Traditional performance measures are insufficient to gauge performance and guide organizations in today’s rapidly changing, complex economic landscape. Organizations need to link performance measurement to strategy, and must measure performance in ways that both promote positive future results and reflect past performance.
It is extremely important to have the right framework to define, monitor and make changes to the strategic objectives through well-defined tools and techniques, to continuously monitor strategic performance. The Balance scorecard presents managers with four different perspectives from which to choose measures.
Balance score card complements traditional financial indicators with measures of performance for customers, internal processes, and innovation and improvement activities.
Organizations that have successfully implemented the Balanced Scorecard have achieved remarkable transformations in their financial performance, in many cases vaulting to the top ranks in their industry groups.
At GSC, we use BSC approaches on performance management extensively, and have customized the framework to suit individual needs of the organization. Specifically, we have:
- Developed and deployed scorecards using existing infrastructure.
- Managed and displayed data and drawn insights pertinent to the balanced scorecards.
- Facilitated analysis of measurements to facilitate prompt corrective action.