Balance And Balanced Scorecard Approach

702 Words 3 Pages
The complexity of today’s global economic landscape and the ever-evolving trends provides very little opportunity for businesses to achieve significant results without a strong performance culture. Companies are now paying more attention to their resources and their relative performances by analyzing big data and minutely examining their internal processes for optimal efficiencies. Companies are continually increasing the performance expectations and set high standards for performance.
You will never get there if you do not define your destination. If one do not set targets, will not achieve anything that can make any difference. Setting goals and measuring them provides insight how far you have come and how far you need to go further. This
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As discussed previously there has been various methods developed in the past few decades for performance measurements; however the most acceptable and regarded approach is the "Balanced Scorecard Approach".
Balanced Scorecard addresses one major issue that financial measurement tools are insufficient to guide companies for success. It provides a broader sense of indications for the total value creation in organizations through tangible and intangible assets.
Balanced Scorecard approach help companies to align processes objectively according to the process requirements for improvments. A nicely developed scorecard should be able to capture the performance of the business processes and measure value generated and passed to next business process.
The Balanced Scorecard approach is a measurement metric developed a vision to increase customer satisfaction, improvement in the process quality and motivate an employee for best performance. As Balanced Scorecard, framework connects results and provides tools to measure performance of financial and non-financial. This methdology accomplish superior results by identifying Key performance Indicators (KPI) and managing them for greater
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The trigger for learning & development primarily comes from three factors: employees, Technical advancements, and organizational changes. Changes in buiness strategy will generally require significant investments in people, infrasturcute, and processes that enhance organizational capabilities as per buiness strategy requirements. Consequently, objectives and measures for these enablers of superior performance in the future should be an integral part of any organization 's Balanced

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