Balanced Scorecard –The Learning and Growth Perspective Assignment 2022

Running Head: MANAGEMENT 0
BALANCED SCORECARD –
THE LEARNING AND
GROWTH PERSPECTIVE

MANAGEMENT 1
BALANCED SCORECARD – THE LEARNING AND GROWTH
PERSPECTIVE
From a long period of time, balanced scorecard is at the leading edge of performance
management that presents a set of measures to the top managers and help to offer a
comprehensive view of the business that further becomes driver of future business
performance and sustainability. From my personal experience, the four perspectives (i.e.
financial, customer, internal business and innovation and learning perspective) in the
balanced scorecard cause a significant impact on the business strategies of the company by
translating them into specific measurable objectives.
In reference to the customer perspective, it demands management to change and
translate their general strategies and mission statement into definite measures that imitate the
factors that actually concern towards customers’ needs and it can be divided into different
categories like quality, time, service, cost and performance. The combination of these factors
defined how the company strategy effectively lead to developing value to its consumers. For
example, quality measures can be set while checking for the defect level as measured or
identified by the customer and therefore, develop necessary strategy to resolve the same.
In relation with internal business perspective, a company can achieve and work upon
the customer expectation effectively only if they strategize on this perspective as superior
consumer performance originates from internal decisions, processes and actions. From this
perspective, managers need to develop various strategies that help in achieving excellence in
quality control and innovation. In addition, they also need to decide what competencies and
processes they must excel at and agree measures for each. Strategy development also needs to
be considered at the time of streamlining internal processes such as technology capability,
manufacturing excellence, design productivity and so forth.