As global competition heats up, the need to identify and implement strategies that yield competitive advantage increases.
Balanced Scorecard (BSC) is a management concept which helps managers at all levels monitor results in their key areas. The BSC is a performance management approach that focuses on four indicators, including customer perspective, internal-business processes, learning and growth and financials, to monitor progress toward organisation's strategic goals.
Working in a telecommunications company, our challenges in 2001 were to achieve significant growth targets amidst increasing downward pricing pressure, limited resources, and an increasingly competitive market.
BSC concept was implemented with the following steps:
1. Strategic themes determined
2. Scorecard design
3. Strategic progress review
4. Strategy refinement
5. Alignment and focus
The BSC has facilitated a cultural shift toward the use of measurement as a means of learning and changing behaviours. The BSC has contributed significantly to a sharper and more aligned team, for current and future success.