PROBLEMS OF IMPLEMENTATION OF THE BALANCED SCORECARD (BSC) IN THE FINANCIAL MANAGEMENT OF THE COMPANY
The article considers and analyzes the nature of BSC, major problems implementing the system in enterprise management. It has been studied the main features of the balanced scorecard. It was determined that the main advantages of implementing a balanced scorecard are: description of strategic tasks and monitoring presented a simple structure; search key indicators and develop methodologies to facilitate understanding of activity; orientation control system to a new set of indicators and new methods of measurement; creation scheme for the formation of the descending strategy for all hierarchical levels; implementation of the strategy has the objective nature; and concept seamlessly integrates with controlling instruments aimed at different areas of the company.
In implementing a balanced scorecard, companies face a number of problems that require individual study and solve, namely correctness and accuracy mission statement and overall strategic orientation of the company; determine the optimal number of indicators in the system; selection of the «right set» of indicators to ensure a balance of strategic plans and measurement capabilities in several strategic areas designed; exclusion indicators functionally interrelated, that somehow duplicated; wrong trajectory of the company’s strategic objectives of financial management. One of the main problems when using the BSC is to determine strategic measures to improve financial management.
To exclude indicators that are functionally interrelated, the indicators correlation.
In our study to determine the trajectory, we used a mathematical method for constructing generalizing parameter of measure, because it allows you to build a matrix for each indicator, each component and the enterprise as a whole.
We construct a matrix measuring BSC for example, one of the companies. The conclusions on the need for implementation of a balanced scorecard for the enterprise as a tool for controlling were made.
We came to the conclusion that all the problems that arise when implementing the balanced scorecard Infusion in financial management enterprise have individual character, and solved using more detailed data analysis of the company, its mission and strategic goals.
Also, some issues can be solved using mathematical methods, such as correlation and synthesis method of construction index.
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Keywords: BSC-Balanced Scorecard, strategy, matrix measuring BSC, controlling tools, financial performance. |
FINANCIAL INSTRUMENTS
Zinkevych Tetyana
PhD, Associate Professor
Osadcha Tetyana
student, SHEI «Kyiv National Economic University named after Vadym Hetman»
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