Last updated: August 10, 2019
Topic: BusinessCompany
Sample donated:

The contribution of Balanced Scorecard: The balanced scorecard is an organizational framework to use it to manage and monitor business performance against its strategic goals theHRDIRECTOR, 2018. It helps an organization’s to get a balanced view of their performance. Simply we can say it is a strategic system used to track and measure performance to help manage future growth. It includes traditional financial measures to point out the past performances and complements them with operational measures. A manager can do a balanced scorecard by using their organization’s strategy and mission statements into specific goals and measures. Balanced scorecard It helps organization actions to focus on what should be done in order to create breakthrough performance. It works as a center device for various corporate organizations. It makes business strategy operational turn into performance measures and targets. It helps the managers and employees to see what they need to do well if they want to improve organizational performance. It gives a broader view of business performance and also it gives a wide view of overturns the traditional idea of the organization as a collection of diverse independent functions and departments. The balanced scorecard gives a broad organizations aspects of both human and financial. It helps to see us how each part affects another, rather than just focusing on the performance. If the BSC is in the right place then it will allow for continuous monitoring of goals and objectives Bizfluent, 2017. Once a BSC system is in place, it allows for There are some more significant contribution of the balanced scorecard in the field of organizational performance management:Increased innovative and creative ideas.It helps to keep key performance measures with strategy at all levels of organizations.Team member become focused on helping one another succeedIt gives strategic feedback and learning.Balanced scorecard transform strategy into actionIt helps to reduce the big amount of information the company technology systems process into essentials.In other hand, after all, this contribution there are some authors and theorists criticise the uses of BSC. It is not a tool to use it one night and come up with a solution in next morning. The balanced scorecard gives us an overall view of four perspectives but this four perspective does not show the whole photo. Many organizations use metrics that are not applicable to their own situation. It is very important while using balanced scorecards to make the information applicable to your needs. Otherwise, these metrics going to be worthless Bowen 2011.