Balanced Scorecard: Today’s challenges Jorge Gomes, Mário Romão ISEG, Rua Miguel Lupi, 20 1200-781 Lisboa, Portugal {
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Abstract. In today's global landscape organizations are pressured to develop new capabilities such as flexibility or expertise to respond to the ever-changing technology, competition, and customer preferences. Companies cannot be competitive or successful if their business and information systems and technology (IS/IT) strategies are not aligned. Nowadays, with the growing importance of intangible assets, performance measurement tools must be able to capture this new and important reality. Measuring organizational performance is a difficult and ongoing challenge for managers. Balanced Scorecard (BSC) is a powerful tool that gives a fast, but comprehensive view of the business including operational measures on customer satisfaction, organization's innovation, activities improvement, as well as financial measurements. This study empirically examines how the BSC has been applied in practice and whether different BSC designs result in varying performance outcomes. In this paper the authors address the BSC and promote the discussion about the strengths and the limitations, underlining the latest developments and future research.
Keywords: Balanced Scorecard, Strategy Map, Performance Measurements, Strategic Alignment, IS/IT Investments.
1 Introduction Organizations are required to act in the best of their abilities in the face of competition resulting from globalization and other market factors [1]. To respond to the constraints of the new business environment, the successful organizations developed three major strategies [2]: (1) Train employees in the use of IS/IT to provide organizations of knowledge and responsiveness to answer the pressures to change. (2) Choose for collaborative platforms involving all relevant stakeholders (customers, suppliers and employees) in the business process. (3) Find ways of obtaining superior performance using the frameworks to assist management processes. The inability to achieve the “real” value from IS/IT investments lies mainly in the lack of alignment between the business and the strategies for IS/IT [3]. Strategic alignment positively influences IT effectiveness [4], [5], leading to greater business profitability [6]. From the IS / IT point of view, problems of non-alignment with business strategy typically
result in reactive stances, and IS/IT is seen as a cost center, rather than viewed as a strategic partner of business. From the point of view of business, the non-alignment of IS/IT result in a decreasing income arising from the IS/IT investments and a reduction of competitive capabilities for the organization [7]. With the shift to a new business environment with great predominance of intangible assets such as knowledge and innovation, organizations are required to manage environments of great complexity, mobility and uncertainty [8]. The increasing emphasis on intellectual capital is essential for the proper development of innovative products, promotion and to improve the market value of the organization [9]. For many companies the competitive advantage is seen as continuous process of performance improvement, looking for best practices and enhancing new capabilities. This article considers the different design choices of the BSC, the impact on the benefits, the overall results obtained by the organizations and the reflection of the academic and professional world.
2 Performance measuring tools Historically, Performance Measurement Systems (PMS), have been developed as a means of monitoring and maintaining organizational control to ensure that the proposed strategies are suitable to the proposed objectives [10]. A PMS must essentially do four things [11]: (1) Help the organisations assess whether you are receiving the expected contribution of employees and suppliers. (2) Help assess whether the company is giving each stakeholder group you need to continue to support the company achieve its main objectives. (3) Assist the company in building and implementing processes that contribute to achieving the strategic objectives. (4) Help the company assess and monitor strategic planning in accordance with the agreements negotiated with key stakeholders. Some authors argue that non-financial indicators better reflect the investment and the performance of the more intangible aspects, which are good at predicting the future financial performance [12], [13]. These intangibles can be a source of sustainable competitive advantage and are the resources that the organization owns that are not easily imitable [14], [15], [16]. The traditional financial accounting measures can give misleading signals for continuous improvement and innovation in organizations, and are generally non- aligned with the capabilities and skills required for today's organizations in the preparation of their future [17]. PMS is a balanced and dynamic system that can support the decisionmaking process by gathering, elaborating and analysing information and have been recognized as fundamental element to improving business performance of the organizations [18], [19]. “Management control systems provide information that is intended to be useful to managers in performing their jobs and to assist organizations in developing and maintaining viable patterns of behavior.” [20] (p.364). Through the PMS, organizations can monitor the implementation of their strategies, thus contributing to organizational success. The past two decades, scholars from several disciplines have performed a significant effort in the development of PMS that reflect the fast-changing business environment [21], [22], [23], [10]. Thus, there is a shift away from traditional concepts to reflect the complexity and dynamic business
environment. In nowadays, the BSC is the framework most accepted worldwide [24], [25], [26]. Recognizing the weaknesses and shortcomings of previous management approaches, the BSC presents a clear description of what companies should measure to balance the financial perspective.
