What are the benefits of using BSC in strategic planning?

The Balanced Scorecard (BSC) assists in monitoring the progress towards strategic goals by providing a framework that measures performance from four key perspectives: Financial, Customer/Stakeholder, Internal Process, and Organizational Capacity. It allows organizations to track financial results while simultaneously monitoring progress in building the capabilities and acquiring the intangible assets they would need for future growth.

The Balanced Scorecard (BSC) helps in setting strategic goals for a company by providing a framework that translates a company's vision and strategy into a coherent set of performance measures. It focuses on four main perspectives: Financial, Customer/Stakeholder, Internal Process, and Organizational Capacity. By analyzing these perspectives, a company can set strategic goals that align with its vision and strategy, and monitor its performance in achieving these goals.

Implementing the Balanced Scorecard (BSC) in an organization can present several challenges. These include: difficulty in identifying the most relevant measures, resistance to change from employees, the need for a cultural shift, lack of understanding or commitment from management, and the potential for over-complication. It's also important to ensure that the BSC is aligned with the organization's strategy and goals, which can be a complex process.