New Perspectives in Developing the Balance Scorecard Concept

Abstract

The main role for researchers and organizational theorists is to translate their statements and principles into practical tools applicable in the management activity. Sometimes, these tools used in managerial practice are not rigorously developed and applied, some eventually contradicting the initial assumptions. However, most of the times, the concepts go through a natural cycle of developing, harmonizing and refining their own statements and demonstrations, with the support of the authors and / or other researchers. Also, the manifestation in management of any action that claims the increase of the performances in the financial or non-financial fields must be accompanied by a set of measuring and evaluation tools. Robert Kaplan and David Norton are best known as the originators of the Balanced Scorecard (BSC) concept which adds to the managerial equation the imperative necessity of aligning the individual and organizational effort with the organizational vision and strategic objectives, in a whole defined by four perspectives: financial, customer and stakeholder, internal processes and organizational capacity of learning and growth. Balanced Scorecard is a concept used in private and public sector organizations, used to point / highlight the vision, missions, strategic goals of an organization, to evaluate the performance of strategic management and to be used as a tool as well effective internal communication. Over the time, like any other concept in the field of social sciences, BSC goes through a continuous process of adaptation and improvement of its own statements, methods and tools.