The Balanced Scorecard is commonly used to help organizations track their performance and identify areas of weakness. It helps organizations to align their performance measures with their goals and strategic plans. The Balanced scorecard allows companies to move away from relying solely on financial measures, which effectively improves managerial decision making.
The Balanced Scorecard framework consists of four perspectives:
- Financial: measures that address profitability growth and revenue, cost reduction, product mix, asset utilization, productivity, and investment strategies.
- Customer: measures that address customer satisfaction and requirements including customer satisfaction ratings, customer retention, responsiveness and reliability, new customer acquisition, customer profitability, and customer-valued attributes.
- Internal Business Process: focuses on the most important internal business processes of the company including new product development, quality, flexibility, time-based measures, and innovative elements of processes.
- Learning and Growth: focuses on the organization’s systems, people, and external environment; this includes enhancing information technology, training and retaining employees, employee safety, and environmental and health sustainability issues.
This week for your design strategy project, you will be defining your organization’s strategy and completing a Balanced Scorecard.
In a minimum of 3 pages, you will need to do the following:
- Describe how your organization should appear to your stakeholders in order to succeed financially.
- Describe how your organization should appear to customers in order to achieve your vision.
- Describe what business processes that your organization must excel at in order to satisfy both your shareholders and customers.
- Describe how your organization will sustain your ability to change and improve.
- How does ethics and ethical issues impact stakeholders and customers? What measures will you employ as CEO to ensure that your organization maintains good ethical practices?
- Now that you’ve outlined your strategy, click on the following link and use the Excel template to translate your strategy to a balanced scorecard
- Make sure to write your paper utilizing proper APA formatting guidelines, and to include an APA formatted title page.
- *Note: You will need to submit both your essay and Balanced Scorecard Excel spreadsheet to the drop box as separate attachments.