This is a planning and management tool that measures internal business processes, financial performance, customer knowledge, and growth and learning. It compares stated goals against actual performance, linking the business activities with the broader mission statement and goals. The balanced scorecard was developed by Dr David Norton and Dr Robert Kaplan in the 1990s and has had several updates in the time since.
Using a balanced scorecard within the organization will:
- Facilitate better alignment
- Bring structure to business strategy
- Connects employees to organizational goals