The balanced scorecard is used for monitoring and measuring performance over given time periods, from a strategic perspective. It aims to ensure that performance in practice is aligned with organizational objectives, and that work efforts and results are progressing towards the common goal as well as business success.
This is a performance management tool that gives strategic and quantifiable live data, and is used for strategic decision-making.
How Does the Balanced Scorecard Analysis Help Organizations?
The balanced scorecard analysis, if implement in an effective and strategic manner, can count as one of the most valuable business assets.
This performance management tool provides the organization and its executive team with current, quantifiable, and informative business data. This level of business knowledge and understanding can play an essential role in business success.
For a business such as the one depicted in the scenario, the successful implementation of an organizational balanced scorecard analysis can set the foundation by achieving the desire goal, which in our example is set to become a market leader in the industry.
- Learn more in eTraining: How to use Balanced Scorecard in Human Resource.