Balanced Scorecard

In short, Balanced Scorecard defines the performance of an organization and measures if the management is obtaining he desired results. Balanced Scorecard turns the mission and the vision of an organization into a comprehensive set of objectives and performance measures which can be quantified and evaluated. These measures usually include the following performance categories:

• Financial (income, profits, lucrativeness, cash flow)
• Customer’s value (market share, customer satisfaction measures, customer loyalty)
• Business internal processes (productivity rate, quality measures)
• Innovation (percentage of our revenue, employee suggestions, improvement indicator rate)
• Employee (mental state, knowledge, turnover, using best practices)

From our point of view, any organization should be using Balanced Scorecard, as they would obtain the following benefits:

• Clarification or actualization of the business strategy
• Correlation of long term strategic objectives and annual budgets
• Following the key elements of the business strategy
• Incorporation of the strategic objectives into the resource allocation process
• Facilitation of organizational changeFacilitarea schimbării organizaționale
• Performance comparison of the different work points
• Improvement of the degree of understanding of the corporate vision and strategy at an organization level

The Best Smart Consulting team can offer you consultancy for efficiently implementing of the Balanced Scorecard concept in your own company.