Balanced Scorecard Toolkit - What is Balanced Scorecard

Balanced Scorecard is a unique management tool which outperforms the traditional methods of performance evaluation owing to its ability to give an integrated view of the organization, by incorporating both the financial and non-financial parameters. It can be used to significantly improve implementation of objectives and strategies. It provides a mechanism for controlling and monitoring the organizational progress. A balanced scorecard is a way of communication to keep the team members up-to-date, help in translating strategy into operational and measurable terms and achieve strategic implementation.

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It improves financial performance by making better resource allocation, investment trade-offs and gives feedback on past performance which serves as direction for future course of action. It directs the Physical, Human and Financial resources to plans and policies which would give the maximum output.

Summary: The Balanced Scorecard Toolkit reviews the history of Balanced Scorecard concept, compares this concept with other management concepts, gives a detailed ideas on how to develop, implement and use Balanced Scorecard to improve business productivity.