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A conceptual model to explain strategic alignment in the financial services based on balanced scorecard
[journal article]
Abstract The lack of alignment of organization elements towards the organizational strategy leads to poor execution. When the different departments of the organization have different strategies that are different directions and implementations, the whole organizational purposes and visions rarely could archi... view more
The lack of alignment of organization elements towards the organizational strategy leads to poor execution. When the different departments of the organization have different strategies that are different directions and implementations, the whole organizational purposes and visions rarely could archive. The main purpose of this research is to present a valuable approach for success organizations that we named strategic alignment. For this purpose we use the Balanced Scorecard (BSC). The Balanced Scorecard is a management tool used to translate the corporate strategic mission and vision into a set of quantifiable indicators of performance. In other words, it is intended to explain what to do and how to do it. The real contribution of a Balanced Scorecard program is to link the objectives in each of four perspectives: financial, processes, customers, and growth and learning. In this study using a valid questionnaire and also with focus group method the final theoretical research model was presented. Results of this research showed that BSC is a useful tool and has high validity and reliability for strategic alignment for financial organizations. The results are applicable for both academicians and practitioners for managing strategies and related programs and tactics in the financial institutions and organizations.... view less
Keywords
financial service; banking; Iran; financial management; research; model; organization
Classification
Management Science
Economic Policy
Economic Sectors
Document language
English
Publication Year
2015
Page/Pages
p. 98-108
Journal
International Letters of Social and Humanistic Sciences (2015) 43
DOI
https://doi.org/10.18052/www.scipress.com/ILSHS.43.98
ISSN
2300-2697
Status
Published Version; peer reviewed