Since R. Kaplan and D. Norton’s article “The Balanced Scorecard – Measures that drive performance’”, published in 1992 in the Harvard Business Review, the Balanced Scorecard (BSC) methodology has become one of the most popular performance management frameworks, used nowadays in both public and private organizations.
The starting point of a communication plan should be the company’s vision and objectives. We must ask ourselves why are we launching a communication plan and what do we expect to achieve as a result.
In today’s business environment, there has been a global trend towards integrating business processes and company strategies with Enterprise Resource Planning systems.
Every day, there are millions of cash transactions taking place around us. The entities that allow for these cash transactions to be conducted in secure conditions are commercial banks. The reason that banks can provide this security is not because they are blessed with the necessary infrastructure to do so, but because we, as people, gradually discovered the need for such an infrastructure.
When we think of commercial banks, we envision money making machines, and some people use this expression figuratively. This may arise from the popular misconception that banks outlive entire systems because they print out money whenever they feel close to bankruptcy.
The customer perspective within the Balanced Scorecard – BSC for short, enables organizations to target the market segments in which they have chosen to succeed. Correctly pinpointing the right market segment an organization wants to address helps the same organization develop strategies that maximize outcomes, and, ultimately, financial rewards.
In the past, the customer perspective was not a focal point of the Balanced Scorecard, as companies believed product performance and technology innovation to be the backbones of business success. Nevertheless, customer behavioral trends have gradually emphasized the necessity for understanding what customers need.