Balanced Scorecard

The Balanced Scorecard (BSC) is a strategic performance management framework that helps organizations align their objectives and measure their performance in a way that is both comprehensive and easy to understand.

The BSC was developed in the early 1990s by Robert Kaplan and David Norton, and it has since become one of the most popular performance management frameworks in the world.

The BSC is based on the idea that organizations should not only focus on financial measures of performance, but also on non-financial measures, such as customer satisfaction, employee engagement, and innovation.

The BSC consists of four perspectives:

• Financial: This perspective measures the organization's financial performance, such as its profitability, growth, and cash flow.
• Customer: This perspective measures the organization's customer satisfaction, such as its market share, customer loyalty, and customer service.
• Internal Process: This perspective measures the organization's internal processes, such as its product development, manufacturing, and sales.
• Learning and Growth: This perspective measures the organization's ability to learn and grow, such as its employee skills, employee satisfaction, and innovation.

The BSC is a powerful tool for helping organizations align their objectives, measure their performance, and improve their results.

Here are some of the benefits of using the BSC:

• It helps organizations to focus on their most important goals.
• It helps organizations to measure their performance in a way that is both comprehensive and easy to understand.
• It helps organizations to identify areas where they need to improve.
• It helps organizations to communicate their goals and objectives to employees.