The balanced scorecard is a strategic planning and management system that is used extensively in business, industry, government, and non profit organisations worldwide to align business activities to the vision and strategy of the organisation, improve internal and external communications, and monitor organisation performance against strategic goals.
The balance scorecard can help organisations:
- Focus the whole organisation on the few key things needed to create breakthrough performance
- Integrate various corporate programmes like quality and customer service
- Break down strategic measures to lower levels of the organisation, so managers and employees both know what is required to achieve excellent overall performance