Balanced Scorecard Implementation: A Systematic Literature Review and Thematic Analysis
DOI:
https://doi.org/10.53983/ijmds.v11n09.004Keywords:
Balanced Scorecard, Performance Measurement, Systematic Literature Review, PRISMA, Implementation, Key performance indicatorsAbstract
This study examines how companies are using the Balanced Scorecard (BSC) framework through a systematic literature review (SLR). Using the keywords “Balanced Scorecard” and “Implementation,” a thorough search was carried out in the Web of Science (WOS) and JSTOR databases. The search produced 455 articles from WOS and 952 articles from JSTOR. A total of 54 articles were chosen for a systematic review after titles, abstracts, and full texts were screened. The chosen studies were mostly research articles and reviews, and they were published between 1992 and 2022. Thematic analysis provided insights into real-world case studies, practical tactics, and BSC implementation guidelines. Reliance on self-reported measures and small sample sizes were among the limitations. Notwithstanding its limitations, the synthesis of findings offers organizations looking to improve or implement BSC initiatives useful insights. In summary, strong leadership support, flexibility, and commitment are required for BSC to be implemented successfully. Companies can achieve their long-term objectives and encourage sustainable growth by using the BSC as a strategic tool. The article emphasizes the need for more investigation into BSC implementation techniques and results, with implications for theory, practice, and future research.
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