Hi, Could you please help to provide me with a bit details on Balanced Score Card? How can I implement BSC without a HR Software? With warm regards Nasir
From Bangladesh
From Bangladesh
Dear Friend,
Perhaps the following article may help you to know about the balance score card:-
What is the Balanced Scorecard?
A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton. They named this system the 'balanced scorecard'. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective.
The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.
Kaplan and Norton describe the innovation of the balanced scorecard as follows:
"The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation."
The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives:
The Learning and Growth Perspective
The Business Process Perspective
The Customer Perspective
The Financial Perspective
With Best Regards,
Amit Kumar
From India, New Delhi
2Perhaps the following article may help you to know about the balance score card:-
What is the Balanced Scorecard?
A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton. They named this system the 'balanced scorecard'. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective.
The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.
Kaplan and Norton describe the innovation of the balanced scorecard as follows:
"The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation."
The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives:
The Learning and Growth Perspective
The Business Process Perspective
The Customer Perspective
The Financial Perspective
With Best Regards,
Amit Kumar
From India, New Delhi
Dear Amit, Many thanks for your nice article. Could you please advise me how i can implement the BSC in a non-HR software organization? Warm regards Nasir
From Bangladesh
From Bangladesh
Nasir,
Implementing a balanced score card is not a job that (to my mind) should be attempted unless one has some previous experience about it.
It's a little bit like flying a a supersonic jet without having any previous experience of flying.
Should professional help be required there are several people who do a good job at prices that are certainly not exorbitant.
Ravi Gorowala
Implementing a balanced score card is not a job that (to my mind) should be attempted unless one has some previous experience about it.
It's a little bit like flying a a supersonic jet without having any previous experience of flying.
Should professional help be required there are several people who do a good job at prices that are certainly not exorbitant.
Ravi Gorowala
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Balanced Score card Details.pdf
Principles of BALANCED SCORE CARD (BSC)_MH.pptx