US economists Robert S. Kaplan and David P. Norton designed the Balanced Scorecard (BSC) in the 1990s as a management concept to measure, document, and control corporate activities based on the vision and strategic goals of the organization. Balanced Scorecards offer a holistic view of performance with key performance indicators (KPIs) from each of the many areas that drive an enterprise’s success. These are known as perspectives and often include Financial, Customers, Processes, and Employees. The business objectives outlined on the BSC and the degree of goal attainment are reviewed continuously so corporate management can take the appropriate measures to combat underperformance.
Balanced Scorecards go beyond the traditional, finance-driven view of an enterprise and instead measure the business from many perspectives; thus the BSC represents a balanced “big picture” of the company. BSCs can be implemented using business intelligence software with measure values taken directly from underlying data sources.
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