BALANCED SCORECARD | |
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The
main goal of BSC is to break down the corporate strategy into relevant,
measurable success factors. Based on a clear corporate vision, strategic
goals are derived for focus areas: finance, customer/markets, processes,
and potentials. These goals are then placed in causal relationship with
one another and function The following steps are involved in creating a BSC:
The following strategic improvements are the results from BSC's, which have been implemented in companies from various industries:
In
order to successfully implement the BSC concept, both tools for financial
analysis and "soft", qualitative methods have to be employed.
These include vision/strategy workshops, interviews with employees, satisfaction
analyses, innovation circles, focus groups, and process analyses. These
tools help management determine the most important control variables.
Absolutely vital for success is the commitment of all participating business
units and above all, of management. |