Balanced scorecard as a strategic management implimentation tool by gateway insurance company limited

Abstract

The study focused on examining the importance of the balanced scorecard in the implementation of strategy. The context of the study was Gateway Insurance Company. The research design was a case study. The study established that the balanced scorecard approach makes everyone in the company aware of what each is expected to do. It was also established that the balanced scorecard eliminates subjectivity as the procedures and goals to be achieved are made clear. In addition the staff are informed, enlightened and understand what they are expected to do. It also emerged that because of the clarity of goals and responsibilities the strategic goals of the company will be achieved efficiently and effectively. This implies that top management should fully embrace the concept of balanced scorecard for the successful implementation of the company’s strategy.