Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A balanced scorecard is used to help in the strategic management of organizations. The balanced scorecard is anchored on four perspectives, which include financial, business
A balanced scorecard is used to help in the strategic management of organizations. The balanced scorecard is anchored on four perspectives, which include financial, business process, customer, and organizational capacity. It enables entities to discover their shortcomings and come up with strategies to overcome them. a strategic-based performance management system that typically identifies objectives and measures for four different perspectives. It can be defined as an approach to the provision of information to management to assist strategic policy formulation and achievement. The financial component of the balanced scorecard includes how well the company is doing financially with revenue and expenses. Financial considerations include salaries, cost of benefits, training, travel expenses, equipment, supplies, rent and taxes. The processes component of the balanced scorecard relates to the internal processes the company uses to get the work done. Such areas as information technology hardware and software may be considered to determine efficiency in time and cost. Also, the company needs to detail and report accounting functions according to accounting rules. The customer component of the balanced scorecard includes such areas as customer satisfaction, delivery of product and quick response to customer issues. Customer concerns can include the quality of the product and the costs incurred for packing and shipping a product. The learning and growth component of the balanced scorecard refers to how much the company has learned and improved during the years of operation. In reviewing this area, employee satisfaction and morale are two critical factors. In summary, digital dashboards provide real-time data visualization, customization options, data integration, and accessibility, making KPI tracking more efficient, intuitive, and actionable for stakeholders in a publicly traded company
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started