Answered step by step
Verified Expert Solution
Question
1 Approved Answer
When creating a dashboard for a publicly traded company using the balanced scorecard, it's important to include information for each component. For the financial component,
When creating a dashboard for a publicly traded company using the balanced scorecard, it's important to include information for each component. For the financial component, key financial ratios like return on equity and profit margin, as well as revenue and profit trends, cash flow analysis, and debt levels can be included. The customer component can feature customer satisfaction ratings, retention rates, Net Promoter Score (NPS), and data on market share and customer acquisition. The internal process component can showcase metrics like production or service delivery cycle time, quality control measures, process efficiency indicators, and employee productivity. Lastly, the organizational capacity component can include data on employee training hours, turnover and retention rates, innovation and research and development (R&D) metrics, and employee satisfaction and engagement scores. Digital dashboards make it easier to track key performance indicators (KPIs) in several ways. They bring together data from different sources into one place, making it accessible and reducing errors. Dashboards present data visually through graphs and charts, making it easier to understand trends and patterns. They can also be customized to suit specific needs and offer interactive features like filtering and drill-down options. Real-time updates ensure that the data is up to date, enabling stakeholders to make timely decisions and take necessary actions. Digital dashboards improve KPI tracking by centralizing data, providing visual representations, offering customization and interactivity, and delivering real-time updates. By utilizing digital dashboards, publicly traded companies can have a comprehensive view of their performance across different aspects of the balanced scorecard, helping them make informed decisions and drive continuous improvement
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