Implementation of Balanced Score Card Frame Work as a Performance Management Tool

The Balanced Scorecard (BSC), initially developed by Kaplan and Norton is considered as the Performance Management System by organizations World Wide. The concept has been adopted by both for-profit and nonprofit organizations throughout the world. This system recommends that a business should be audited from four perspectives i.e. financial, customer, process as well as learning and growth. Metrix should be developed on the basis of four above factors and then data collected should be analyzed to find relative importance of these factors. The paper discusses the growing importance of Balanced Scorecard Performance Systems and then looks at the implementation of the "Balanced Score Card Performance Management System" in Indian companies -Tata Motors and Pantaloon Retail (India ) Limited. This paper describes and illustrates the balanced scorecard as a tool to implement Companies strategies.