Balanced Scorecard: Your Golden Ticket To Continued Organizational Success !
The corporate world has observed a major shift in the past few years; earlier it was all about investing money, getting clients and waiting for the business to flourish. Over the years, business owners have come up with innovative concepts and methodologies that help them in achieving the best for their respective brands. Furthermore, professional od consultants, management consultants, and the likes are always around to guide amateur business people with their experience and knowledge.
Introduction of Balanced Score Card (BSC):
Whenever it is organization development in question, you can never go wrong with a Balanced Score Card (BSC). It first came to light in an article published by Howard Business Review in the year 1992, its creators were Robert S. Kalpan and David P. Norton respectively. The major aim of this concept is to define the vision, mission and strategic goals of an organization. In addition to all of this, it also works towards discovering strategies that will be helpful in achieving those goals and ambitions.
In layman terms, it aims to offer a balanced and comprehensive framework for assessing an organization’s output on the basis of various parameters like finance, customer service, growth, business, and production. BSC is the 21st-century tool for controlling an organization in a unique and profitable manner.
Now that you are acquainted with the concept of Balanced Score Card (BSC), you also should be familiar with the benefits that you are entitled to whilst utilizing the same:
Improved strategic planning:
Od consultants who are experts in organization success have time and again stressed on this point. BSC has the power to offer a powerful framework for building and communicating a strategy. The business model is visualized in the form of strategy maps which in turn forces the managers to think about cause and effect relationships.
Better Communication Internally:
The major concept of BSC is recording the entire future roadmap of an organization on paper; this makes internal communication very easy and efficient. It is because everything is recorded and everyone is aware of the objectives and goals that are required to be achieved by each individual.
BSC facilitates the formation of a design that consists of the key performance indicators for various strategic objectives. As a result of this, companies can very effectively assess where they are going right and what area of their business needs improvement.
Efficient Performance Reporting:
A recent study proved that companies that use Balanced Scorecard are better at judging employee performances in comparison to organizations that do not use BSC. It is because this system is completely transparent and has the ability to enable the creation of precise management reports that can be used for the betterment of the business on the whole.
Now that you are well aware of the concept and benefit of Balanced Scorecard, your next question would where can I find someone who would help me instill it in my organization? Well if you are looking for od strategic consultants in Pune the answer is pretty simple, Cerveausys. We are a group of professionals that are passionate about bringing a meaningful difference to your organization on a consistent and efficient basis. We will work with you right from the initial phase to the final step, with them you can rest assured that you chose the right people for your brand!