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Understanding the Balanced Scorecard

The Balanced Scorecard enables organizations to bridge the gap between strategy and actions. It can be used as a strategic tool, a management methodology or / and a measurement system. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results.

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62 views1 page

Understanding the Balanced Scorecard

The Balanced Scorecard enables organizations to bridge the gap between strategy and actions. It can be used as a strategic tool, a management methodology or / and a measurement system. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results.

Uploaded by

sro_26
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

What is the Balanced Scorecard?

the Balanced Scorecard enables organizations to bridge the gap between strategy and actions,
engage a broader range of users in organizational planning, reflects the most important aspects of
the business, and respond immediately to progress, feedback and changing business conditions.
the Balanced Scorecard can be a great help used as a strategic tool, a management methodology
or / and a measurement system.
the Balanced Scorecard provides organizations with the ability to clarify vision
and strategy and translate them into action. By focusing on future potential
success it becomes a dynamic management system that is able to reinforce,
implement and drive corporate strategy forward.

It provides feedback around both the internal business processes and external outcomes in order to
continuously improve strategic performance and results.

The concept of the Balanced Scorecard has achieved increasing popularity in
the business world. Many businesses had previously built their objectives
around financial targets and goals of little relevance to a long-term strategic
vision, thus typically leaving a gap between strategy development and
implementation.
For this purpose the Balanced Scorecard holds four different perspectives from which a company's
activity can be evaluated:
Financial perspective
- return on investment, shareholder value
Customer perspective
- customer satisfaction, our coorporate image?
Process perspective
- in what processes should we excel to succeed?
Innovation perspective
- how will we go on from lessons learned and
sustain our ability to change and improve?

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