Balanced Scorecard, The: Translating Strategy into Action

The Balanced Scorecard: Translating Strategy into Action by Robert S. Kaplan and David P. Norton provides a revolutionary management system for organizations to achieve long-term strategic goals. By mobilizing people's energies, abilities, and knowledge, the Balanced Scorecard helps companies align individual and organizational initiatives towards achieving customer and shareholder objectives. The authors demonstrate how senior executives in various industries are using the Balanced Scorecard to guide current performance and target future performance. They show how to use four key categories - financial performance, customer knowledge, internal business processes, and learning and growth - to identify new processes and align initiatives across departments. This book offers a practical guide for managers to build their own Balanced Scorecard, providing a robust learning system for testing, gaining feedback on, and updating the organization's strategy. By adopting this management system, companies can invest in long-term goals, such as customer development, employee growth, new product innovation, and systems improvement, rather than focusing solely on short-term earnings.