How Balance Scorecard is beneficial for the strategic improvement of the Company
Balanced scorecard is a tool used for strategic management and performance evaluation. Performance evaluation takes place when the strategic improvement takes place. Balanced scorecard was invented by Robert S Kaplan and David P. Norton. Balance scorecard helps to understand the overall performance of the company. The four perspectives of the balanced scorecard are financial perspective, customer perspective, Internal business process perspective and the learning and growth perspective. All companies business and operational management revolves around the financial targets. Developing proper strategy so that company may excel is very important. How balance scorecard helps to develop the strategy and make it to work out well: · To interpret the vision of the company to everyone. This process includes the vision to all and makes everybody conscious to it. · To render the vision and strategy needed to communicate with all employees. Explaining the whole pr