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challenges faced by business. “In the past company assets would be reflected in the balance Sheet but now 85% of the assets are intangibles.”Having the same arguments as previous authors about the inefficiencies of the financial measures, Nair also added that those financial measures are applied only to tangibles, when the intangibles are what fuels the future.

According to an online source, the benefits of BSC are: improve organisation alignment, improve communication, more emphasis on strategy and organisational results, linked strategy and operations, and integrated strategic planning and management.

2.3.1 BSC development

Kaplan and Norton explained four steps which many organisations have used to develop their balanced scorecard. The process includes:

Define the measurement architecture – To a beginner, it is recommended to start with a business unit applying the metrics as designed in the BSC rather than to the corporate level.

Specify strategic objectives – This step includes deriving strategic objectives for each of the four perspective from corporate goals.

Choose strategic measures – The third step is to choose related measures for the strategic goals to evaluate the performance so as to achieve the strategic objectives.

Develop the implementation plan – After selecting measures for each of the perspective, remains implementation process.“Target values are assigned to the measures”. A link is then established from various metrics from the top to bottom of the BSC. The established scorecard is then incorporated in the organisation’s management system.

The online source also recommended nine steps to success develop and deploy BSC framework- In a sequential order these are; Organisation assessment, strategy development, strategic objectives, strategic mapping, performance measures and targets, strategic initiatives, automation, cascading the BSC throughout the organisation and last evaluation. Overall the BSC involves the following steps:

Clarify the vision

Communicate to middle manager and develop business unit scorecards

Eliminate Non-strategic investments and launch corporate change programs

Review business unit scorecard

Refine the vision

Communicate the BSC to the entire company and establish individual performance objectives

Update long-range plan and budget

Conduct monthly and quarterly reviews

Conduct annual strategy review

Link everyone ‘s performance to the BSC

2.3.2 BSC criticisms

The use of the balanced scorecard system may not result to what managers expect. Some professionals spoke some problems that make the BSC under criticisms. It has been noted by professionals that the BSC concept does not guide how the approach can be deployed within an organisation. It is just been viewed as an approach that attracts managers to install and implement without a real sense on how it works, and what should be expected. (Stephen Smith 2006).From his article ‘problem with a balanced scorecard’, Smith pointed out some of the ke本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。