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Financial Measure / Budgeting is no Longer Dominant
Osama Kamal, Member
It is interesting to observe that over the last 15 years or so, most big companies have left the idea of controlling their operations solely on the basis of measuring money.
Currently a number of main measures are used, such as:
- Human capital
- Customer and marketing growth,
- Internal processes development i.e. performance development
- Financial / money.
Look for example to the Balanced Scorecard of Kaplan and Norton, or EFQM of Europe, they are all give additional alerts to organizations beyond only financial ones.
Doing so is essential because the company may look OK from the money perspective, but might be deteriorating from the other aspects.
Note that the criteria for measuring company success differ in different cultures....
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