The Balanced Scorecard is a comprehensive performance measurement technique that balances four performance dimensions:
- Customer perceptions of how we are performing;
- Internal perceptions of how we are doing at what we must excel at;
- Innovation and learning performance; and
- Financial performance.
In product development, you can use the Balanced Scorecard to assess whether a product is:
- Meeting customer needs.
- Being developed efficiently,
- Profitable, and
- Contributing to the company's growth.
By tracking progress in all four areas, companies can ensure that their products are successful in the marketplace and the financial bottom line.