Benefits of using balanced scorecard (BSC)
- BSC encourages a long-term view of improving performance through time.
- BSC considers both non-financial as well as financial measures to give a better overall picture and holistic view of performance.
- BSC performance measures can be ‘tailor made' e.g. bespoke performance measurement that can be more specific to an industry.
- BSC can monitor and control operations e.g. spot problems such as product returns, complaints, warranty claims, failure to innovate or satisfy customers.
- BSC can communicate and publicise goals and objectives to all stakeholders.
- BSC perspectives can be linked to the remuneration of management and staff to improve overall performance.