Using balance scorecard as a strategic mangement system

Using balance scorecard as a strategic mangement system -...

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PETER ŠEDÍK F2 USING THE BALANCED SCORECARD AS A STRATEGIC MANAGEMENT SYSTEM Purpose of article to show the usefullness of using Balanced scorecard as a complement to traditonal financial measurements Characteristics and contribution of Balanced scorecard Balanced scorecard measures performance from 3 additional perspectives: customers, internal business processes and learning and growth. Companies can simultaneously track financial results and monitor progress in building capabilities and acquiring the intangible assets neccessary for future growth Balanced scorecard can link a company´s long-term strategic objectives with its short- term actions through „Four Processes“ 1. Translating the vision - helps managers build a consensus around the organization´s vision and strategy - strategy statements must be expressed as an integrated set of objectives and measures, agreed upon by all senior executives, that describe the long-term drivers of success. In practice: In one bank, 25 senior executives had a different definition of vision statement and targeted customers. Ultimately they developed scorecard measures for specific porducts and services that should be delivered to customers in the targeted segments.
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PETER ŠEDÍK F2 It also highlighted gaps in employees´skills and in information systems. BS forced managers to arrive at a consensus and translate their vision in terms that had
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Using balance scorecard as a strategic mangement system -...

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