Tasks assignment's

Business used a balance scorecard to build strategy, create planning, and manage communication, optimize and monitor procedures, create alignment on a day to day basis, and predict future opportunities (Marcu, Gheorghe, 2020). A company uses a Balanced Scorecard’s two indicators - one is a leading indicator and another one is a lagging indicator, to identify the driving components and potential outcomes of a business’s goal (Senarath, S.A.C.L., Patabendige, S.S.J. b, 2015). With these indicators, companies can measure success, track performance, and accomplish their objectives. It is a great business framework that helps a company to connect resources and information across various business components. For example, a finance analyst can use a balanced scorecard to understand what business sources are connected to a project, what strategic approaches a company has, what kinds of metrics to measure success, the big picture and long term goal of a company, a company’s mission statement and a vision of a company. To create and build business objectives, a company usually uses four major perspectives of a balanced scorecard. 

Four perspectives of a balanced scorecard

Financial / Stewardship: uncover the insights of a company's financial performance and identify financial goals. For example, how much of revenues to generate or costs to be saved that can help a company to increase competitive advantage and create greater financial impact? 

Customers & Stakeholders: identify customers and stakeholders demands. For example, what products or services our customers want? What offering could we provide to create a bigger impact to the company’s finance 

Internal Process: identify internal processes that can help a company to satisfy customers or stakeholders and achieve financial goals. For example, how does the operation and marketing process look alike and how cross functional departments can follow processes to align actions and achieve the same goals? 

Organizational Capacity/ Learning and growth: identify the institutional capacity to build and follow processes to increase customer satisfaction and achieve financial goals. For example, what kinds of employee training programs, company culture, human resources does a company have for them to accomplish financial goals, fulfill customer demands, and form a business process. 

Many different types of business or organizations can use balanced scorecards such as tech company, non-profit organization, marketing agency, health care company, and manufacturer. Business of all sizes and across all industries can benefit from using balance scorecard.