Balanced Scorecard software - Strategy2act
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Objectives for core elements updating in balanced scorecard - Slide 18

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  • Maintaining the flexibility of business. Updating the core elements of the balanced scorecard can be initiated to maintain the flexibility and making the business adaptable to changes. It would help the business to quickly adapt itself according to the changes very quickly.

  • Keeping the business align with business environment. Another important objective of updating the objectives, measures and targets of a balanced scorecard is that it would allow the business to align with the changing business environment.

  • To correctly represent the core purpose of the business. The core elements of a balanced scorecard can be subject to changes so they can accurately and precisely represent the core purpose of the business. They can be reworded or reformulated in a manner so everyone can have a clear understanding of what a business is aiming for?

  • To better capture the results according to new procedures. Methods of calculating the results of a BSC can be replaced by newer and improved methods and procedures. This would automatically calls for updating the measures so they can be easily capture and analyze the true essence of the event under consideration.

  • To improve understanding of employees. Some of the core elements of a BSC like the description can be updated or changed to avoid any type confusion in the minds of employees and to improve the understanding.

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