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Balanced Scorecard — A Systematic Approach to Performance Management

Continuous performance evaluation is key to the success of any organization. The measurement of  business performance is not merely based on financial aspects but also greatly depends upon non-financial or intangible elements like information, experience, workforce motivation, adaptability to change, culture, and overall goodwill of the organization.

The need for organizations to improve performance by stringent financial discipline while also considering long-range competitive capabilities has led to a new approach of performance management – the Balanced Scorecard.

The Balanced Scorecard is a systematic approach to performance evaluation that translates an organization’s strategy into clear objectives and targets — integrating a mix of short- and long-term financial and non-financial performance measures based on the organization’s overall strategy.

The Balanced Scorecard is not just a measurement tool, but a complete management system that enables organizations to define their vision and strategy — culminating into a tangible execution plan. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance.

We are pleased to announce that globally recognized Performance Management expert, Paul Niven, will be writing a series of articles for Techronicle on the subject. In this issue, he has given an overview of the Balanced Scorecard approach. Subsequently, he will examine the evolution of the Scorecard from a measurement tool to a proven strategy execution framework. Finally, in the third article, Paul will provide the latest thinking on strategy execution, including the importance of strategic agility in maintaining sustainable advantage.

 

 


      Maryam Hussain
      Editor 

 

 

 

 

 

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