How Zysco uses the balanced scorecard

How Zysco uses the balanced scorecard

During the past two decades, the balanced scorecard (BSC) has emerged as a useful managerial tool in Western companies. This hasn't been the case in China. In this article, the authors explain how Zhongyuan Special Steel Co Ltd (ZYSCO), a typical Chinese state-owned company, applied this powerf...

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Veröffentlicht in:Strategic finance (Montvale, N.J.) N.J.), 2015-01, Vol.96 (7), p.27
Hauptverfasser: Chen, Yuanhong, Yu, Zengbiao, Lin, Thomas W
Format: Magazinearticle
Sprache:eng
Schlagworte:
Accounting
Analysis
Balanced Scorecard
Business performance management
Cooperation
Customer relations
Customer satisfaction
Departments
Earnings per share
Economic aspects
Economic crisis
Economic value added
Employees
Information systems
International finance
Management
Manufacturers
Market shares
Performance evaluation
Product quality
Production capacity
Public enterprise
Steel industry
Steel products
Stockholders
Strategic management
Success factors
Task forces
Value creation
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Zusammenfassung:During the past two decades, the balanced scorecard (BSC) has emerged as a useful managerial tool in Western companies. This hasn't been the case in China. In this article, the authors explain how Zhongyuan Special Steel Co Ltd (ZYSCO), a typical Chinese state-owned company, applied this powerful tool to help it overcome challenges and achieve new success. The results show that other companies can also adopt BSC principles to make positive changes and improve their management and performance. The new BSC strategic management system can help ZYSCO by altering the behavior of the management team and employees to overcome operational problems, and this will eventually benefit the financial performance.
ISSN:1524-833X