Many business organizations still think that the key to success in the industry is to have more assets like properties, buildings and company finances. But with the advancements in modern technology, Balanced Scorecard provides a better approach to the overall success of the business organization.
The IT world is too complex for many organizations and it sometimes gets taken for granted in favor of a bigger sales force. And unless business leaders understand the importance of IT in their organization, there will always be confusion on the IT department ‘s role for the success of the business. One way to address this problem is by having an Information Technology Balanced Scorecard.
It has always been thought of that the finances of the business are its measure of performance. This misconception is still the most common belief among many other companies, stakeholders, and even business analysts. In the early parts of the 1990s, Robert Kaplan and David Norton introduced a new concept of measuring business performance based on a totally new set of approaches and strategies. It was coined the Balanced Scorecard and this has become one of the most influential concept of business performance measurement. Soon to follow were technology Balanced Scorecard approaches which focuses solely on the IT ‘s role.
The Technology Balanced Scorecard is still the same Balanced Scorecard that covers the four aspects of a business processes: Finances dealt with cost controls, customer relations dealt with internal and external satisfaction, business processes dealt with how the IT has been able to provide solutions, and learning dealt with their continuing improvement.