Balanced Scorecard
4 perspectives of the Balanced Scorecard
The Balanced Scorecard technique of Kaplan and Norton is a planned approach, and performance management system, that facilitates organizations to transform a company's vision and strategy into execution, working from 4 perspectives:
1. Financial perspective.
2. Business process perspective.
3. Learning and growth perspective.
4. Customer perspective.
![844_balance scorecard.png](https://www.expertsmind.com/CMSImages/844_balance%20scorecard.png)
Advantages of the Balanced Scorecard
Kaplan and Norton state the subsequent benefits of the usage of the Balanced Scorecard:
• Maintain the focus of the whole organization on the few important things that are required to create breakthrough performance.
• It helps to combine several corporate programs. Like: re-engineering, quality, and customer service initiatives.
• Breaking down strategic actions towards lower levels, so that operators, unit managers, and employees can see what's necessary at their level to attain excellent overall performance.