By: Lotfi Al-Sarori
In our last article of the Key Business Concepts 101 series, we presented the Balanced Scorecard. We explored how it can help companies define and implement strategies effectively through its four main perspectives - Financial, Customer, Internal Process, and Learning & Growth. And how it provides a mechanism to compare actual vs planned outcomes, by identifying objectives, metrics, targets, and relevant initiatives, so that corrective measures can be taken if there are variances. We've also examined the Strategy Map, which links diverse objectives across perspectives.
How can we begin putting the BSC into action?
In this article, we'll delve deeper into the topic and demonstrate how you may adopt the BSC in your own organization, how you can tailor it to your needs, and where its limitations lie.