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After the financial crisis that began in 2008, banks have been taking steps to improve their performance management and measurement capabilities in light of new economic and market conditions and new management needs.
The Balanced Scorecard provides any organization with a homogeneous view on the execution of strategy. It may take several months to several years for the Balanced Scorecard to reach its full implementation within the organization, but the end of the journey can be marked by impressive results.
An important component of performance measurement is represented by the data collection capability. However, when applied in the organizational context, this process is neither easy, nor lacking obstacles, as practitioners often discover.
“We can’t ignore facts. We can’t ignore data.” – Barack Obama, former President of the United States
In most cases, in small businesses within the service sector, the lack of managerial education of entrepreneurs negatively impacts the quality of the entire managerial process.
This is one of the reasons for employing modern methods of management in small companies from the third sector, in order to obtain qualitative management, even though in some specialty researches, these methods are recommended only for managers of large enterprises or businesses.
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