The Balanced Scorecard as a Basis for Strategic Company Management in the Context of the World Economy Transformation

  •  Mihail Nikolaevich Dudin    
  •  Evgenia Evgen'evna Frolova    


The objective of this article is to develop a common methodological concept of creating the Balanced Scorecard(BSC) and the determination of a set of key performance indicators for manufacturing type companies. Authorscame up with the following conclusions.- Efficient business management under contemporary conditions becomes a complex task. Within this task,managers must not only timely identify capabilities of the external environment, but also look for internal growthreserves. When applying these reserves, manager should take into account the evolvability of the company andpossible threats to the company development.- There are many ways, methods and approaches to improve the strategic business management of contemporarycompanies. At that, the technique, which is based on the Balanced Scorecard, remains the most appropriateapproach to build and structure company business management, as well as elaborate the long-term developmentstrategy.- The Balanced Scorecard is a special set of indicators that are of equal importance for analyzing and evaluatingthe operation and business development of companies. The Balanced Scorecard is focused on meeting theinformation needs of strategic planning and management.- Created Balanced Scorecard must meet the basic requirements for managerial information, as well as show thedevelopment dynamics of all functional subsystems and business areas. Besides, the Balanced Scorecard shouldbe adaptive and able to be updated when changing exogenous trends or shifting paradigm of managerialdecisions;- The Balanced Scorecard can be used not only in the strategic management of large companies, but can also beused by small and mid-sized companies. Small and mid-sized businesses can use a limited number of indicators,most important to make sound and rational managerial decisions.

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