BALANCED SCORECARD – TURNING STRATEGY INTO ACTION

Authors: Robert S. Kaplan & David P. Norton

The Balanced Scorecard may sound strange to you, but it has been interested in business and academia for a long time due to its high efficiency, research and application in so many different corporations and organizations around the world.

Author of the book – Hubert K. Rampersad – is a leading personal brand expert, author of many bestselling books about balanced scorecards to help develop yourself and your organization. He was voted as one of 35 outstanding thought leaders in the US in the field of leadership development. Is that enough to convince you to go on a journey with this book to take yourself to the next level? Considered by Harvard Business Review as one of the 75 most influential ideas of the twentieth century, “Balanced Scorecard” is a method to turn an organization’s vision and strategy into specific goals, clear measurement and indicators by establishing an effective measurement system in job management. The “Balanced Scorecard” (BSC) is the result of a research project that dates back to 1990 when Nolan Norton Academy, the research division of KPMG, one of the top four

international auditing companies, with its headquarters of KPMG International in Amstelveen, The Netherlands), sponsoring a one-year multi-company study with the theme “Measuring the performance of organizations in the future”. Recognizing that an organization’s performance measurement methodology is based on outdated financial calculations and is causing difficulties for the organization in creating new economic values for the future, David Norton, project manager and Robert Kaplan, expert advisors and representatives from dozens of companies from manufacturing and service worked together to research and search for new performance measurement models. After many discussions, researches and experiments, the “Balanced Scorecard” model has been formatted with 4 separate constituent aspects: Financial results, customers, Internal processes and Innovation. And in December 1990, the research team’s conclusion proved the feasibility and benefits of this equilibrium measurement system.

BALANCED SCORECARD by Robert S. Kaplan and David P. Norton is a work that summarizes the achievements of this project. With 12 chapters and appendixes on how to build a Balanced Scorecard, the work systematically presents the views, goals and importance of using metrics to manage business strategy as well as how to develop and apply the Balanced Scorecard in effective measurement and strategic planning for a business. The work also shows that from the early research results, the Balanced Scorecard model has quickly grown widely and popularized as a strategic management tool, methodology and system in many organizations. And innovative CEOs often use the Balanced Scorecard to not only clarify and communicate the strategy, but also to manage it. The Balanced Scorecard has evolved from an improved measurement system to a core management system, creating intangible strengths and values as the basis for competitiveness for organizations and businesses in the future.

If you are a student looking for know-how to help develop yourself in all aspects: intellect, mind, body, relationships, ability to study and acquire knowledge and finance, this is the book for you. If you are a manager who is fed up with the lack of concentration of employees, this book will help you to have dedicated, hard-working employees for the overall goals of the organization.

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