A Balanced Score Card

Topics: Hotel, Hospitality industry, Management Pages: 4 (1311 words) Published: May 16, 2011

A Balanced Score Card
Lisa Thompson
April 17, 2011
Samuel L Grant

The most important thing to having a successful business is to have the most up to date information. If you have all the information at your fingertips it can help you to make the best possible decisions. What kind of information is available and how do we sort through it and use this information? In the hospitality industry the amount of information received everyday is overwhelming, and it isn’t possible for staff to be able to sort through it and organize it properly. In the hospitality industry the information technologies are the tools that the staff uses to sort and manage the information and the balanced score card is just one such tool. The Balanced Score Card is a very useful tool for managers because it organizes information from different departments to create a picture of the hotels operations and the success of those operations. The Balanced Score Card is a tool that is used by business professionals, the information that this found on this card is useful to the managers for a variety of reasons. However the primary use is to monitor the organizations progress towards it vision and its mission. The information is like a snapshot of the health of the business. This tool allows manager to identify areas that need improvement, ones that are doing well and what might be future opportunities. (Nyheim &McFadden, 2007) In the balanced score card the data that is used is collected by many different departments. One of the main types of information found on the balanced score card is financial information. Some other information that can also be found on the card includes such things as information on employees, the turnover rate, and also promotions. There is also equipment functionality and learning and growth of the company that is found on the card. One last thing that is present on the card is customer information and it may include...
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