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.

Key Business Benefits of Dashboard Software Systems

By: Lana Bawaneh & Omar Abdulhafiz

In the past, business people could spend a lot of effort collecting, monitoring, and analyzing data from different data sources in order to generate reports that help them in making decisions. This process requires a lot of time that could otherwise be better utilized in managing business and making business improvements.

The past is behind us now, however, or so it should be. Today, there’s a need for a digitalized tool that can get this job done automatically with minimal time and effort. In fact, businesses nowadays need more than a tool that processes and aggregates large sums of data quickly and efficiently. What they need, in addition to that, is a tool that produces elaborate visual representations of data related to business operations, performance, and other sophisticated industry-specific metrics.

But there’s no need to worry, as this has become possible now with the invention of the advanced business dashboard system!