The Balanced Scorecard (BSC) is a strategic planning and management system used by organizations to align business activities with their vision and strategy, improve internal and external communications, and monitor organizational performance against strategic goals. Developed by Robert S. Kaplan and David P. Norton in the early 1990s, it provides a framework that adds strategic non-financial performance measures to traditional financial metrics, giving managers and executives a more 'balanced' view of organizational performance. The BSC focuses on four main perspectives: Financial, Customer, Internal Business Processes, and Learning and Growth, which helps organizations to translate strategic objectives into measurable metrics that drive both daily operations and long-term objectives. Industries use BSC to focus efforts and allocate resources efficiently towards achieving strategic goals.
