Topics: Balanced scorecard, Strategic management, Strategic planning Pages: 2 (727 words) Published: November 3, 2014
Discuss how balanced scorecard can help the organization improved the customer service quality level. Balanced scorecard A performance metric used in strategic management to identify and improve various internal functions and their resulting external outcomes. The balanced scorecard attempts to measure and provide feedback to organizations in order to assist in implementing strategies and objectives.(1) A Balanced Scorecard defines what management means by performance and measures whether management is achieving desired results. The Balanced Scorecard translates Mission and Vision Statements into a comprehensive set of objectives and performance measures that can be quantified and appraised. These measures typically include the following categories of performance -Financial performance -Customer value performance -Internal business process performance -Innovation performance What Balanced Scorecards do Articulate the businesss vision and strategy Identify the performance categories that best link the businesss vision and strategy to its results. -Establish objectives that support the businesss vision and strategy -Develop effective measures and meaningful standards, establishing both short-term milestones and long-term targets -Ensure companywide acceptance of the measures -Create appropriate budgeting, tracking, communication, and reward systems -Collect and analyze performance data and compare actual results with desired performance -Take action to close unfavorable gaps Companies use Balanced Scorecards to Clarify or update a businesss strategy -Link strategic objectives to long-term targets and annual budgets -Track the key elements of the business strategy -Incorporate strategic objectives into resource allocation processes -Facilitate organizational change -Compare performance of geographically diverse business units -Increase companywide understanding of the corporate vision and strategy(2) FINANCIAL To satisfy our constituents, what financial and...

References: HYPERLINK http//www.investopedia.com/terms/b/balancedscorecard.asp http//www.investopedia.com/terms/b/balancedscorecard.asp accessed on 17/7/2014 HYPERLINK http//www.bain.com/publications/articles/management-tools-balanced-scorecard.aspx http//www.bain.com/publications/articles/management-tools-balanced-scorecard.aspx accessed on 17/7/2014 HYPERLINK http//www.wikihow.com/Improve-Service-Quality-at-Your-Business http//www.wikihow.com/Improve-Service-Quality-at-Your-Business accessed on 17/7/2014 Y, 6Q
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