Abstract: The paper focuses on the Balanced Score Card (BSC) approach in measuring performance. It examines the non-quantitative measure used in measuring the performance of organisations with particular reference to service oriented businesses. It advocates that service firms should actualise their objectives through a BSC approach with more emphasis on customers’ perspective, internal operational process perspective, and learning & growth perspective. Seemingly, competition is rife in every industry, as such for a firm to remain competitive in the service industry, adoption of the Balanced Score Card approach should be a priority. Focusing on financial measures alone (which showcase the past performance of a firm in financial terms) is considered not only inadequate but also insufficient to realise long term success. Thus, it highlights several measures of assessing a firm from different perspectives which are necessary for overall performance in the future. This approach bridges the current and the future. The paper concludes that the adoption of BSC approach would affect decision management systems in a firm by improving upon and changing the traditional information system to be more modern and adaptive, thus creating systems that can be more analytic and agile.
Keywords: Balanced Score Card, Decision Management System, Service Firms.
Title: The Balanced Score Card (BSC) approach to measuring performance in Service Firms in Nigeria: A Theoretical Perspective
Author: Lucky Izobo ENAKIRERHI, Idowu EFERAKEYA, Miebaka BIG-ALABO
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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