Role of Balance Scorecard in Improving Business Decision Making and Effectiveness: An Analytical Study

Abstract

A performance management tool known as the Balanced Scorecard (BSC) has the potential to significantly increase India's businesses' efficiency and decision-making. The BSC provides an extensive view of an organization's success by analysing key performance indicators from four separate perspectives: financial, customer, internal processes, and learning and growth.The BSC enables companies in India to more effectively integrate their long-term objectives and strategies into their daily operations. Information on profitability is provided from the financial perspective, while customer happiness and loyalty are gauged from that perspective.The internal processes perspective emphasises the effectiveness of internal procedures, while the learning and growth perspective identifies opportunities for employee advancement.Businesses can better identify their strengths and weaknesses and make changes that will increase overall effectiveness by monitoring performance from all four viewpoints. Organizations can spot opportunities for improvement and take proactive measures to improve their overall performance by monitoring key performance indicators from a variety of angles.