We live in a world that is characterized by chaos and unpredictability and uncertainty. The impacts of these are undeniably evident. Every decision, whether major or minor.,Is tied to unforeseen and probably a disproportionate significant consequence in the future. This has always inflicted fear to the decision makers and has lead to need for improved decision making in a world that data is not sufficient.
Traditionally it was easier for profit making companies to base their decision process through the financial prism and it worked. Things have changed with information age. Nowadays there are many factors that come into play and decision making would be hard if it was only based ion few variables.
In short term a business may cut on their marketing costs and save their precious resources and time to prioritize on other major missions. However, in long run the business will lose out on its customers and funding opportunities since it has not invested in creating a supportive community.
It therefore turns out that businesses ought to embrace a management system that is tied to business goals and not entirely hinged on financial metrics. It should be able to accommodate other factors and have a more holistic view.
Balanced scorecard incorporates both hard data and intangibles such as branding in a strategic plan. (Yilmaz, 2013).
Balanced scorecard was a system developed in 1990s by David Kaplan and David Norton top help businesses make informed decisions. Unlike other systems that had their primacy fixed on financial metrics, balanced score card takes into considerations customers business perspective, learning and knowledge culture as well as operational preparedness. A scorecard is therefore a performance metric employed to identify, ameliorate and control various business functions and the resulting outcomes.
The system requires that some of these prerequisites are well identified: top business goals such as high profits and cost reduction, specific value business offers to the customer, execution plan, business systems as well as key performances indicators.
The scorecard system is hinged into four perspectives:
Financial perspective. Financial perspective is always geared to maximizing profits and increasing the shareholder value. It is also aimed at ameliorating the bottom line by reducing costs while increasing revenues. The business should always strive to increase their financial numbers.
Customer perspective. this is to gauge customers satisfaction with pricing, quality and availability of products offered by the business. Customer gives their feedback concerning their level of satisfaction with products. The business entity is then able to identify their target customers as well as customer value proposition.
Internal business process. This entails setting up business processes and systems to ensure that both financial and customers’ demands are met. This mainly has to do with efficiency. It is all about speeding up processes, cutting costs, filling in gaps and reducing wastages. For instances a business may do statistical analysis from their customers care service reports, review sites and also social networks.
Learning and growth. For any successful strategy it requires that the executioners are competent, skilled and experienced.it therefore paramount that the business management create and embrace a culture of learning to empower its employees and obtain better results. Employees need to be aware of new trends. Technology is one of ways of empowering the executioners to be able to match changing trends and beat off competition.
Leading and lagging indicators.
Leading and lagging indicators are both measurements types utilized I assessing the performance of a business( Parmenter, 2012) A leading indicator is always the predictive measurement. On the other hand, lagging indicator is an output measurement. Leading indicator is always aimed at influencing change while lagging indicator is just a reflection of what has already transpired. Lagging indicators are easy to measure and are accurate. However, they are useless when it comes to trying to influence the future.
Lead indicators are hard to determine and attract some uncertainty and hence cannot guarantee success. For instance, it is well acknowledged that a motivated employee is a lead factor to more satisfied customer. Similarly, high-performing process is a lead indicator of cost efficiency. When the business focuses on its internal perspective and comes up with strategic objectives such as creating innovative products, the lag indicator would be revenue from new products.
Governments, companies and organization across the globe all use balanced score card system. It is a tool for both business performance measurement and performance management system( Niven, 2008). The balance scorecard though mainly used by large organizations it is still valid for small and medium enterprises. Balanced scorecard doesn’t however work well with startups. some of well of large organization that utilize this system include FBI, Volkswagen and UPS.
Developing balanced scorecards involves undertaking several steps. A clear vision of future must be established, strategic objectives defined, critical leading indicators determined, performance indicators chosen and finally goals, action plans and initiatives set.
For instance, the balanced scorecard for an e-commerce business would be like this. On their financial perspective, the objective would to increase sales while reducing costs. The indicator would be the financial statements and initiative would be negotiation with customers. On its customer perspective would be acting as reference for variety of products and goal would be introduction of new products quarterly. The indicator would be new products and initiative employed would be that of establishing an innovation and development team.
When it comes to internal process perspective with an objective of developing new products constantly the goal would bee to initiate at least five new products monthly. The indicator would be that of project innovation reports and initiative would be acquiring software for managing new product. on the other side of learning and growth perspective with objective of recruiting competent staffs in product development goal would be that of having at least two professionals with master’s course on product development. The indicator in this case would number of professionals and innovative would be training the current staffs to receive masters degree.
Balances scorecard gives a strong framework against which a strategy is built and communicated. (Kaplan & Norton, 2014) This is achieved through creation of business model visualized in a strategy map that enables the manager to think in terms of cause and effect relationship. Here the key performance outcomes and drivers for the future performance are prior identified to complete the strategy map.
Balanced score card allows for one-page picture that enables the company to communicate its strategy internally and externally. This strategy map help staffs and stakeholders to fully understand the company’s strategies which results proper delivery and review of the strategy. Without balanced scorecard it would be hard to implement strategy which the players don’t fully understand.
A balanced scorecard allows for better alignment of initiatives and projects to match different strategic objectives. This is critical in ensuring that the projects and initiatives are focused to delivering the most strategic business goals. With balances scorecard there is improved reporting.
Balanced scorecard is also key in guiding the design of the performance dashboards and reports. The management reporting is then hinged on most important issues and help with monitoring of the execution plan. Balanced scorecard ensures that the organizational structure is aligned to the strategic objectives. For any successful execution of plan, the organization structure must be well aligned to produce the required goals. Balanced score card will link the strategy to operations.
A well executioned balance scorecard is paramount in aligning the organization processes such as risk management, budgeting and analytics to the strategic objectives.
In nutshell the balanced scorecard prioritizes on strategy and vision. It sets up goals and pulls the people towards realizing the set goals and overall vision. By bringing together the customer, financial, organization learning and internal process and innovation the manager is implicitly able to join and understand all the interrelationships.
References
Kaplan, R. S., & Norton, D. P. (2014). Alignment: Using the Balanced Scorecard to Create Corporate Synergies. Boston: Harvard Business Review Press.
Parmenter, D. (2012). Key performance indicators for government and non profit agencies: Implementing winning KPIs. Hoboken, N.J: John Wiley & Sons.
Niven, P. R. (2008). Balanced scorecard step-by-step for government and nonprofit agencies. Hoboken, N.J: J. Wiley & Sons.
Yilmaz, K. (2013). Balanced scorecard. Place of publication not identified: Grin Verlag.
Get professional assignment help cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Our essay writers are graduates with diplomas, bachelor, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.
Why choose our academic writing service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
