Redesigning Balanced Scorecard Model An Indian Perspective

The BSC model, introduced by Kaplan and Norton was primarily designed for Western countries that operate in a capitalist economy. The study aims at redesigning the BSC model so that it becomes more suitable for an Indian framework. The analysis of data was done to evaluate the strength of the six strategic themes which includes culture and relationship perspective, stakeholder perspective, value creation perspective, practices and processes perspective and intellectual capital perspective. The study provides insight regarding the changes and presence of new perspectives that would be suitable for the organizations present in India. Also, the study indicates that the current set of perspectives present in the BSC model doesn't encompasses all the views for the organizations in India. Hence multivariate analysis provided new four components like corporate conscience, practices and processes, culture and relationship and value creation that help the organizations to achieve their goals in a successful manner. The organizations in India will be better equipped and aware in terms of their corporate planning and performance measurement systems if the Indian BSC model is incorporated.