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Citation: Hasan, R.U, and Chyi, T.M (2017). Practical application of Balanced Scorecard - A literature review, Journal of Strategy and Performance Management, 5(3), 87-103.
ABSTRACT
The balanced scorecard (BSC), first created by Kaplan and Norton in 1992, has been developed over the last 20 years, gaining attention all over the world. The purpose of this paper is to review the balanced scorecard (BSC) in regaining the practice relevance in different industries. This paper primarily focuses on the theoretical dissertation. It is almost entirely literature-based. Selection and discussion of theoretical material and descriptive material, in context, and detailed comparison of case studies regarding their applicability is used in this paper. Besides, the comparative content analysis of the Balanced Scorecards of different organisations in 4 industries is discussed. Four organisations from different industries have been brought into comparison regarding the results of implementing BSC as performance measures. The findings prove that BSC practicability in different industries is favourable. It provides a systemic view of the strategy to most of the organisations. It is planned that this simple comparison between the results of implementing BSC concept will prove useful to today's business performances. This paper provides a basis for the substantial further work on the development of the general framework of the Balanced Scorecard in the modern world. The framework presented in this paper can be used as the basis for the development of a general framework of the Balanced Scorecard of different industries in the modern business world. This paper is the first to provide a taxonomy for the different versions of the BSC, through a process of identifying and analysing the practicability of BSC in different industries. This allows a more nuanced analysis of the BSC as a tool for managing performance and its development in the different levels of the management system in different industries.
Key words: Balanced scorecard, financial measurement, performance measurement.
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INTRODUCTION
Over the last 20 years, performance management and measurement have been treated as the fundamental building block that permeates contemporary businesses for key stakeholders to assess the achievements of the businesses (Mari & Micheli, 2014). Judging by the number of agendas discussed at major business conferences and number of researches done on performance management (PM)...