A Study on Analysing Balanced Scorecard

Mr. Ram Srinivas

Abstract

Since being introduced by Robert Kaplan and David Norton in the early 1990s, the Balanced Scorecard has become a very well-known strategic management tool. An overview of the Balanced Scorecard's history, essential elements, and function in coordinating organizational goals with tactical metrics are given in this abstract. The Balanced Scorecard provides a more complete picture of an organization's performance by using non-financial performance indicators in addition to standard financial measurements. The Balanced Scorecard offers a comprehensive framework for establishing and tracking strategic objectives by balancing the financial, customer, internal process, and learning and development perspectives. The usefulness of the Balanced Scorecard in promoting performance improvement and boosting decision-making in many sectors is explored in this abstract along with the advantages and difficulties of implementation. The Balanced Scorecard is still a useful tool for building strategy alignment, encouraging responsibility, and achieving long-term success as organisations traverse complex and changing settings.