Strategic Planning And Management - Balanced Scorecard

When you hear about balanced scorecards, what are the things that first come to mind

? Perhaps you are thinking of a certain sport or ball game like basketball or football. In the business world, a balanced scorecard often refers to a kind of strategic planning and management system that aims to align different business activities to the vision, mission, and strategy of the organization. In this way, different areas of the business and its operations can be improved, including but not limited to internal and external communications, as well as organizational or business performance. This strategic planning and management concept is anchored on including strategic non-financial performance metrics as means of measuring success from a "balanced" viewpoint.

The balanced scorecard concept has been around as early as in the 1990s and through the years, it has evolved and is now being viewed more than just as a means to measure performance framework. In fact, it has since then been developed into a full strategic planning and management system. These days, this concept also involves the transformation of the strategic plan of the organization from being a passive document into attractive marching orders that the different members of the organization will follow on a daily basis.

This approach also aims to give organizations a clearer view of what needs to be monitored and measured so that the actions taken by the different members of the organization are in the same line with its financial objectives. Through this, executives and managers are able to understand that success is not only seen from a financial viewpoint but also from a non-financial perspective.

In fact, the whole concept of having a balanced scorecard has evolved that these days, it is no longer just a means to measure performance and success - it has turned into a totally new management system that can help organizations in developing clearer visions and strategies so these can be translated into clear actions. Simply put, it is no longer just a measure of performance but it is also a means of deriving feedback. When fully and effectively deployed or implemented, it can turn strategic planning and management from being an academic exercise into the very core or center of the efforts exerted by the organization.

Learning more about the whole concept of having a balanced scorecard can bring in a lot of benefits into an organization. And what better time to start than now?

by: Bart Icles

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