Synchronizing Balanced Scorecards – Part I

With the introduction of ‘Balanced Scorecard’ theory, management has the option to view the entity from four perspectives and develop metrics, collect data as well as perform analyzes relative to standardized abstraction levels. Organizational balanced score-carding provides a visible prescription regarding what an entity should measure to symmetrize the generally supported financial approach that has overshadowed holistic management. By definition, the Balanced Scorecard is a management system that enables vision and associated strategy crystallization for focused execution. However, Balanced Scorecard also drives feedback from internal business processes and external outcomes in order to continuously improve strategic performance and results. When managerially integrated, the balanced scorecard transforms strategic planning from periodic documentation drills into addressable governance items.