Abstract
Balance scorecard was created in the 1990's and it represents one of the most significant management ideas with the possibility of application in private, public and non-profit sector. It was created in need to respond to demands of intangible assets measurements which participate with more than a half of many great companies' value in last decades. Balance scorecard ensures insight into business possibilities and fulfillment of strategic goals from four perspectives: financial, marketing, internal and perspective of learning and growth. Balance scorecard measures and monitors human, information and organizational capital of a company with the aim of establishing to what extent this elements of intangible assets contribute to company's strategy realization. Standpoint for creation of this concept was an evident gap between corporate top strategy and understanding that strategy at lower levels of management and levels of translating strategies into actual business activities.
Highlights
A large number of methods for measuring intangible assets by using financial and nonfinancial performance measures was created in the last decades
Scorecard models are among them, they are based on gaining data about elements of intangible assets that are presented as a list of results or in a form of a graphic depictions
Balance Scorecard provides a wider insight into business possibilities and realization of strategic goals from different perspectives, covering financial, and non-financial indicators of success
Summary
A large number of methods for measuring intangible assets by using financial and nonfinancial performance measures was created in the last decades. Scorecard models are based on gaining data about elements of intangible assets in order to present gained indicators in form of result list or in form of a graphic depiction They can be applied relatively at any organizational level, and they represent the ‘bottom-up’ access which enables a more detail, accurate and faster depiction of this category of company’s property than direct measurement methods or market capitalization models would provide. Concept is focused on connections of different processes, decisions and results, from three time dimensional standpoints: ‘yesterday’, ‘today’ and ‘tomorrow’ It is made for different hierarchical levels and business functions, it balances organization’s external and internal constituents, on one, and late indicators and leading performances indicators, on the other side. Higher quality of products and services leads to a clients’ higher satisfaction
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