Balanced Scorecards

Balanced Scorecards is a strategic management performance tool used to identify and improve various internal business functions and their resulting external outcomes.

Balanced scorecards are used to measure and provide feedback on four dimensions:

• Financial: Is the company meeting its financial goals?
• Customer: Is the company meeting its customer expectations?
• Internal process: Is the company improving critical internal processes;
• Innovation: Is the company improving its ability to innovate?

Employees are more effective when they understand how their individual goals link to the organizational strategy and show an organisation’s performance in meeting its objectives relating to stakeholders.