Balanced Score Card tips: Definition and Uses
Do you know what a balanced score card is? It is a strategic tool for planning, managing and aligning business activities to the company’s vision and goals. It is adopted by private and public organizations alike.
This special system is so important when it comes to improvement of internal and external communications. It was created by Drs. Robert Kaplan of Harvard Business School and David Norton. The card was made to serve as a performance measurement framework. Along with the traditional financial metrics, the balanced score card offers the top management a balanced view of overall organizational performance.
This scorecard suggests that managers should see their organizations from four angles/perspectives. Then they must create metrics as well as collect and analyse data based on the four angles. These include learning and growth, business process, customer and financial.
These four perspectives make up the balanced score card. Note that this is not software. It is something, a system, integrated into the performance management software.
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