Many consultants and professionals nowadays are now adding another skill to their ever growing list of expertise, and that new skill is in the balanced scorecard methodology. Such is a management system that is able to map out the strategic objectives of a particular organization into easily measurable performance metrics that can be divided into four perspectives: financial, customers, internal processes and the last one is learning and growth. These four perspectives are able to provide many consultants with enough information to teach their clients about how a strategic plan must be executed so that the necessary adjustments can follow.
To give an example of what the balanced scorecard is, a short discussion on its foundations are in order. Basically, the balanced scorecard of the BSC was established in 1992 by two men named Robert Kaplan and David Norton. Aside from measuring the company ‘s current performance in a financial perspective, the methodology is also useful in evaluating a company ‘s efforts for future developments and upgrades by using the metrics of process, customer, learning and growth. The term scorecard stands for a quantified performance that is easily measured; the term balanced signifies that such a system is able to seesaw comfortably between different pairs of weights: short and long term objectives, financial versus non financial measures, lagging and leading indicators, and internal as well as external perspectives of company performance. Using this information, consultants will be able to provide you with the necessary assistance in order to set up a scorecard for your company or organization ‘s scorecard.