engleski

Implementation of balanced scorecard applications

The market is mechanism for distinguish successful from unsuccessful. However, it is very hard to determine success. If we exclude for the moment traditional measuring of success such as profit the modern economy with global competitiveness, successful firm is one how can faster react on problems and catch the opportunity. We can conclude that most successful firma are the fastest firm in right decisions. How became fastest? It was very often repeated phrase about importance of good informing. What does it really mean? How can firm reach good informing? Balanced scorecard is one possible answer. Over the last decade there has been move toward a more balanced measurement process. Kaplan, Lowes and Norton developed the balanced scorecard system (BCS) (1996). The balanced scorecard is a method, which is defined as the “ structured collection of indicators” which should empower management to steadily « ; ; ; ; ; ; ; navigate» ; ; ; ; ; ; ; the company and which has to be constituent part of reporting (Weber et.al., 2005). This method represents the integral management system, which encompasses financial and non-financial indicators, and connects them into the organization strategy with the goal of translating the strategy into actions aimed to increase organizations competitiveness. „ Balanced Score carding“ concept became more disperse in our environment too. (Ravlić, 2002). The balanced scorecard is important mechanism for planning, development, dissemination and business strategy implementation. It was introduced by Kaplan and Norton (1996, 2001, and 2004). The balanced scorecard seeks to assist business in clarifying their visions and strategies and provide them with a means by which they can be translated into action. The BSC is designed to link the data together in ways that produce better information and decisions across all levels of the organizations. The four perspectives of the BSC framework include: (1) Financial - which includes metrics such as cost benefit analysis and financial risk assessment (2) Internal business processes – how well your core processes produce value (3) People and knowledge- which seek to identify where employee training budget can be best deployed with the goal of ensuring continued individual and corporate improvement (4) Customer – This focuses on the analysis of customer satisfaction and different types of mechanisms for that. The balance scorecard feasibility study showed that implementation of the method is barely possible without application of information technology (Kettunen et. al., 2005).

scorecard, implementation, application, measurement process, management system, business strategy, information technology

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