Balanced Scorecard And Strategy Focussed Execution
By: Dr. Pratik P. SURANA
Chief Mentor and Founder
The ability of an organization to execute its strategy is directly proportional to its ability to understand and communicate the strategy. The most successful tool for articulating, implementing, and managing the overall business strategy is the Balanced Scorecard. The Balanced Scorecard (scorecard for short), developed in 1992 by Dr. David Norton and Robert Kaplan, has gained global acceptance as a powerful framework to help leaders define and rapidly implement strategy. This is accomplished by translating the corporate vision and strategy into a set of strategic objectives that drive behaviour and performance.
Traditional performance measures are insufficient to gauge performance and guide organizations in today’s rapidly changing, complex economic landscape. Organizations need to link performance measurement to strategy, and must measure performance in ways that both promote positive future results and reflect past performance