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Balanced Scorecard - Essay Example
Finance & Accounting
Pages 10 (2510 words)
The Balanced Scorecard was first developed in the early 1990s to solve organization and business measurement problems, although its use has evolved among companies into more important functionalities. …
Although organizations measured their performance even before emergence of the balanced scorecard, they did not know how to implement new strategies. The balanced scorecard has evolved in its functionality to embrace translation of company strategies into action.
The balance scorecard seeks to operationalize organizational strategy towards achieve desired outcomes. In this case, the balance scorecard ensures that the organization realizes its vision and mission through mobilization of resources and utilizing them in line with corporate objectives and goals, both short term and long term. Through the balanced scorecard, an organization can assess the current performance situation, as well as any feedback available from previous performance, and updating corporate strategies in such a manner that it effectively eliminates any bottlenecks available. This paper will discuss the adoption of Balanced Scorecard by contemporary organizations, and more specifically, the role of Balanced Scorecard in translating strategies to action as well as its role as a strategic management accounting technique.
Translating Strategy into Action
The Balanced Scorecard helps translate an organizations strategy and vision into a comprehensive set of measures and metrics to performance. ...
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