Strategic planning is an essential activity in any organization. It sets priorities, supports the operations, focuses on resources, and ensures that all the stakeholders and employees work towards a common goal. To follow up with the strategic planning and performance management framework, a balanced scorecard (BSC) is used. It provides an easy platform to track financial and non-financial measures to find out the organization’s success and when remedial actions are required.
The balanced scorecard is used by government, business, and non-profits that would bring into line the various daily activities. The financial and non-financial measures are tracked using a balance scorecard to regulate the degree of the company’s growth and success and the time to execute the remedial actions if required.
The balanced scorecard is a popular management tool especially made use in the United States, Northern Europe, UK, and Japan. Organizations that look forward to a consistent performance gets more benefit out of it. A Balance scorecard requires a good effort to implement and provides and effective outcomes. To make it successful, an organization must have the required skilled resources to make the balances scorecard a great success.