Balanced Scorecard
The sixth concept that is applicable to Swept Into Place is Balanced Scorecard. The Balanced Scorecard (BSC), according to Blocher, Stout, Juras, and Cokins (2016), is a method of measuring a company’s performance through various internal procedures to achieve external results (p. 11). There are four factors within the BSC method that companies can use to measure their success (benchmarking) against themselves or other companies: financial performance, customer satisfaction, internal processes, and learning and growth. The Balanced Scorecard (BSC) was created to link accounting indicators and planning indicators, and also strategic planning with other management levels. The BSC concept is one of the most relevant today. It is the only tool to harmonize and synchronize strategic goals with tactical and operational ones, and also to manage the utilization of consistent indicators. A study Kopia, Kompalla, Buchmüller, and Heinemann conducted, found that when a corporation institutionalizes the BSC, it improves the organizational performance of the entire company (2017, p. 983). Similarly, BSC has been adopted widely around the world and has been offered as a superior combination of nonfinancial and financial measures of performance. Because the BSC explicitly focuses on links among business decisions and outcomes, it is intended to guide strategy development, implementation, and communication. Furthermore, a properly constructed BSC could provide reliable
The sixth concept that is applicable to Swept Into Place is Balanced Scorecard. The Balanced Scorecard (BSC), according to Blocher, Stout, Juras, and Cokins (2016), is a method of measuring a company’s performance through various internal procedures to achieve external results (p. 11). There are four factors within the BSC method that companies can use to measure their success (benchmarking) against themselves or other companies: financial performance, customer satisfaction, internal processes, and learning and growth. The Balanced Scorecard (BSC) was created to link accounting indicators and planning indicators, and also strategic planning with other management levels. The BSC concept is one of the most relevant today. It is the only tool to harmonize and synchronize strategic goals with tactical and operational ones, and also to manage the utilization of consistent indicators. A study Kopia, Kompalla, Buchmüller, and Heinemann conducted, found that when a corporation institutionalizes the BSC, it improves the organizational performance of the entire company (2017, p. 983). Similarly, BSC has been adopted widely around the world and has been offered as a superior combination of nonfinancial and financial measures of performance. Because the BSC explicitly focuses on links among business decisions and outcomes, it is intended to guide strategy development, implementation, and communication. Furthermore, a properly constructed BSC could provide reliable