Internal and External Processes Improvement, a New Dimension of Balance Scorecard and Its Impact on Organizational Performance

Voicu Apostol Simona Alexandra ()
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Voicu Apostol Simona Alexandra: Bucharest University of Academic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2024, vol. 18, issue 1, 2032-2041

Abstract: When talking about performance, financial aspects come first. Besides that, when organizational performance is the main subject, redesign of the processes, inputs and outputs analysis are various aspects taken into consideration. Financial indicators such as return of investment and earnings per share are no longer enough. Nowadays, process measurement, change management initiatives, risk analysis, stakeholder engagement, innovative financial measures, people learning and development, organizational culture orientation toward global trends, as well as KPI’s commitment are dimensions and future perspectives of the new approach of organizational success. This research will present the way an instrument as Balance Scorecard can secure competitive advantage and improve organizational performance by linking strategic goals, operational performance indicators and stakeholder’s enlarged participation. The research methodology questioned the perception related to balance scorecard main directions within companies belonging on the automotive and manufacturing industry. The four dimensions of Original Balance Scorecard model – financial perspective, customer perspective, internal business perspective and innovation and learning perspective – applied at all levels within the organization generate better measurable results, with a positive impact on people engagement and responsibility. The new proposed dimension, stakeholders’ participation gives substance on organization’s way of defining its purpose on the societal market that it belongs to.

Keywords: Performance; KPI; Stakeholders; Balance Scorecard; Improvement (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:18:y:2024:i:1:p:2032-2041:n:1027

DOI: 10.2478/picbe-2024-0172

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