Balanced scorecard The notion of the Balanced Scorecard was developed by Robert Kaplan and David Norton in which has already widely used by many companies in the world Helen Atkinson, The balanced scorecard not only focuses on the financial information but also nonfinancial information. However, with the rapid development the value of intangible assets such as intelligence becomes more important. Because the traditional management performance system always focuses on financial aspect.
Whatever its mission, the effectiveness of an organization requires that it efficiently identify, assess, solve, and cope with events or problems that arise within the operational environments. These are the classical functions of all organizations, and performance of them has always been critical for organizational success.
It is clear now that functional proficiency and the integration of management and control systems play important roles in the performance of all organizations.
To be effective in turbulent and complex conditions, every organization must possess capabilities to: Search out, Balanced score cards essay, and interpret the properties of operational situations as they develop, solve problems as they occur within the context of rapidly changing situational demands, generate flexible decisions Balanced score cards essay to changing situations and cope with shifting situational demands with precise appropriateness It is apparent that the above capabilities require a highly responsive and adaptive system of decision and action.
In such a system, the complex interplay between individuals, positions, and organization levels is a critical element in flexibility and responsiveness and, therefore, in organizational effectiveness. Control and guidance and management of each of these performances are an essential function to ensure improved organisational performance.
In order achieve an effective organisational performance, it is important to consider the management of all performances within a certain industry. It is noted that, performance has become a business buzz word.
Organisations use many different approaches in the quest for a high- performance workplace. Organizational management entails practices used to guarantee that internal functions achieve their respective goals. In the management context, there emerge to important managements systems that include performance management.
Part of it is the measurement of performance of organisation using tools and instrument such as the balance scorecard systems. Primarily, the main goal of this paper is to analyse the balance scorecard approach of an organisation and the application of a new system to improve their performance measurement approach.
The company is noted to be the flagship chain store which is owned by Spanish tycoon Amancio Ortega, who also owns some brands like Pull and Bear, Bersha, Massimo Dutti and Stradivarius. The company is regarded as one of the mode retailer industry which has enabled to expand and compete with quality brands as well as affordable process.
Zara has resisted the business-wide trend of transferring production to low-cost nations. The company has established a policy which is the zero advertising and they preferred to invest percentage revenues in opening new retail outlets instead.
The company has been regarded by others as the most creative, innovative and devastating retailer industry in the world.
The company is a vertically-integrated enterprise; they design, produce and distribute their products which make them unique from other retail stores.
In addition, the company also has control most of the channels of the supply chain. To be able to sustain its competitive position, the management the retailer industry has been able to measure their productivity or performance.
One of the reasons why ZARA measures its performance is to identify whether their employees and the industry has been able to meet their organisational objective of providing quality service to their target market.
Evaluating the performance of an organisation is essential as this may serve as a tool for implementing organizational approaches Measuring performance which has been applied in the retailer enables the industry to translate their strategy into concrete objectives.
Through performance measurement, such organisational purpose has been communicated well to their retailer staffs and employees ; One of the implications of the performance measurement used by Zara is in terms of the reliability and credibility of the result or findings of the conducted performance measurement or evaluation.
This can be attributed to the inability of the management to use efficient indicators and metrics that would effectively and credibly measure the performance of employees or staff of the organisation.
Other issue that concerns the performance evaluation or measurement of this retailer industry is in terms of the inability of the management to integrate balance scorecard or performance measurement approach integrated with their strategic management approach.
Accordingly, at the very core of this performance measurement concept is the strategy of the industry to guide the actions, decision as well as the assurance of aligning the top to bottom employees.
A performance measurement through scorecard can be developed without the guidance of strategy. However, the implemented scorecard system of the retailer industry becomes a key performance indicator which lacks the attributes given by a true balanced scorecard.Essay Scholarships.
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I think your best bet would be to start or join a startup. The notion of the Balanced Scorecard was developed by Robert Kaplan and David Norton in which has already widely used by many companies in the world (Helen Atkinson, ).
The balanced scorecard not only focuses on the financial information but also nonfinancial information. However, with the rapid development the value of intangible assets such [ ].
Balanced scorecard essay only seems easy, but if you have ever tried writing it, you know how tricky it actually is. Luckily now you don’t have to worry about it.
Place an order to get a great balanced scorecard essay created by our professional authors. Balanced Score Card Week 4 A balanced scorecard is a critical foundation in guiding organizations strategic plan, it also provides a road-map for the completion of objectives.
These objectives link the company's long-term goals originating from the company's vision, mission, and values.