Balance Scorecard (BSC) is the focus of every company because of great belief that this is an approach for measuring performance with the combination of the so-called traditional measurement of financial aspect compared to the measurement of non-financial ones. BSC seeks the performance’s measurement of the business as a whole with the four (4) important perspectives listed as follows: a) Financial Perspective is one of the perspectives that the company needs to focus on because this is measuring the performance of financial part’s reflection.
This has something to do with the return of investment or simply termed as ROI, the company’s cash flow including the number of debtors and economic value-added. b) Customer Perspective is the other measures to have the customers’ direct impact for the computation of the company’s market share or the percentage of market, the surveys made to customer that also includes the number of complaints. c) Internal Business Processes Perspective is the measurement of reflection of the performance of business processes like the presentation of manufacturing efficiency cycle, the processing time information as well as the measures of productivity.
d) Learning and Growth Perspective is the measures in order to describe the employees of the company in terms of the learning curve like the profile of staff education, the time of training and the survey made to the satisfaction of employees. The perspectives as stated above helped small and large companies to translate the strategy into action and even provide the metrical setting to track the progress of the of all companies. Balance Scorecard P 3 Analysis:
As further analyzed, the measures are truly ‘customer centric’ because as proven the customer satisfaction was viewed due to increased in sales or the increase in income resulting from the acceptance of the product and the repeated customers’ generation. In addition, the product shipment is related to the driving satisfaction of many customers that were met by the companies. The efforts of marketing are said to be measured by the data being tracked from the web portal which was then created for the partners’ distribution channel.
The items that are tracked are the site usage, online ordering and the effects of direct mailing in the areas of marketing as well as advertisement on the leading generation and the activity in the portal level. The improved performance was truly due to the company’s viewing from the perspective of potential, prospective and present customers because Balance scorecard was exactly simplified to the four (4) key measures depicting the satisfaction among customers, hassle index of customers, the delivery that must be on-time and most importantly the lead times.
Bridgeport Hospital is using the BSC for four (4) years and proven that the satisfaction of patients and customers increased. Many businesses considered to be small or large are continuously earning because the greater contributions are coming from customers whether old or new customers. A higher percentage is absolutely coming from the customers in order for many companies to grow and even learn to improve their products or services. BSC really contributes in achieving the success of most companies because at an early period, many companies may still improve the things that should be done in order to meet the needs of their customers.
More issues from customers as well as their complaints may be resolved through the use of BSC. Balance Scorecard P 4 Conclusion: I think that the efforts of the companies to evaluate the business from the customers perspective was only one of the key contributions to improve performance, because this may give focus wherein the strategy described as competitive correspond to the success of most firms by means of targeting the attention of the segment specific to the market such as the niche in the market.
This strategy is very effective and done in order to survive wherein the companies may face the distress in financial areas. SGC and Futura are the companies using BSC, and they proved that the point of evaluating the business from the perspective of customer is a great help to the company as a whole and resulted to increase in sales and income. I should say that there should be equal reviews with regards to financial, internal business processes and the learning and growth perspectives aside from the customer perspectives that most companies should pay attention to.
BSC is a tool in management providing the framework to translate the strategy into action and as mentioned this is a combination of the financial and non-financial measurement. This is seeking the measurement of performance of the business to financial, customer, internal business processes as well as learning and growth perspectives. In totality, this will provide a set of tracking metrics in order to track the progress of most companies and against the objectives as well as the goals for meeting the initiatives strategically.
The managers’ and employees’ motivation may also include their corresponding performance because these are the key enterprise’s challenges needed for more improvement of most companies. The said initiatives in strategic aspect may result to the departmental cascades and the objectives of individual corresponding to the strategy. Balance Scorecard P 5 References Ahn, H. (2001). `Applying the Balanced Scorecard Concept: An Experience Report,` Long Range Planning 34(4), 441-458. Atkinson, A. , and M. Epstein (2000). `Measure for Measure.
` CMA Management 74 (September), 22-28. Denton, G. A. , and B. White (2000). `Implementing a Balanced-Scorecard Approach to Managing Hotel Operations,` Cornell Hotel & Restaurant Administration Quarterly 41(1), 94. Field, T. (2000). `Full Measure,` CIO 13(14), 140-145. Fisher, M. J. (2002). `Balanced Storecard Step-By-Step,` The CPA Journal 72(7), 17-18. Frigo, M. L. , and K. K. Krumviede (2000). `The Balanced Scorecard,` Strategic Finance 81 (January), 54. Green, M. , J. Garrity, A. Gumbus, and B. Lyons (2002). `Pitney Bowes Calls For New Metrics:
The Company Used a Balanced Scorecard to Manage Performance and Increase the Bottom Line,` Strategic finance 83(11), 30-36. Gumbus, A. , and B. Lyons (2002). `The Balanced Scorecard at Philips F. lectronics,` Strategic Balance Scorecard P 6 References Finance 84(5) (November), 45-49. Gumbus, A. , D. Bellhouse, and B. Lyons (2003). `A Three-Year Journey to Organizational and Financial Health Using the Balanced Scorecard: A Case Study at a Yale New Haven Health System Hospital,` Journal of Business and Economic Studies 9(2), 54-65.
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