What do you think a balanced scorecard is? The balanced scorecard, developed by Kaplan & Norton in 1992, is a simple management tool that aims to align business performance with business strategy. It represents one of the most innovative developments in strategic planning over the past 20 years. The key difference between the balanced scorecard and traditional measurement systems lies in its approach to measuring performance. Instead of concentrating on financial measures alone, it uses a range of perspectives to give a more rounded picture of performance.
These perspectives are the customer perspective, internal business process perspective, learning and growth perspective, financial perspective and the innovation and organisational change perspective. Using four or five dimensions instead of focusing only on financial targets helps managers address what they should measure in order to achieve their company's goals. Why is it called "balanced"? The balanced scorecard is "balanced" because it includes key performance indicators in other areas in addition to financial targets. It balances traditional accounting methods with newer ways of measuring an organisation's progress towards its goals.
By seeing how several different perspectives work together, managers can think more holistically about their company's strategy. The balanced scorecard helps organisations achieve strategic objectives quickly and effectively by making sure that all important aspects of a business are aligned with the strategy as well as strengthening the links between operational performance and overall results. In addition, it allows management to make informed decisions based on data from multiple sources, which reduces risk and improves the odds of achieving desired outcomes. The balanced scorecard is used in organisations of all types and sizes. Now you might be clear what a balanced scorecard is.
The four main perspectives are:
Balanced scorecards are important tools for any manager interested in taking their business to the next level. With so many different benefits associated with using them, it's easy to see why they've become such a popular management best practice. When applying these points to your own business, keep in mind that there are no set rules when it comes to what you should measure and how you should do it. A company's culture and everyday operations will determine what information is most helpful for its employees at different levels of the organisation. The only thing that matters is that companies give thought not just to short-term goals but also long-term objectives since this helps managers focus on the things that truly matter.
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