A critical element of successful strategy implementation is an appropriate management control system. The balanced scorecard is a performance meaurement system, developed by Kaplan and Norton, providing the critical information required by management to assess the progress towards achieving the strategic vision and objectives.
The Balanced scorecard provides a comprehensive overview of a business. It includes financial measures that highlight the results of actions already taken. It then complements these financial measures with operational measures of customer satisfaction, internal processes and the organisation’s innovative and improvement activities. These are the drivers of future financial performance, the investments in the capabilities that provide value for the future. The balanced score card is a systematic process to implement and obtain feedback about strategy.
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