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Companies like Apple and Volkswagen have benefited from using the Balanced Scorecard (BSC) in several ways. Firstly, the BSC provides a clear framework for strategic planning, allowing these companies to align their business activities with their vision and strategy. This ensures that all efforts are directed towards achieving the company's goals. Secondly, the BSC helps in identifying and tracking key performance indicators (KPIs), enabling these companies to measure their progress and make necessary adjustments. Lastly, the BSC promotes a balanced view of the organization by considering financial, customer, internal process, and organizational capacity perspectives. This holistic approach helps in identifying areas of strength and weakness, leading to improved decision-making.
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Focus Areas – This method involves building your entire strategic plan around the BSC. To implement this method, each of the four perspectives (Financial, Customer/Stakeholder, Internal Process and Organizational Capacity) are set as one of the strategic Focus Areas. Objectives, Projects and KPIs are then listed directly underneath each main perspective. Goal Types – This method involves establishing your own Focus Areas separately from the BSC. Then a custom field for each Objective, Project and KPI needs to be created with specific categorized activities.
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Need a way to streamline your strategic planning process? The Balanced Scorecard (BSC) is a tried-and-true method used by some of the most successful ...
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