The Balanced Scorecard is a performance metric used to define, improve, and monitor various business functions and results.
The BSC concept was first introduced in 1992 by David Norton and Robert Kaplan, who took previous performance measures and adapted them to include non-financial information.
BSCs were originally developed for commercial companies, but were later adapted for use by non-profit organizations and government agencies.
A balanced scorecard includes the measurement of four main aspects of a business: learning and growth, business processes, customers and finance.
BSCs allow companies to consolidate information into a single report, provide service and quality information in addition to financial performance, and help improve efficiency.