This is about how an organization deals with improving the knowledge and skills of employees as well as how the management captures its knowledge and apply it to make a cut in the industry. This monitors and tracks the requirements for critical-to-customer process. This principle is about the financial status or performance of the company and how well is it handled. These include customer satisfaction, their demands or expectations when it comes to performance related to the products or services a company offers. This is where aspects about customer experience are measured. These are perspectives or design models that are crucial to make planning, implementation and achievement of the business strategies possible. In order for a business to survive, companies need to make use of what is known as the “Four Legs of the Balanced Scorecard”. And the third one is a strategy that employs both financial and non-financial data.Īlthough this technique uses measurement to track, monitor and control the performance in an organization or company, the Balanced Scorecard is considered a management system. The second has something to do with data mining or the selection of data that will be monitored. First is the focus on the strategy of the organization.
The BSC of today, which is popular among companies, has three characteristics that define this management tool. The second form was developed in the 1990s by David Norton and Robert Kaplan.
Also, it is a strategic management system that does not only focus on operating an organization and managing it with the use of financial measures. It can be a scorecard of each employee in a company in terms of performance and the measures to be taken to control or manage performance. There are two broad forms associated with the Balanced Scorecard (BSC). It is a performance management tool which uses design methods and tools to help managers gauge and monitor the activities of employees as well as the impact of the consequences that result from these activities. In simple terms, the Balanced Scorecard is used to measure performance in an organization or track progress.
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