Achieving strategic excellence: Integrating balanced scorecard and IVHF-DEMATEL for strategic management of a medical device SME

Abstract

Nowadays, strategic planning and the establishment of long-term objectives are pivotal for companies from diverse economies based on geographical location, demographic distribution, financial challenges, and distinct customer portfolios. Defining strategic goals is vital more than ever however requires acceptance, adoption, and execution by the entire workforce. In this sense, this paper presents an integrated methodology that combines the Balanced Scorecard and the Interval-Valued Hesitant Fuzzy DEMATEL approaches to enhance strategic management in a Medical Device SME located in Istanbul-Turkey. The proposed approach aims to provide a holistic perspective on organizational performance and facilitate decision-making processes for sustainable growth and competitive advantage.