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What is a Balanced Scorecard? |
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Page 4 of 5 Innovation and Learning Perspective
Nothing in business is static; the Innovation and Learning perspective asks "how do we develop and grow in order to continue to create value?" In 1903 the economist Joseph Schumpeter coined the term "the creative destruction of capital." He was referring to the need for corporations to regularly tear down much of what they have built, reconfigure and move forward with new, different and more highly developed value propositions. This process is more necessary to success than ever. Businesses that fail to "creatively destroy" will inevitably give way to business that can.
To achieve the cultural change that allows "creative destruction," manufacturers turn to initiatives that improve innovation/learning cultures, redesign/manufacturing processes, and sales/administration efficiencies.
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