What is a Balance Scorecard?
It's a planning and management tool that allows the company to match their strategies with their objectives and key metrics. It focuses on 4 critical areas which are finance, customers, internal processes and education and growth. This tool helps the company focus more on long term goals instead to short term.
Our Scorecard
Finance
Objectives:
Establishing a set price for the memberships with Universities and research centers.
Achieving a certain level of customers on the market.
Measures:
$ for subscription.
% of customers.
Targets:
The price target is still being decided.
The % of customers is still being decided but will be focused on the number of partnerships that can be obtained with Universities.
Initiatives:
Setting the price and the target of customers.
Creating a sales department.
Responsible:
Upper management: creating the sales department and looking for the possible candidates for the job.
Sales department: establishing the price and obtaining the partnerships with the Universities.
Customer
Objectives:
Reach agreements with Universities focus on research across the country, starting Universities in Nuevo León.
Reaching agreements with Zoos, Botanical Gardens, conservation sites and research centers across the country, starting with Monterrey.
Mantain a set number of returning customers.
Measures:
Number of active users.
% of returning users each month.
Number of universities in partnership.
Number of research centers in partnership.
Targets:
Achieving a 50% of main Universities in Nuevo Leon.
Mantaining a 40% of returning users each month.
Achieving a 10% of the University members as active users.
Initiatives:
Creating an area on the company focused on customer relationships.
Responsible:
For creating the department, the responsible will be the director of the company.
For establishing relationships with the universities, the new department of relations with the customer.
Internal Process:
Objectives:
Obtaining the required data to make the software learn to differentiate between null images and images with a type of species.
Achieving a certain level of precision of null images.
Achieving a certain level of precision for images with species.
Measures:
Quantity of images received.
% of null images identified.
% of images with species identified.
Targets:
At least 15000 of animal images from the state of Nuevo León.
90% of precision of null images.
90% of precision of images with species.
Initiatives:
Creating a department of Quality Control.
Responsible:
The quality control department alongside the people in charge of the development of the software: Ensuring that the metrics are accomplished.
Education and Growth:
Objectives:
​Improving the company's employees skills by encouraging employees to take part on certifications, courses, among others.
Measures:
By number of employees with certifications on Data Analysis, Data visualization, Python and MathLab.
Targets:
Achieving a 40% of employees with a certification.
Initiatives:
Creating an area on the company focused on employees growth and education.
Responsible:
Upper management of the company: establishing the area on the company.
New area: looking for ways to continue the growth of the employees.
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Justification of Metrics
Finance
The metrics selected for finance were chosen because of the following reasons:
Before going into the market, it is necessary to identify the target price to which the customers will buy de subscriptions.
It is important to recognize the size of the market in order to establish a target of customers which in consequence will allow the company to have a set level of expectations of sales.
Customer
The metrics selected for the Customer were chosen because it is necessary to first identify who will be the customers of the company. Reaching agreements with Zoos, Botanical Gardens, conservation sites and research centers across the country and with universities will give diversification that could help to growth the company and make it competitive into diverse sectors, futhermore, is too important the montly evaluation of returning because it also allows to asses the loyalty of the clients and identify the area where the company need to focus to improve the relation and service of the clients
Internal Process
The metrics selected for the Internal Process were chosen because of the following:
In order for the program to learn to differentiate between null images and images with species in them, it is necessary to have a large quantity (over 15,000) of images in the database to help the program acquire this skill.
It is necessary to have a level of precision that will satisfy the customers, as customers should be the priority for the company, so a 90% of precision for the program is established as the basis but it will be possible to improve it in the future with more images.
Education and Growth
The metrics selected for Education and Growth were chosen because of the following:
It is considered essential to keep at least 40% of the employees trained, since this will allow having a multitask team, and with the knowledge and skills necessary to develop and exploit all their capabilities in each of their company objectives, it is also a incentive for them to have more strength in their development, they create loyalty and gratitude to the company for caring about their growth. This metrics are being set with that level for now, as the company is currently a startup but as the company is growing it will be recommended that the metrics are adjusted in order to keep being competitive.