{"id":4194,"date":"2020-12-06T09:34:09","date_gmt":"2020-12-06T09:34:09","guid":{"rendered":"https:\/\/infyblog.zluck.in\/?p=4194"},"modified":"2024-08-12T07:18:13","modified_gmt":"2024-08-12T07:18:13","slug":"balanced-scorecard-strategic","status":"publish","type":"post","link":"https:\/\/infyom.com\/blog\/balanced-scorecard-strategic\/","title":{"rendered":"Balanced Scorecard : Strategic Management System-1"},"content":{"rendered":"\t\t
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Development:<\/h2>

The Balanced Scorecard (BSC) was originally developed by Robert Kaplan of Harvard University and Dr. David Northon as a framework for measuring organizational performance using the more ” BALANCED ” set of performance measures.<\/p>

Traditionally companies used only short-term financial performance as a measure of success but now non-financial strategic measures are also added in order to focus on long-term success.<\/p>

The BSC system evolved over the years and is now considered a fully integrated “Strategic Management System”.<\/p>

What is a Balanced Scorecard (BSC)?<\/h2>
  • A Balanced Scorecard is a performance metric used to identify, improve, and control a business’s various internal processes and resulting outcomes.<\/li>
  • Balance Scorecard is a framework to implement and manage strategies.<\/li>
  • The Balanced scorecard is derived from the idea of looking at strategic measures to get a more balanced view of performance. The concept of a Balanced Scorecard evolved beyond the simple use of perspectives, every business can implement it according to the requirements and therefore it is a holistic system for managing strategy.<\/li><\/ul>

    Why do we need to implement it?<\/h2>
    • The key benefit of using a BSC framework is that it gives way to the organization to “Connect the Dots” between various components of strategic planning and management and it means there will be a visible connection between Projects and Programs that people are working on it.<\/li>
    • BSC framework also helps management to meet pre-decided targets.<\/li><\/ul>

      Perspectives of Balanced Scorecard:<\/h2>

      Indeed a balanced scorecard plays a significant role to aid management to keep updated internal processes and the external Business world as well.<\/p>

      The framework Balanced Scorecard is divided into four areas (perspectives) that are critical to business success as given below.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

      \n\t\t\t\t
      \n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Perspectives\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      1. Financial<\/li>
      2. Internal process<\/li>
      3. Learning and Growth<\/li>
      4. Customer<\/li><\/ol>

        The BSC suggests that we view the Organization from four Perspectives to develop Objectives, Measures, Targets, and Initiatives (relative to each of these points of view).<\/p>

        To know more details about all four perspectives, read my upcoming weekly Blogs.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n

        \n\n\t\t\n
          \n\t\t\t <\/ul>\n <\/div> \n","protected":false},"excerpt":{"rendered":"

          BSC is a framework which include financial and non-financial strategies to measure the long-term success of any…<\/p>\n","protected":false},"author":2,"featured_media":4196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"postBodyCss":"","postBodyMargin":[],"postBodyPadding":[],"postBodyBackground":{"backgroundType":"classic","gradient":""},"two_page_speed":[],"footnotes":""},"categories":[44],"tags":[61,14],"class_list":["post-4194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-human-resource","tag-management","tag-tips"],"yoast_head":"\nBalanced Scorecard : Strategic Management System-1<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infyom.com\/blog\/balanced-scorecard-strategic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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