Now day's companies are working on different techniques to measure the performance in terms of results, quality, and work and customers feedback. Hence they work all these to make their best for the next quarter, in the same sense "Balanced Scorecard" also used. Hence a Balance Scorecard is a technique used to measure the performance of the company. It is considered as a best tool for managers as it gives a fast and comprehensive view of results of performance.
It identifies 4 performance measures such as
1. Customer End - How the customers see us?
The behavior and attitude of customers towards us. As well as the approach of customers towards the product and service from the company.
2. Internal Business - what needs to be developing within the company operations?
The things that need to work for the internal operations so as to improve the performance.
3. Innovation and Learning - can we continue to improve in the innovation and value?
The managers look at different aspects so as to develop and continue for the Innovation and learning within the company. Which infect makes sense for competitive advantage.
4. Financial End- what needs to be done to maximize shareholders wealth?
At the present scenario the most important thing that the company needs to look at is shareholders wealth maximization. By maximizing shareholders wealth the company can improve its performance.
Using all these managers get a deeper insight of the performance of the organization. Keeping strengths and weakness on one hand and making analysis of that managers can get qualitative and quantitative results. Hence this is a good method for the managers to know or measure the performance in a fast and comprehensive manner.
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