Balanced Score Card Undeniably, competition between businesses increases by day in the 21st century. Therefore, many companies have come up with different strategies to beef up their competitiveness and measure up with others in the same market. One of the means to achieve this is through innovation where companies endeavour to improve their production processes, through deploying new technologies…
Innovation also calls for employment of qualified personnel, who brainstorm to come up with better products and ensuring excellent services to consumers. Companies achieve innovation through creation of new goods or services that disrupt consumers buying patterns or through incremental improvements on the existing products thereby increasing their life. This paper discusses the crucial role balanced scorecard plays in communicating organisation strategies and hence achieving innovation and competitive advantage over other companies. ...
et targets and get above it Every two weeks Operations metrics It establish whether operations are flowing as scheduled and avoid last minute surprises on orders Every day Learning and growth (Employees) perspective Employees satisfaction Evaluate employees to establish their level of satisfaction Every month Employees turnover or retention Get a report from HR of recruitments and exits of employees Every six months Level of organisation capability Empowering employees through training and encouraging them to further their education improves an organisations capability Make it a policy for employees to engage in learning activities Nature of organisation culture or climate Enables employees to coexist harmoniously with one another, create a satisfied team, and motivated team Maintain a motivated team Technological innovation Reward employees for invention of new products and introducing new ideas Every time it happens A balanced scorecard is the face value of an organization that connects strategic objectives to one another. According to balanced scorecard institute website, “A balanced scorecard identifies the connection between creative capacity, efficient product development processes, improved customer and stakeholder value, and financial outcomes” (“Balanced scorecard institute,” 2000.) The above score card incorporates the mission and vision statements of a company, which form part of the strategic objectives. A vision statement of a company explains the reason for being. It inspires people to achieve more that they actually thought possible, allows stretching of resources to increase profitability, and unite employees towards a common goal. A vision statement forms the foundation of an organization values and influences its strengths and weaknesses. On ...
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(Homework Research Paper Example | Topics and Well Written Essays - 750 Words)
“Homework Research Paper Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/other/11683-homework.
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