Purpose
The Balanced Scorecard is used to manage performance in any business model, organized structure, or business process.
Business Analysis Body of Knowledge® (BABOK®)
The term Balanced Scorecard was originally developed by Dr. Robert Kaplan and Dr. David Norton of Harvard University as a framework of measuring organizational performances using a more balanced set of performance measures. The balanced scorecard is a strategic planning and management system that organizations use to communicate, align the day to day work, Prioritize products, projects, and services, and measure the progress towards the strategic targets. The name Balanced Scorecard comes from the idea of looking at strategic measures in addition to traditional finance measures to get a more balanced view of performance. A key benefit of this framework gives the organization a way to connect between the various components of strategic planning and management.
A Balanced Scorecard is a strategic management performance metric used to identify and improve various business functions. It is used to measure and provide feedback to the organization. The balanced scorecard involves measuring the four main aspects of the business. They are learning and growth, business processes, customers, and finance. The companies can easily identify the factors in business performance and outline strategic changes tracked by the future balanced scorecards. The balanced scorecard model reinforces goods behaviour in an organization by isolating separate areas that needs to be analyzed.
Some of the articles related to Balanced Scorecard techniques are as follows,
The balanced scorecard is one of the best management reporting framework available in the market. The template for the balanced scorecard helps the management system and generate a structured report that align the companies strategy. It enable to focus and move the project in a cohesive and consistent direction. The template includes four main elements that is the customer, finance, internal business processes, and learning and growth. The balances scorecard software helps to manage the documents and the updates the changes made in the product.
Some of the tools used in the industry for Balanced Scorecard are,
Some of the books and magazines for Balanced Scorecard techniques,