Robert Kaplan and David Norton’s article puts emphasis on the value of conducting financial measurements to understand the organization’s position in terms of the expenditure and the revenue the firm generates. Kaplan and Norton (72) point out that as business leaders and academic investigators try to remedy the inefficiencies of the present performance measurement techniques, some pay attention to making financial measurement more effective. The authors imply that successful executives do not put reliance on a single financial measurement technique and instead, they employ various mechanisms to achieve a clear outcome target or to focus on areas that require critical attention. Kaplan and Norton (77) make readers aware that the terms of competition change very fast and that the traditional methods of conducting financial measures do not have positive effect on customer satisfaction, employee motivation, quality, and cycle time. Business leaders should create a scorecard that leads them to utilize a performance measurement network that is consistent with their organizational wants.
Strengths and Weaknesses
The readers of the article realize that it has some advantages and limitations that have influence on the nature of the publication. One of the evident strong elements in it is that it addresses an issue that has a major impact on business operations which is financial matters. Any business should be very considerate of how it handles financial issues; otherwise, the establishment may not record the necessary returns. Kaplan and Norton’s article, therefore, serves a crucial role in sensitizing entrepreneurs about the value of adopting proper measures that would regulate and determine how financial planning occurs. The second advantage in the article is that it employs a simple language to bring out the message. The choice of diction makes the publication relevant to learners who are yet to come to terms with in-depth information concerning financial measurement.
The article, however, fails to use enough graphical presentations to summarize some of the information that would be easy to remember using visual images. The second demerit is that the authors do not inform about the limitations with their research. The final limitation is that the writers do not use the backing of the works of other authors which deny readers the chance to confirm the validity of what they read. The article, nevertheless, manages to pass information that would benefit the target population.
Directions for Future Research
The two scholars should take some factors into consideration to make future studies more successful and informative. First, the researchers should conduct more investigations to identify the future impact of technology on how entrepreneurs conduct their financial measurements. Merchant (42) informs that with the rapid technological transformations, organizations may have to switch to more technical means of doing business, and this may include adopting advanced ways of determining the financial processes at the firms. The investigators should develop a study that determines the future financial measurement methods that will be applicable by many business people.
The article provides vital information to business persons who desire to achieve stability in the way the company runs. The information suits learners who aspire to understand how a business can limit financial constraints that may bar normal operation. Business persons may also benefit from the article that gives informed guidance on how to build a strong financial measurement program.
Kaplan, Robert and Norton David. “The Balanced Scorecard – Measures that Drive performance.” Harvard Business Review, 1992, pp. 72-79.
Merchant, Brian. The One Device: The Secret History of iPhone. Little, Brown and Company, 2017.
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