Wob-solutions Ltd. was formed ten years ago to provide business equipment solutions to local business. It has separate divisions for research, marketing, product design, technology and communication services, and now manufactures and supplies a wide range of business equipment. To date the company has evaluated its performance using monthly financial reports that analyze profitability by type of equipment. The managing director of Wob-solutions Ltd. has recently returned from a course in which it has been suggested that the Balanced Scorecard could be a useful way of measuring performance.

Required:

a) Explain the Balanced Scorecard and how it could be used by Wob-solutions Ltd. to measure its performance.

b) The managing director of Wob-solutions Ltd. also overheard someone mention how the performance of their company had improved after they introduced Benchmarking.

Required:

Explain Benchmarking and how it could be used to improve the performance of Wob-solutions Ltd. (5 marks)