The balanced scorecard business management system has been successfully implemented by numerous companies throughout the world. As a performance measure and management tool, the balanced scorecard metrics enabled companies to ensure that their strategic objectives will be accomplished. This is due to the fact that what could be measured could definitely be accomplished.
The balanced scorecard management method is a simple tool that can be used by any company for any type of project. Actually, balanced scorecard started as a performance measurement document. The employee ‘s tasks were clearly spelled out in a scorecard and if those tasks were accomplished, the concerned individual will mark it accordingly. This ensures that no work would be left behind. It also simplifies the assessment and evaluation process of the management team. From a dry document, the balanced scorecard became a comprehensive system that can be used by a company for their strategic planning and goal setting. The balanced scorecard now takes into consideration the mission of a company and maps out the strategies that will be used to achieve that mission. This involves the creation of specific metrics that are important steps to accomplish the strategic company goals. The system created a powerful balance between individual performance and general strategic objectives.
The application of balanced scorecard to companies resulted to efficient implementation of company objectives and successful deliveries of products and services. From the planning stage to evaluation, the balanced scorecard system greatly helped managers and company executives implement strategic objectives in an all round way.