How balanced scorecard is used to success of ERP in an organization?
The Balanced Scorecard provides the quantitative and qualitative basis to a complex decision-making process, in which high-tech firms need to measure ERP performance against multiple criteria. Kaplan and Norton indicated that the original Balanced Scorecard turned business strategies into measurable indicators.
What is balanced scorecard framework?
The balanced scorecard is a strategic planning and performance management framework that tracks financial and non-financial measures to determine an organization’s effectiveness and when corrective action is necessary.
What is a balanced scorecard in strategic planning?
A balanced scorecard is a strategic management performance metric that helps companies identify and improve their internal operations to help their external outcomes. It measures past performance data and provides organizations with feedback on how to make better decisions in the future.
Why is the balance scorecard vital in most organizations?
Balanced Scorecards, when developed as strategic planning and management systems, can help align an organization behind a shared vision of success, and get people working on the right things and focusing on results. it is a system, consisting of people, strategy, processes, and technology.
What type of organizations can implement the balanced scorecard?
20 Companies Using The Balanced Scorecard
- Automotive: Volkswagen.
- Banking: Wells Fargo.
- Energy: Mobil North America Marketing and Refining (NAM&R)
- Environment: Veolia Water.
- Electronics: Philips Electronics.
- Healthcare: Sunnybrook Health Sciences Centre at the University of Toronto Hospital.
- Manufacturing: Borealis.
- Shipping:
What is the purpose of the balanced scorecard?
A balanced scorecard (BSC) is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.
How is the balanced scorecard used in the planning process?
How to Draw a Balanced Scorecard
- Determine the vision. The company’s main vision belongs in the center of a balanced scorecard.
- Add perspectives.
- Add objectives and measures.
- Connect each piece.
- Share and communicate.
How the balanced scorecard supports strategic decision making?
The BSC is a tool that links strategies to organization goals. According to Ali-Rahimi (2013), balanced scorecard provides a mechanism to align the activities and processes of different groups with long term goals of the organization. He combined the EFQM and BSC models to improve the performance of the organization.