To provide a short explanation of what has been the buzzword for quite some time now, the balanced scorecard is a tool that is utilized in strategic planning as well as management in many company system of industries such as business, government and other types of organizations in the world. This is used to keep the activities of the business to its vision and strategy, as well as improve overall internal and external modes of communication and monitor the performance of the organization as compared to its strategic goals.
There are many articles about balanced scorecards that you can find in lots of different sources, discussing many valid points of arguments regarding its pros and cons as applied to radically different systems and constructs of the world, but the bottom line or the common denominator would be that such a methodology is useful and can improve the computational systems of any organization with regard to their performance measurements and benchmarks. This framework has a value-added point wherein additional strategic measures of financial metrics are able to provide many managers and executives with a more balanced view or perspective of the performance of their respective organizations.
There is a lot of literature on the rudiments of balanced scorecard, but all of them will probably stress on its evolution as a simple framework for measuring performance into a fully blown system for strategic planning and management. Such a scorecard will be able to transform an organization ‘s strategic plan into an attractive document that is well worth the implementation.