The balanced scorecard goes by another name in many circles that require a solid measurement performance for their organizations, and that name is BSC. It may sound like such a simple three letter acronym, but it stands for a lot. This BSC or balanced scorecard methodology is a strategic planning as well as management system that is extensively used in many industries and organizations in different parts of the world. Its aim is to monitor the different business activities of the said organizations, making sure that the systems as well as the people handling it are all aligned to the vision and strategy of the entire organization. The methodology also serves to improve the types of communication in an organization, and these are both internal and external ones.
Moreover, it also has a special function of monitoring the performance of the organization against its strategic goals. Such a performance measurement framework was developed by a certain Dr. Robert Kaplan and Dr. David Norton as a way of adding strategic but non financial measures of performance to many traditional metrics in order to give managers and business executives a more streamlined view of the companies they work for. From its roots in the 1950s, the balanced scorecard has turned out quite impressive from its early use as a very simple framework that measured performance into a wide scale full-on system that is able to operate many strategic planning and management functions. Indeed, the balanced scorecard is something that all organizations ought to implement in their own systems if they want to make sure that they stay true to their goal of development.