3 Strengths and limitations of traditional measuring systems: The Balanced Scorecard There is considerable interest in the role of strategic PMS, such as BSC, in assisting managers develop competitive strategies. The BSC arises from the urgent need to measure the success of organizations, so that the vision and strategy are converted into objectives, indicators and targets. In turn, these objectives and goals indicators are translated from other perspectives, as well as financial, according to an integrated system monitoring and improvement [26]. In the last decades, it has been underlined the inadequacy of exclusive use of financial indicators [22]. BSC suggests a combination of financial performance measures, with due attention to customer needs, business processes and long-term sustainability. The BSC is reflected by the balance between the lagging indicators that represent the measurement results, the past, and the main representative indicators of future trends that will affect the results in the future [27]. The BSC not only translate the strategy into operational terms, and promotes the alignment of its organizational strategy translated into business units and employees in carrying out daily tasks [28]. The main target is to create value considering the intangible and intellectual capital as opposed to traditional financial performance systems [29]. The BSC adds to traditional financial performance measures, other three perspectives, namely, customers, internal processes and learning and growth, thereby allowing the monitoring of progress in building internal capabilities and acquiring the intangible assets that are crucial for future growth in parallel with the development of the financial accompanying measures. Using the BSC, organizations no longer rely simply financial performance indicators. An important step for the implementation of the strategy involves the construction of a consistent and reliable structure, which represents the network of relationships that lead to the achievement of the objectives and implementation of the strategy. This framework is known as the "strategic map", which describes the network of cause and effect relationships between the organization's strategy and the daily employee’s tasks [30]. The strategy map graphically displays the key variables for each of the BSC perspectives, reflecting on all the organization's strategy. The process of defining the strategy should be driven by a broad consensus among all stakeholders on what are the key performance factors should be considered. The BSC is a process of change in the way tasks are performed and the acceptance of this change has decisive influence on the course of the process [31]. To this organizational dialogue process, top management involvement is critical to achieving consensus required as to legitimize and encourage the development and implementation of the BSC [32].
3.1 BSC strengths The academy and practitioners recognized several strengths to the BSC: Clarification of vision and strategy. Translation into action providing feedback on both the internal strategy process and external outcomes to continuously improve the strategic performance and results [18]. Balancing both internal and external aspects of the business to achieve business results [23]. Measuring customer perception, since it provides direct revenues through sales. Critical information to increase and sustain sales [33]. Allowing employees understand the strategy and objectives making the connection to your company's day-to-day. Facilitates assessment and feedback on an ongoing basis [29]. Clarifying the operational strategy and facilitating communication, BSC aims efficiently align the company with the strategy of the foam that managers can align their actions and efforts [8]. Communication strategy allowing managers to understand how measurement results are affected by their actions [34]. Learning and growth perspective is particularly important for the strategic management as it allows to identify and improve the performance of intellectual capital [9]. An important aspect for project managers is that BSC transforms project tasks into tangible performance measures [35]. The BSC can be seen as a means of communication and strategy implementation, since it requires the firm to define the mission, vision and organizational strategy [36]. The implementations of BSC are mainly related to a need arising from a strategic change in the organization [37]. The increasing use of BSC among small and medium-sized organizations contributes to increasing their chances of survival in the current macroeconomic environment [38]. 3.2 BSC limitations Despite its worldwide adoption, the results of the BSC implementations raise several criticisms that focus mainly on the following aspects: Not all stakeholders were included in the BSC, namely, the suppliers and public authorities, which can be decisive for many organizations. BSC makes invalid assumptions about the causal relationships between performance indicators. [39]. The BSC provides no mechanism to maintain the relevance of the initially defined measures [40], [41]. The lack of focus on the human resources dimension of organizations is perhaps the greatest weakness of the BSC [17]. The BSC contains a serious failure in their construction, once it focused management strictly on a set of pre-defined indicators and measures and they are
not able to respond to simple and fundamental question, such as “what our competitors are doing? " [42]. The BSC does not monitor competition or technological developments. This implies that does not consider the uncertainty inherent risks involved in the events that can threaten this strategy. The effect of this control model can lead to serious dysfunctional behaviour and loss of control over the implementation of the strategy [43]. In practice organizations submerge in the task of generating indicators without devoting sufficient time to the definition of the strategy and the results are indicators that are not aligned with the strategic objectives [32]. Due to problems in the implementation of the strategy is difficult to achieve a balance between financial and non-financial measures [44]. Rigidity or lack of flexibility [8], [45]. Understanding of BSC implementation and what its involves [46]. The BSC implementation requires a minimum set of resources for collection and treatment of new data, and could create work overload in some departments [47].
