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Balanced Scorecard - Essay Example
This paper provides a study of balanced scorecard measure and the significant of its measures in achieving the goals set by an organization. The most important of the company's activities lies in driving maximum level of customer satisfaction through enhanced performance on the part of the company and its people…
The Balanced Scorecard is one of the contemporary performance measure systems that the managers engage to gain operational performance insights from various departments of the organization. The Balance Scorecard embraces almost all the facets of an organization and renders more valuable information to managers concerning various critical organizational decisions. Dilanthi et al. propound that, "BSC is a management framework that measures the economic and operating performance of an organization [and] is intended to link short-term operational control to the long-term vision and strategy of the business" (183). Hence, the balanced scorecard basically provides a management tool to gauge the organizational performance by means of a unique approach.
The most eminent feature of balanced scorecard measure is that rather than focusing on a single aspect, it encompasses all the major elements that have a significant impact upon of the organization's performance. Bryant, Jones and Widener (2004, p108) illustrate this point as that, "firms implement a BSC by selecting both financial and non-financial measures across four hierarchical perspectives: learning and growth, internal business processes, customer, and financial". ...