Financial Performance Analysis in Manufacturing Companies Using the Balanced Scorecard (BSC) Approach: A Literature Review

Abstract

Manufacturing companies face challenges in maintaining and improving financial performance amid intense industry competition and dynamic business environments. Solely focusing on financial metrics is considered insufficient to provide a comprehensive view of how effectively a company’s strategy is being implemented. This study aims to analyze the financial performance of manufacturing companies using the Balanced Scorecard (BSC) framework, which includes four key perspectives: financial, customer, internal business processes, and learning and growth. The research method employed is a literature review, utilizing secondary data collected from journals, scientific articles, and other relevant sources. Through analysis of related literature, it was found that the Balanced Scorecard approach offers a more comprehensive evaluation by integrating both financial and non-financial aspects. Each perspective contributes to enhancing efficiency, increasing customer satisfaction, and strengthening human resources. This study provides valuable insights for companies in developing performance measurement systems to support the achievement of their financial objectives.