Key Business Concepts 101: The Balanced Scorecard

By: Lotfi Al-Sarori

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The Balanced Scorecard is a very popular strategic management framework, and it will be the subject of this article of our Key Business Concepts 101 series. The Balanced Scorecard (BSC) is a management tool that has grown in prominence since its introduction by Kaplan and Norton in a 1992 article in the Harvard Business Review.

The BSC can be used to create, carry out, keep tabs on, and modify corporate strategies and plans. As a strategic management tool, the BSC aligns a company's everyday actions with its long-term goals. The ability to monitor and quantify performance is another benefit. Financial, customer, process, and learning and growth are the four main pillars around which the company's strategic initiatives are built. The purpose of this effort is to develop a streamlined and simplified dashboard that provides a comprehensive view of the company's performance from these four perspectives.

The 4 customer experience best practices!

By: Lana Bawa'neh

With all the technological innovations, business owners and especially software providers are eager to exploit the latest technological trends so they can keep up with the market competitors. They always look forward to having the best talents and tools so they can create and develop new products and services that match the market’s needs.

 

While most business owners are keen to keep up with market trends and put their new ideas into reality in order to increase their sales revenues, have more customers and expand their business, not all of them were attentive to enhance and improve their existing products and work on improving their customers’ experience. However, customer experience is now becoming just as important as product quality and price.