Examine 100 Balanced Scorecards Purpose The Army Surgeon General and Commander o

Question

Examine 100 Balanced Scorecards Purpose The Army Surgeon General and Commander of the U.S. Army Medical Command use the Balanced Scorecard as "the principal tool by which they improve operational and fiscal effectiveness and better meet the needs of patients and stakeholders." This exercise will give your experience evaluating many different formats for the Balanced Scorecard. It will also give you exposure to many different organizations that currently use the Balanced Scorecard as part of their strategic planning. Instructions Step 1 Do a Google search using the terms balanced scorecard images. Review the many different formats of the Balanced Scorecard currently being used by organizations. Decide on three formats that you believe are particularly effective. Step 2 Do a Google search using the terms balanced scorecard adopters. Review the many different organizations currently using the Balanced Scorecard as part of their strategic planning. Select three different companies or organizations. Compare and contrast their use of the Balanced Scorecard technique Step 3 Prepare a three-page Executive Summary of your Balanced Scorecard analysis and recommendations e here to search

Explanation / Answer

Balance Score Cards

Introduction

The balanced score card is a business strategic planning and management system that is extensively used by business, industries, government, and nonprofit organizations worldwide so as to align and direct business activities to the vision and strategy of the organization, by improving external as well as internal communications as well as monitoring organization’s performance against strategic goals. The system is basically used as a performance measurement tool that gives the managers of various organizations a clear framework of the general performance the firm in question. This new approach to two strategic management has evolved in the past 75 years and has attracted a great interest from bigger firms and business companies across US, Europe, Asia, Middle East and Africa and at the moment most firms have fully adopted the use of this modern management technology. The business scorecards take distinctive formats with different managerial systems. The most effective formats are shown below;

Management perspective format

In the traditional management system approach, there were several weaknesses and vagueness which a score card avoids by providing a clear prescription to what aspect of should a particular company measure so as to monitor and balance their financial perspective. This enables the company to clarify and highlight their mission and visions in order to make them into action for the successful operations of the company. This format of the scorecard therefore not only deals with the management but also the measurement of good managerial skills as they are translated in actions. It then provides immediate feedback on the actions of the internal operations of a company and the external outcomes generated. A company that thus employs the management score card is, therefore, capable of transforming a simple strategy of academics into a well-organized enterprise (Hoque 2014).

The financial measures score card format

In this score card, it utilizes on the aspect of financial issues of a given company from traditional management to more secure modern ways in the attempt to resolve issues of financial losses of a company. It utilized all the forms of investment strategies that a company can engage in so as to make substantial future gains. This is done by employing various techniques of engaging the customers, employees and stakeholders in financial reports so as to give varied views on different investment schemes that can be beneficial for the company.

The perspective customer format

The format asserts that customers are the best assets that a business has, and if not treated with a lot of dignity and respect then the business or a firm can immediately collapse. It, therefore, a responsibility of a firm to find ways of motivating and regarding her customers with the due respect they deserved.

Some of the three companies using balance score card

Wells Fargo, which uses this in the banking sector which allows customers to transact via internet paying services.

Philips Electronics uses the score card measuring four main areas that are financial performance, customer relations, internal business practices, and learning and growth activities. Used to show performance a financial performance, customer relations, internal business practices, and learning and growth activities d outcome (Keyes 2016).

Thompsons Reuters uses the score card to measure the performance in financial matters and customer relations.

From the analysis of the development and use of the balance score card, the following recommendations are suggested

Recommendations

All the companies and businesses should adopt the use of balanced score cards so as to enhance their managerial strategies in order to help them transform their visions into actions.

Companies should adopt the score card system to increase the security of the firms financial status thus making the customers have faith in the company.

Businesses should adopt the use of the score card system so as to help them make wise decisions on investment for the business.

References

Hoque, Z. (2014). 20 years of studies on the balanced scorecard: Trends, accomplishments, gaps and opportunities for future research. The British accounting review, 46(1), 33-59.

Keyes, J. (2016). Implementing the IT balanced scorecard: Aligning IT with corporate strategy. CRC Press.

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