Balanced Scorecard Essay

3098 Words Jan 10th, 2014 13 Pages
1.0 Introduction
In many ways, today’s business environment has changed qualitatively since the late 1980s. In just a few short years, Globalization has started a variety of trends with profound consequences: the opening of markets, true global competition, widespread deregulation of industry, and an abundance of accessible capital. Began to breakthrough on information technology perspective have changed the capacity to manage business independent through the traditional system restriction of space or time.
From past to now, traditional performance measure system focus on ‘Financial Performance’ and usually ignore the other aspects of performance and evaluation like Financial; Customer; Internal Business Processes and Learning and
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(By Dwight Chestnut, eHow Contributor. The purpose of a balanced scorecard)

2.2 The benefits of adopting Balanced Scorecard (BSC):
The BSC method for breaking the finance as the only index of measuring tools and did the balance of various aspects. Compared with traditional performance measure system, the benefits of adopting BSC is the BSC can provide strong support for the strategic management of the enterprise. With the continuous development of global economic integration, strategic management is more important in terms of sustainable development of enterprises. The benefit of Balanced Scorecard is can improve the efficiency of enterprise overall management. The four elements involved in Balanced scorecard, are key factors in the success of the enterprise for the future development, through the balanced scorecard report provided by the management, will seemingly unrelated elements organically unifies in together, it can greatly saves the time of enterprise managers, enhance the whole efficiency of company governance, and build a strong basement for the future success of the enterprise.

The challenges of implementing Balanced Scorecard (BSC) in practice:
More difficult to establish the index system.
Breakthrough of the balanced scorecard to the traditional performance evaluation system is that it has introduced the non-financial

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