Question
The Balanced Scorecard (BSC) is considered a cost-saving option when created in Excel because it eliminates the need for expensive specialized software. Excel is a versatile tool that most businesses already have, which means there's no additional cost for a new system. It's also user-friendly and doesn't require extensive training to use, saving on training costs. Furthermore, Excel is flexible and can be easily adapted to the specific needs of the company, avoiding the costs associated with customizing specialized software.
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The nine steps to BSC implementation are Assessment, Strategy, Strategy Mapping, Performance Measures, Strategic Initiatives, Performance Analysis, Evaluation. You can use this slide to walk your audience through each of them. The BSC suggests that an organization should be examined from four different perspectives for the leaders to develop objectives, KPIs, targets, as well as initiatives and campaigns in relation to these perspectives. We discuss below. There are three types of companies that can benefit from creating and managing their Balanced Scorecard in Excel: small firms, pilot projects and companies in transition. Creating BSC in Excel is by far the most cost-saving option.
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