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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.
Performance management, at least at the employee level, has received serious criticism from multinationals such as Microsoft, General Electric, Adobe, Goldman Sachs Group and Google, in the past 5 years. The traditional ranking system and KPI measurement used in the appraisal process provided little added value for the organization, for managers or for the individual. Practice has proved that a measurement system is merely a promise of improvement.
Many individuals begin their careers in the field of Business/Performance Management. For others, such knowledge comes over time, as an added layer of specialization to their existing primary professional prowess.
Performance management is undergoing huge overhauls, given that what businesses define as success shifts seemingly every year. A study by Psycnet reported that performance management improves only 28% of staff and is overall a sunk cost.
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.
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