Balanced scorecard collaborative reaches into European market

Citation

(2000), "Balanced scorecard collaborative reaches into European market", Journal of Management Development, Vol. 19 No. 9. https://doi.org/10.1108/jmd.2000.02619iab.001

Balanced scorecard collaborative reaches into European market

Balanced scorecard collaborative reaches into European market

Just over a year after its launch in the US, the organisation formed by the creators of the renowned balanced scorecard (BSC) approach to improving organisational performance is extending its reach into the European marketplace with the opening of offices in London and Stockholm.

Considered by Harvard Business Review to be one of the most important and influential management ideas of the past 75 years, the balanced scorecard is achieving widespread use among businesses on a global scale. Its adoption and growth as a key management technique, since its introduction in the early 1990s, is unprecedented. A 1999 report by US benchmarking specialist the Hackett Group, which surveyed 1,400 international companies based in the USA and Europe, showed that 50 per cent were implementing balanced scorecards.

The BSC approach, developed and introduced in the US by Drs Robert Kaplan and David Norton, is a management framework for implementing organisational strategy by linking the objectives, initiatives and measures of a business. It translates the strategy into a cohesive set of objectives, measures and initiatives and tells the story of an organisation's strategy.

The Balanced Scorecard Collaborative (BSCol) was formed by Kaplan and Norton in recognition of a need to establish and nurture best practice in BSC implementation, as a result of the significant and growing popularity of the balanced scorecard. BSCol aims to provide a global center of excellence resource, for both existing and potential BSC users in companies of all sizes, via a range of services that includes consulting, education, training, conferences, publications and research.

According to Dr David Norton, BSCol president: "The overwhelming response to our best practice conferences since we started in early 1999 demonstrates that organisations are seeking a high level of expertise and education around the balanced scorecard. Having established ourselves in the US, the time is now right to share our insights with the growing number of organisations across Europe who are looking to apply the scorecard to dynamic business environments".

BSCol is committed to maintaining the integrity of the scorecard approach, as envisioned by its creators, and to creating a reliable industry standard for users. As part of this commitment, BSCol is currently rolling out a certification programme for evaluating and certifying balanced scorecard software applications.

Ultimately, BSCol will create virtual communities which will be able to access and share knowledge in the application of the balanced scorecard methodology. Using the World Wide Web to access a range of services, including demonstration centers and case studies, current and potential users have an opportunity to secure advice and knowledge from the acknowledged experts.