The balanced scorecard is a performance measurement framework that translates an organization's strategy into clear objectives across four perspectives: financial, customer, internal processes, and learning and growth. It helps organizations track performance against strategic goals, align individual and team goals, and provide feedback to improve strategy. The balanced scorecard retains traditional financial measures but also considers non-financial factors critical for long-term success like customers, internal processes, and innovation. It is an important management tool that communicates strategy throughout the organization and links strategic objectives with goals, initiatives and budgets.