4 Keeping BSC updated and aligned with today´s needs Several studies revealing the vitality of BSC developments and these improvements are a clear and appropriate response to criticism. Sustainability BSC formulation. This approach is a starting point for integration of environmental and social issues within the management process [48]. A framework for improving the efficiency and effectiveness at all levels of public management [49]. Linking BSC with product development and innovation. A new performance dimension that allows measuring the performance and the quality [50]. Analyses of the relationship between strategic alignment, motivation and organisational performance in the BSC context [51]. Aligning IT capabilities with business objectives using the BSC [52]. Evaluation of the UK public healthcare system applying the BSC [53]. Linking the use of the BSC with Scenario Planning to reinforces the process of formulation and strategy implementation [54]. Heathrow Terminal 5 project and the customised application of the BSC Scorecard in a major infrastructure with multiple stakeholders [35]. A quasi-experiment usage to investigate incentives and branch performance in the UK [55]. Studying BSC impact on manager´s job satisfaction [56]. Assigning the attribute weight in multiple decision making [57]. Matching the traditional BSC architecture with System Dynamics principles to offer a better support for strategic management decisions [58]. BSC usage in collaborative and inter-organizational settings definition [59]. An IT BSC framework that mix together with business environment, balances and control of the IT strategy [60].
A conceptual model combining BSC with the non-parametric technique known as Data Envelopment Analysis. Using various interconnected models encapsulated the four BSC perspectives [61]. Exploration of the linkage between the Benefits Dependency Network from Benefits Management with Strategy Maps [62]. The hierarchical integration of the BSC with fuzzy linguistic for evaluate the operating room performance in hospitals [63]. Development of the BSC for safety performance in Saudi schools that captures all the relevant perspectives that influence the effectiveness of the safety performance process [64]. Rebalancing BSC to accommodate a fifth perspective which considers the interface between the firm and its external environment [65]. The development and implementation process of the BSC approach in an educational institution. Extraction of twelve design principles for the BSC development and implementation process [66]. A study highlighting that Private Cloud Computing will provide strategic values for all BSC perspectives with some high expectations for the financial perspective [67].
5 Discussion and future improvements Research has shown that the BSC concept can be interpreted and understood in different ways. In the original design of BSC, the main benefit was to help organizations develop and implement effective business strategies. However, due to different interpretations, organizations have implemented the BSC to support a wide range of strategic objectives, namely: (1) As a strategic management tool to support senior management decision making; (2) Improving the management of intellectual capital (3) Developing an incentive system for employees; (4) Measuring organizational performance and implementing strategy; (5) Improving the survival of the small-scale organizations; (6) Allowing management to articulate, communicate and monitor strategy implementation; (7) Developing strategic maps to provide a clear view of operations and potential areas to create value; (8) Improving the strategy achievement, since it transforms the strategy into tangible performance metrics, which managers can track, alter or speed up. Some of the most referred organizational problems are the communication, coordination and control. Communication is essential when using the BSC. Management must communicate strategy to employees and how they expect employees to perform to achieve the corporate goals. The BSC does require management to focus on creating strategy and defining ways that performance can be measured in accordance with strategy. The BSC requires understanding, commitment and support from the very top management. The problems surrounding the “balancing” of the BSC four perspectives was been referenced recurrently as a source of difficulties. The BSC must be constantly up-dated and that promote de realignment with changing strategies and corporate structure. The research highlighted further BSC improvements: (1) Future oriented. BSC must have implications on the
future performance too; (2) The BSC should consider the intuition of managers for performance evaluation; (3) BSC measures must be linked with the strategy of the organization; (4) BSC can be successful with supportive culture in the organization; (5) BSC must be organised to support product developments and innovation; (6) There must be responsiveness in the BSC to different external situations.
7 Conclusions Although an increasing number of companies have been using nonfinancial performance measurements in areas such as customer loyalty and employee satisfaction, few have realized the potential benefits of these relatively new measurement systems. This is because they fail to correctly identify, analyse and act on the right measurements. The criticisms of the BSC and the uncertainty surrounding the extent to which firms obtain true benefits from their implementation and use can be explained in part by due to a poor or inconsistent development. Performance measurement systems, such as the BSC, are useful in uniting the organization to achieving success. The successfulness of the measurement system depends on the extent to which the entire organization is aligned with the overall goals and objectives of the company. To have more prosperous organizations it becomes necessary to add more value to the business through projects and initiatives that incorporate changes in the way of performing the work, changes in processes, adequacy of skills or acquiring new resources. These initiatives should be increasingly strategic to ensure alignment with the organization's goals. The BSC aims to address a major concern of managers to monitor and ensure that the objectives of the organization's strategy will be implemented and achieved.
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Acknowledgments: The research work where this article is based on, has been supported by FCT - Fundação para a Ciência e a Tecnologia, in the context of financed projects under the Reference UID/SOC/04521/2013.
