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Liburkina L. M.

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The Balanced Scorecard as the Foundation for Developing the Economic Potential of Enterprises
Mushnykova S. A., Abernikhina I. H.

Mushnykova, Svitlana A., and Abernikhina, Iryna H. (2025) “The Balanced Scorecard as the Foundation for Developing the Economic Potential of Enterprises.” Business Inform 6:127–133.
https://doi.org/10.32983/2222-4459-2025-6-127-133

Section: Economics of Enterprise

Article is written in Ukrainian
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UDC 658.5:005.52

Abstract:
This article examines the theoretical and practical aspects of using the Balanced Scorecard (BSC) as an effective tool for the strategic management of an enterprise’s economic potential in the context of globalization, digital transformation, and increasing competition. The relevance of applying the Balanced Scorecard (BSC) in modern strategic management is substantiated, particularly due to its ability to combine financial and non-financial indicators, support sustainable development, strategic flexibility, and competitiveness. An analysis of recent international and domestic studies on the evolution of the BSC conception, its integration with ESG, KPI, GRI approaches, digital innovations, and sustainable development has been carried out. Based on a logical-structural approach, the relationship between the four perspectives of the Balanced Scorecard (finance, customers, internal processes, and learning and growth) and the structural components of economic potential (resources, innovation, human resources, market, and management) has been defined. A strategic map and a logical model have been proposed to visualize the cause-and-effect relationships between management goals and the perspectives of the Balanced Scorecard. The research methodology involves stages of theoretical analysis, establishing strategic interconnections, and modeling an integrated system for managing enterprise resources. It is determined that the Balanced Scorecard acts not only as a tool for assessing effectiveness but also as a mechanism for forming, developing, and mobilizing the enterprise’s economic potential. Key implementation mechanisms have been clarified as follows: integration of strategic and operational management, multidimensional assessment of results, personnel motivation, and information support for decision-making. The results of the study confirm that the Balanced Scorecard (BSC) contributes to achieving the strategic goals of the enterprise, enhancing its adaptability and resilience in a dynamic environment. Future research perspectives include the development of industry-specific BSC models, integration of digital technologies, artificial intelligence, and assessing the impact on strategic resilience and efficiency in times of instability. It has been concluded that the BSC is a significant universal management tool for the holistic management of the economic potential of enterprises across various sectors in the long term.

Keywords: balanced scorecard (BSC), economic potential of the enterprise, strategic management, non-financial indicators, perspectives of BSC, integrated management, strategic map.

Fig.: 1. Tabl.: 2. Bibl.: 8.

Mushnykova Svitlana A. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Financial Management, Accounting Analytics and Business Monitoring, Educational and Scientific Institute «Dnipro Metallurgical Institute» of the Ukrainian State University of Science and Technology (4 Nauky Ave., Dnipro, 49600, Ukraine)
Email: [email protected]
Abernikhina Iryna H. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Management, Accounting Analytics and Business Monitoring, Educational and Scientific Institute «Dnipro Metallurgical Institute» of the Ukrainian State University of Science and Technology (4 Nauky Ave., Dnipro, 49600, Ukraine)
Email: [email protected]

List of references in article

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