Advantages of using BSC approach to measure performance
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The balanced scorecard’s (BSC) four focus areas are financial, customer, process, and learning and growth. The scorecard incorporates measures derived from an organisation’s strategy. Although retaining financial measures of past performance, the balanced scorecard also introduces the drivers of future financial performance.
Address the following issues/questions:
Critically evaluate the advantages of using the BSC approach to performance measurement and identify critical areas in terms of implementation of the BSC. Should public sector or not-for-profit organisations develop a BSC? Use examples to illustrate your points as well as suitable academic references.
And consider the following questions:
•What are the advantages of using the balanced scorecard?
•What are the critical areas that should be considered in its implementation?
•Should the balanced scorecard be used across different organisations?
Also,
1) The answer must raise appropriate critical questions.
2) Do include all your references, as per the Harvard Referencing System,
3) Please don’t use Wikipedia web site.
4) I need examples from peer reviewed articles or researches.
5) Turnitin.com copy percentage must be 10% or less.
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SAMPLE ANSWER
Advantages of using BSC approach to measure performance
The success of any business organization in any given sector entirely depends on how all stakeholders and employees of the organization work together for the achievement of the organization’s goals and objectives. The journey towards success starts by the formulation of the mission, vision, and goals of the organization, which are the driving forces (Hill and Jones 2012). The purpose of an organization is achieved by implementing measures and actions that will work towards the achievement of organizational goals, continuous assessment, and improvement of the processes involved. The balanced score card (BSC) is the most efficient tool which can be used by any given organization for strategic management, measure performance and mitigate on areas that the organization needs to concentrate on to achieve success. The strategic vision of any organization requires to be converted into actions that will ensure that the goals are achieved. The balanced score card provides the lead towards the creation of strategic actions and strategies to aid in the performance measurement of the actions deployed towards the achievement of the strategic objectives of the organization (Biazzo and Garengo 2012).
The use of a Balanced Score Card draws huge benefits to any organization and helps the organization to align its resources towards ensuring the objectives are achieved. The balanced score card takes into consideration several perspectives regarding the organization relating to the financial aspect, targeted customers, processes involved and learning and growth of an organization and measures how the actions adopted by the organization towards the achievement of the strategic objectives of the organization (Niven 2010). A balanced score card is critical in ensuring that performance measures are aligned with the organizational strategy that forms the purpose of the organization. The balanced score card helps the management of the organization by pointing out the business operations that need to be adopted and which areas to concentrate efforts on. Through the strategies contained in the business scorecard communication within an organization improves and ensures that all the stakeholders of the organization are aware of the goals and objectives of the organization and clearly understand what they are needed to do.
A balanced score card ensures improved learning and growth in the organization since all the stakeholders are working towards common goals. Assessment and measurement of performance of business operations’ outcomes is easier using the balanced score card since it clearly describes the actions to be adopted by organizations and the expected deliverables (Biazzo and Garengo 2012). The deployment of a balanced score card in business operations improves innovation and creativity of the team and guarantees improvement since feedback can be achieved from the monitoring process and help in the improvement of business operations. A Balanced score card helps in the achievement of competitive advantage, increased satisfaction levels and financial growth for profit making organizations (Hill and Jones 2012).
The implementation of a balanced score card takes into consideration the area of operation and the stakeholders of an organization. The flow of strategies differ in profit making organizations where the financial perspective is above all the other perspectives since organizations need to get a return from their investments. In other sectors such as public sector and not-for-profit organizations, the satisfaction of the stakeholders including the public and the donors is the most important perspective (Redburn, et al. 2015). The availability of the required resources is also critical when implementing the business scorecard. This approach of the measurement of performance can be used across different organizations since any business environment involves resources and customers and performance measurement is very critical regardless of the type of organization (Redburn, et al. 2015).
Works Cited
Biazzo, Stefano, and Patrizia Garengo. Performance Measurement with the Balanced Scorecard: A Practical Approach to Implementation within SMEs. New York: Springer Science & Business Media, 2012.
Hill, Charles, and Gareth Jones. Strategic Management: An Integrated Approach. New York: Cengage Learning, 2012.
Niven, Paul R. Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. London: John Wiley and Sons, 2010.
Redburn, F Stevens, Robert J. Shea, Terry F. Buss, and David M. Walker. Performance Management and Budgeting: How Governments Can Learn from Experience. London: Routledge, 2015.
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