Devkant:

This link from the Performance Measurement & Management tab above can be helpful for you: https://www.researchgate.net/topic/Performance-Measurement-and-Management?ev=tp_pst_dtl_xkey

Best regards,

Debra

I complement Devkant for your endeavour to explore Balanced Scorecard further.

Is it a part of corrective action? or improvement? or a tinker?

If you state the problem - solutions can be sought.

I think Business Ethics and Corporate governance. It may include the social performance of the organization through CSR or Social Business.

Dear Devkant

I appreciate and congratulate you for  continuous effort  for exploring the dimension of balance score card for measuring firm performance. following link may be help you in developing construct for the study

https://hbr.org/1992/01/the-balanced-scorecard-measures-that-drive-performance-2

https://books.google.co.in/books?id=4o0nBwAAQBAJ&pg=PA223&lpg=PA223&dq=dimensions+could+be+added+in+Balanced+Scorecard+for+measuring+performance&source=bl&ots=rbevymb3ok&sig=4qxQQLvTwm3nEIqJjCKn0aRd-Ps&hl=en&sa=X&ved=0ahUKEwi0sYjTwt_RAhXJOo8KHWJrC4oQ6AEIRTAI#v=onepage&q=dimensions%20could%20be%20added%20in%20Balanced%20Scorecard%20for%20measuring%20performance&f=false

I believe it is is important to know the kind of organization you are thinking of. For instance, if you are thinking of non profit organizations, perhaps instead of the financial perspective, it could be useful to have a "society benefits" perspective. 

Anyway, as far as I know, Kaplan and Norton do not say that it is mandatory to use always their four perspectives.

regards

Gustavo

Corporate Strategy, which should include the strategy’s: change/innovation/improvements/clarification/communication; linking with periodical review/corporate budgets/business planning/customers and employees feedback (Kaplan and Norton, 1993; Kaplan and Norton, 1996; Bose and Thomas, 2007). 

• Bose, S. and Thomas, K. (2007) Applying the balanced scorecard for better performance of intellectual capital, Journal of Intellectual Capital, 8, 4, pp. 653-665.
• Kaplan, R. S. and Norton, D. (1996) Using the Balanced Scorecard as a Strategic Management System, Harvard Business Review, 74, 1, pp. 75-85.
• Kaplan, R. S. and Norton, D. P. (1993) Putting the Balanced Scorecard to Work, Harvard Business Review, 71, 5, pp. 134-142.

Dear Dr Gustavo Concari

"society benefits" is a good suggestion for the case. But could we not include this in the ambit of internal processes itself rather then substitute the financial one. Reduction of cost may still sustain in the efficient commissioning of tasks (through performance monitoring & management) for which balance score card is held. . 

 Dear Mr. Tareja:

                             When I wrote about "society benefits" instead of a financial perspective, I was thinking in something that is not internal, rather, it is the positive influence an ONG can have on the society to which it belongs. In my mind it is clearly not an internal thing. Also, I was thinking of NGO organizations.

                             I understand that in a "for profit" organization, the financial perspective is the final goal of it. In a similar way, in a "not for profit" organization the goal to achieve is to make a better society (society benefits). ¿Do people working in NGO think in themselves? Of course they do, just as anyone else. Comercial companies thinking works as well, with the necessary adjustments, for any organization.

                            For instance, consider "reduction of cost" in a NGO teaching in poor neighbourhoods.  If they reduce the cost of learning to read and write per child, then they can teach more children with the same amount of money. It is an important internal achievement but it´s most important result is that there are less illiterate people. Hence it is a social benefit.

hope I ´ve been able to explain my ideas properly and thanks for your comments.

Regards

Gustavo

Very intersting. You can think about the performance that the company could achieve if the financial perspective were below or included within it, the long-term interest of society, but at the same time respecting the independence of the organization.

Balanced scorecard approach as developed by Kaplan and Norton is a combination of financial measures that tell the results of action already taken with operational measures on customer satisfaction, internal process, and the corporation's innovation and improvement activities, that is the drivers of future financial performance. Hence, goals and objectives in each of the following four areas should be developed by the management: Financial - how do we appear to shareholders and other stakeholder?, Customers -  perception of customers on  us, Internal Business Perspective - what is our strength that is must we excel at and Innovation and Learnings - can we continue to improve and create value?

As Gustavo points out, it depends on what organisation you are working with. For not-for-profits, I recommend the Public Sector Scorecard which is structured on outcomes, processes and capability. It has three outcome perspectives - strategic, service user / stakeholder, and financial; one process perspective - service delivery; and three capability perspectives: people, partnerships and resources; innovation and learning; and leadership. The Public Sector Scorecard has been used in Chile, Canada, and South Africa as well as in Europe. Society benefits will appear under strategic and service user perspective, while value for money appears under financial. More information at www.publicsectorscorecard.co.uk. 

I would like to add one critical dimension often ignored, sustainability. It is possible to observe that sustainability has a broad focus on environmental, social, and economic performance of organizations. It is a broad view of environmental, social, and economic results which are favourable for the world. It is a long-term perspective because the needs of people today and needs of future generations are taken into consideration. It is an umbrella term covering a lot of ideas and actions towards minimizing or avoiding adverse environmental and social effects of operations of business organizations. It is an ultimate goal to be achieved for the betterment of humans and non-humans. 

What are the sustainability issues to be dealt with by an organization? This is a very important question a good answer for which can be found from the research done by the Economist Intelligence Unit (2010) according to which, there are nine specific sustainability areas in which an enterprise can be active. They include (in the order of magnitude as % of respondents): 

1.      Code of ethics/anticorruption system-51

2.      Climate change/environment protection-50

3.      Alternative energy sources-40

4.      Green IT-37

5.      Gender diversity-36

6.      Socially responsible investing-33

7.      Workers’ rights-30

8.      Stakeholder engagement-30

9.      Carbon trading-23

Best wishes!

Thanks all for valuable suggestions for adding new dimensions in Balanced Scorecard, Specifically, I am looking for BSC in the context of profit-making organizations. "Sustainability" can be added as a new perspective for performance measurement (Social or CSR Performance).

Devkant we can find some applicators of BSC in the context of profit-making organizations.where sustainability is critical, yet respected.

I am in Chandigarh,98153........http://thareja.com

The City of Turku divided the customers perspective to include customer satisfaction and the impact on society. I think that it did not bring any new value, because they can be objectives in the customer perspective and measured by indicators.