What is a Balance Score Card How is this tool being used to

What is a Balance Score Card? How is this tool being used to revolutionize strategy? What are the implications of the tool on: Communication, execution, and review and modification of strategy?

Solution

A balanced scorecard determines the financial as well as the non financial functions of the company. It allows the company to take the vision and the mission of the company and translate the values to a set of performance measures which helps us understand how the company period and the values are being followed as well as the organizational performance aspects are being a managed. In order for the company\'s strategy to be realized, there is a need for an evaluation criteria that can be followed in order to create benchmarks, baseline values as well as schedules and checkpoints that the company can then use to measure their strategy as well as find the balance between change management and strategic growth at the same time.

We can say that a balance score card has implications on the company\'s communication, execution and review, taking into account the functions all the above factors play in the process of being able to design the company\'s structure, function and core competencies. It is also necessary in order to realize how a strategy is being observed, the effects of the change process as well as monitor the requirements which allows the company to come up with changes and other control factors in order to be able to create and execute the best possible strategy for the company.