The balanced scorecard approach is a management and measurement methodology that allows an organization to realize its core goals. The balanced scorecard approach goes through four phases of deployment and measurement:
- Customer leg
- Financial leg
- Business process leg
- Growth leg
Triple bottom line is an accounting and performance framework comprised of environmental, financial and social aspects. The triple bottom line is measured in terms of people, planet and profits, incorporating financial profits with concepts such as social and environmental capital.
An example of a company that has incorporated the balanced scorecard and triple bottom line models would be Philips Electronics. It was implemented at the company on the basis of helping better communication and understanding between management and employees, in terms of company goals and decisions and employee expectations within that framework.