Implementation of Innovation and Performance Measurement in Hospitality Industry using Balanced Scorecard

Abstract

.The hospitality industry in India is set to grow at an average rate of fifteen percent per annum in the next five years the growth of the industry need to be supported by the implementation of innovative practices by the companies in order to compete effectively in the market and enhance sales and profits. It should be noted that better financial performance is considered as the main objective of any organisation’s existence. To achieve the stated performance the management need to continuously adapt to changes and innovate. In reality, very few hospitality organisations tend to innovate in a more creative manner so as achieve the desired results. Therefore it is not only the innovation which brings success to the organisation, but also managing the performance strategically is important to be successful. In summary, this conceptual paper offers a primary and imperative attempt to understand the inhibition and performance measurement of innovation into hospitality industry