Challenges of implementing the balanced scorecard at novel technologies (E.A) limited, Kenya
The balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action. The balanced scorecard was developed in the early 1990’s by Kaplan and Norton of Harvard Business School. The BSC is designed to give companies the information they need to effectively manage their business strategy tactically. It has additional perspectives over and above the traditional financial perspective. Although the balanced scorecard has grown in popularity, its implementation posses some challenges. Some of these include; lack of communication, poorly designed scorecards, lack of training, lack of resources for its implementation, and lack of top management support, among others. This study sought to find out the challenges of implementing the balanced scorecard at Novel Technologies (E.A) Limited. The respondents were the heads of departments charged with the task of formulating and implementing the balanced scorecard at Novel Technologies. Primary data was collected using a comprehensive interview guide from the targeted interviewees while secondary data was collected from the company’s strategic plan among other company documents. The study identified a number of challenges faced in the application of the balanced scorecard at Novel Technologies. Further, the study established that Novel Technology uses the balanced scorecard as a strategy implementation and performance appraisal tool.