A Conceptual Model to Explain Strategic Alignment in the Financial Services Based on Balanced Scorecard

Safari, Mohammad

doi:10.18052/www.scipress.com/ILSHS.43.98

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A Conceptual Model to Explain Strategic Alignment in the Financial Services Based on Balanced Scorecard

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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 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.

Info:

Periodical:

International Letters of Social and Humanistic Sciences (Volume 43)

Pages:

98-108

DOI:

https://doi.org/10.18052/www.scipress.com/ILSHS.43.98

Citation:

M. Safari, "A Conceptual Model to Explain Strategic Alignment in the Financial Services Based on Balanced Scorecard", International Letters of Social and Humanistic Sciences, Vol. 43, pp. 98-108, 2015

Online since:

November 2014

Authors:

Mohammad Safari

Keywords:

Balanced Scorecard (BSC), Financial Services, Iranian Banking Sector, Strategic Alignment

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Distribution:

Open Access

This work is licensed under a
Creative Commons Attribution 4.0 International License

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Cited By:

[1] M. Safari, M. Zamani Mazdeh, "A Conceptual Framework of Strategy Cascading in the Mission-Based Organizations: A State-of-the-Art Review and Practical Template", International Letters of Social and Humanistic Sciences, Vol. 83, p. 1, 2018

DOI: https://doi.org/10.18052/www.scipress.com/ILSHS.83.1