decision support. For that, one needs business intelligence (BI). BI is a structured, business-driven approach to leveraging business information to improve performance and profits. By integrating business information, analytical tools, and decision support with core value chain activities, companies can improve the efficiency and effectiveness of the processes that drive increased profits. The trouble is business intelligence initiatives are often launched and managed separately from balanced scorecard initiatives, which can be inefficient and may have adverse strategic and economic implications.