Perceived Benefits Scorecard Implementation -Myassignmenthelp.Com

Question: Discuss About The Perceived Benefits Scorecard Implementation? Answer: Introduction The Balance Score Card is one of the most widely used performance metric which are used in different commercial institutions, which is used as an inclusive tool in the operations framework of the companies. The main purpose of the usage of balance scorecard is to assess the overall performance of the concerned company and to identify the areas where improvements and modifications can be done based on the relevant data collected and analyzed with the help of the tool. This is done by dividing the operational framework of the company in four separate parts or legs under the balance score card, which are namely, the processes of business, customers, growth and learning and finance (Kaplan 2012). Evaluation of BSC as a measure of companys performances For any organization to maintain a stable growth and prosper sustainably it is of crucial importance to have track of its activities. The company thus needs a measure of its overall performances and the areas where it needs to emphasize and modify. The BSC, in this aspect, is one of the integrating measures of the overall performance of the company, which measures the performances of the concerned organization, not only in terms of financial prosperity and efficiency but also on an overall term, including the perspectives of the consumers, internal business operations (Madsen and Stenheim 2014). It also emphasizes on the aspects, which can be improved by the same for creation of greater value in future. It also helps in assessing the performances of the individual employees and their contribution to the profitability of the organization as a whole. However, there are several problems crops up while implementing the BSC method, especially in the current dynamic environment of global business framework, where the businesses experience dynamics in their operational framework daily. This high volatility in turn demands regular modifications in the BSC, which becomes a time and cost increasing activity on part of the organizations. There can also remain different perspectives in the operational framework of the organizations which cannot be assessed under the four broad categories designed under BSC, thereby making the evaluations using the BSC method incomplete and to some extent biased (Northcott and Ma'amora Taulapapa 2012). For instance, the recent concepts of corporate social responsibility, environmental contributions of the companies and others are highly overlooked in this method, but are of immense importance in the contemporary global business scenario. BSC in Non-profit/Public organizations In spite of its limitations, the Balance Score Card method still appears to be a comprehensive indicator for performance measurement of organizations in general and there remains several aspects, which asserts the need for implementation of the same in the non-profit or public organizations also. Success- Although these organizations are not profit oriented, however, the BSC can also help the same in categorizing their objectives and their performance in the same aspect. BSC can help them in determining their priorities and work according to the same. Promotion- With the help of a proper BSC, the companies can map the objectives and the goals of the same and the strategies taken to achieve the goals. This in turn can help these organizations to market their campaigns more attractive, thereby attracting interested people. Fund collection- The presence of BSC in these organizations, by helping them to demarcate their goals, missions and procedures can help the same to collect funds as the presence of clear strategic framework can help the same to attract serious donors (Nrreklit et al. 2012) References Kaplan, R.S., 2012. The balanced scorecard: comments on balanced scorecard commentaries.Journal of Accounting Organizational Change,8(4), pp.539-545. Madsen, D. and Stenheim, T., 2014. Perceived benefits of balanced scorecard implementation: some preliminary evidence. Nrreklit, H., Nrreklit, L., Mitchell, F. and Bjrnenak, T., 2012. The rise of the balanced scorecard! Relevance regained?.Journal of Accounting Organizational Change,8(4), pp.490-510. Northcott, D. and Ma'amora Taulapapa, T., 2012. Using the balanced scorecard to management performance in public sector organizations: Issues and challenges.International Journal of Public Sector Management,25(3), pp.166-191.