Balanced Scorecard has been widely used in many organizations in the past 15 years. Concept of Balanced Score Card (BSC): The concept of Balanced Score Card (BSC) was introduced by Robert S. Kaplan and David P. Norton in 1992 through an article published in the Howard Business Review in 1992.

The balanced scorecard helps companies form strategies designed for more than selling products by making managers consider factors like external customers and internal efficiencies. ADVERTISEMENTS: Balanced Score Card: Concept, Advantages and Limitations! What are the Benefits of using Balanced Scorecards? Here are some of the advantages of Balanced Scorecard and they are also reasons that … Benefits of Balanced Scorecard Management. 7 Benefits of a Balanced Scorecard Research has shown that organisations that use a Balanced Scorecard approach tend to outperform organisations without a formal approach to strategic performance management. Research has shown that organisations which use a Balanced Scorecard approach tend to outperform organisations without a formal approach to performance management. This concept consists in identifying the vision and mission of an […] Benefits from using the Balanced Scorecard.

A company’s success often involves more than just selling products. It obviously has some benefits to these organizations. The key benefits of using a Balanced Scorecard include: Better Strategic Planning- The Balanced Scorecard provides a powerful … The Balanced Scorecard framework is one of the most recognized strategy execution frameworks with a long record of successful implementation. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective. Advantages of the Balanced Scorecard. In time, the benefits of the Balanced Scorecard have been identified by many organizations which have successfully implemented this tool.

The Benefits of a Balanced Scorecard. It also must earn profits and invest in the company wisely to sustain growth. If you are looking for a disciplined way to articulate and execute your strategy, then it should be in your business toolkit.