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The Balanced Scorecard challenges existing paradigms in business performance measurement by introducing a more holistic and balanced approach. Traditional performance measurement systems primarily focus on financial metrics. However, the Balanced Scorecard broadens this perspective by incorporating non-financial measures as well. It includes four perspectives: Financial, Customer, Internal Process, and Learning and Growth. This allows organizations to measure performance in a more comprehensive manner, taking into account customer satisfaction, internal process efficiency, and employee development, in addition to financial performance.
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The Balanced Scorecard believes that business leaders often times fail to connect the necessary strategy with the appropriate action or tactic. The b...
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Financial Perspective — This is measured by the return on the investment and the economic value that is added Customer Perspective — This covers customer satisfaction, retention, market and account share Internal Perspective — This is where the company will measure response time, quality control, costs and new product launches Learning and Growth Perspective — This area focuses on employee satisfaction and information system availability
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