The balanced scorecard is a management technique used to align enterprise activities to the Key Business Objectives (KBO) of the organization.
Use: The balanced scorecard measures performance in the following areas:
- Finance
- Business processes
- Customer satisfaction
- Learning and growth
- Business strategy
- Innovation
The reason why it’s called a balanced scorecard is because the idea is to not put all of your emphasis in one area at the exclusion of another area. The idea is to be balanced to keep everything in check.
To learn more about using the Balanced Scorecard and what you need to avoid, visit: The Balanced Scorecard: Avoid Pitfalls to Gain Maximum Benefit
