Balanced Scorecard Framework for Knowledge Management Solution Implementation

Abstract

Planning is very much essential for any project. In the dynamic nature and competitive business world, a measurement tool is very much essential to measure the performance. This is a measurement system in which from individual to organization can assess their performance. The entire task must be linked with vision, mission, and objective of the organization. This will make the organization a strategy-focused organization. Financial measures are inadequate for guiding and evaluating organizations’ trajectories through competitive environments. They are lagging indicators that fail to capture much of the value that has been created or destroyed by managers’ actions in the most recent accounting period. The financial measures tell some, but not all, of the story about past actions, and they fail to provide adequate guidance for the actions to be taken today and the day after to create future financial value. That is why organizations look toward balanced scorecard (BSC) to sustain growth and to have a harmonious working environment.