CorporalTigerPerson694
discussion post: Explain the importance of performance…
discussion post:
Explain the importance of performance measurement in organizations.
Explain what the balanced scorecard is. Describe its four components.
Select an organization that applies the balance scorecard. Access the UAGC Library online database, which offers company financials, descriptions, history, property, subsidiaries, officers, and directors, and the Business Insights database. For assistance, view the Mergent Online Links to an external site.and Business Insights: Global Links to an external site.tip sheets for suggested methods of searchin
Search and select an article of an organization that has successfully implemented the balanced scorecard, and provide a brief summary of how the components of the scorecard have added value, improved quality, and increased performance.
What did they do correct/need attention and what’s your opinion in these two post???
Post 1: M
Almost all businesses evaluate their performance. For an organization to grow, performance measurement is essential. A company can identify its strengths and shortcomings, top performers, and growth potential through effective performance measurement. In order to gain a crucial understanding of functional specialization, managers must be able to monitor their people, their performance, and other aspects. Performance measurement gives them this ability. As a result, they would be aware of their employees’ performance, able to step in if necessary, and able to post any learning or change initiatives, which would improve efficiency.
A tool for executing strategy, the balanced scorecard aids businesses in viewing their company and keeping track of their objectives. There are three key elements and four perspectives needed to carry this off. A strategy map, key performance indicators (KPIs), and an action plan make up the three parts. The four views are represented visually in the strategy map together with the important strategic objectives: Outlining the financial goals from a financial perspective Outlining the goals pertaining to customers and the market from the perspective of the customer Outlining the internal business process goals from the perspective of the internal business process Outlining the goals for personnel, culture, and the information system from the perspective of learning and growth.
Apple Inc. considers staff dedication and alignment to be crucial. As a result, they conduct in-depth employee surveys of each organizational branch twice a year, randomly selecting respondents from the workforce. In order to achieve success, the company wants to know how well each employee understands their own personal plan and to what extent they can relate it to the larger organizational strategy.
Post 2: R
The important of performance measurement in organizations is a technique put into place to help organizations be able to keep track of the quality of the business outside of the actual product or service being sold because that matters. Customers don’t just care what you are selling they care about what a company is doing and stands for outside of that. For example, a lot of people love Mcdonald’s because they are affordable, however, if they are constantly always messing up orders and always having long lines this may cause customers to go to a competitor who may offer a better quality of service.
A balanced scorecard allows organizations to strategize a plan on the type of outlook they see for themselves, be able to track their progress in order to be able to dive deeply into the weak areas, and put things into action to have the best quality overall across all aspects. As the article mentioned, A BSC is a strategy execution tool that, at the most basic level to help organizations, (Marr, B., n.d.). The four components are financial, customer, internal process, and learning and growth perspective.
The balanced scorecard was used at an Aesthetic Center in order to measure customer retention. A customer perspective, calculated based on customer retention, shows that customer retention has increased by 0.7 %. Thus, it can be concluded, that a customer perspective as measured by customer retention is good(Ruli, C., & Kristanto, H., 2021). It has added quality and performance by being able to measure and track progress and being able to find effective ways to increase growth by conducting research in order to view where the company has weaknesses in order to provide proper training for growth in order to bring in customers and finding ways for them to return.
