Balanced Scorecard, BSC and Performance Improvement

Everyone is talking about Balanced Scoecard, but what is it all about, how to implement it, how it is helpful in Performance Management, this is something that you need to know. I hope that the below mwntioned thigs will help you in great deal:

• What is balanced scorecard: The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals.

• Implementation: While implementing Balanced Scorecard, we should take care of te fact that ith goals etc here should be SMART i.e. Specific, Measurable, Agreed upon, Realistic and Time Bound. There are five steps that should be followed while implementing balanced scorecard. These are:

1.  
   1.  
      1. Mobilizing Change.
      2. Translating the strategy into operational terms.
      3. Lining the Company or organization with the strategy.
      4. Making strategy everybody's everyday job.
      5. The last thing is making strategy a continual process.

• How it is helpful in Performance management: The balanced scorecard methodology builds on some key concepts of previous management ideas such as Total Quality Management (TQM), including customer-defined quality, continuous improvement, employee empowerment, and -primarily -measurement-based management and feedback.

• Learning and Growth: This perspective includes employee training and corporate cultural attitudes related to both individual and corporate self-improvement. In a knowledge-worker organization, people -- the only repository of knowledge -- are the main resource. In the current climate of rapid technological change, it is becoming necessary for knowledge workers to be in a continuous learning mode.

Video on Implementing Balanced Scorecard: