Robert S. Kaplan and David P. Norton’s 1996 book ‘’The Balanced Scorecard: Translating strategy into action” is considered to be a major contribution to the development of performance management, as their work has changed the way performance is measured. In the almost 20 years that have passed since its publishing, the Balanced Scorecard System has been implemented by thousands of companies and organizations worldwide, proving its value in time.
Twenty three years have passed since Robert Kaplan and David Norton‘s Balanced Scorecard has first appeared.
Dr. Robert Kaplan and David Norton’s Balanced Scorecard is a management tool designed for organizations to manage their strategy. The scorecard offers a way to achieve a set series of objectives:
Back in 1992, Drs. Robert S. Kaplan and David P. Norton introduced to society the greatness and benefits of the Balanced Scorecard.
“If you cannot measure it, you cannot improve it.” (Lord Kelvin)
The Balanced Scorecard, or BSC, is a strategy performance management tool that helps managers to put in balance four main perspectives (the customer’s perspective, the company’s internal perspective, as well as innovation and improvement). Also, it encourages them to focus on complex cause and effect relationships and on developing a systemic aligned strategy.