exclusivepapers.com
Sales Toll Free:
chat off
Home > Sample Essays > Economics > Balanced Scorecard > Buy essay
← Business Communication Macroeconomics Report →
Live Chat

Custom Balanced Scorecard essay paper writing service

Buy Balanced Scorecard essay paper online

Balanced scorecard is  management strategic and planning system used mostly in organizations to align activities of the business to its vision strategy, improvement of  both internal and external communication and monitoring the organization’s performance against strategic goals.it enables the organization to translate into action their vision and strategy. Using the balanced scorecard, feedback regarding external outcomes and internal business processes used in improvement of strategic performance and results can be provided.

CASE A

Tri-cities community bank categorized each of the measures into the four balanced scorecard perspective as follow;

LEARNING/GROWTH

INTERNAL BUSINESS PROCESSES

CUSTOMER SERVICE

0
0
DAYS
:
0
0
HOURS
:
0
0
MINUTES
:
0
0
SECONDS
Discount Code

FINANCIAL

 

Order now
  • Employee turnover
  • Employee satisfaction
  • Employee training hours
 
  • New loans created
  • New accounts
  • New products introduced
  • Cross-cells
  • Referrals
 
  • Thank-you calls/cards to customers
  • Customer retention
  • Customer satisfaction
  • Sales calls to potential customers
  • Number of new customers
 
  • Number of products per customer
  • Loan balances
  • Deposit balances
  • Non-interest income

Learning and growth perspective looks at how the bank can continue to make improvements and create value. Employees are the main resource hence the need to have a knowledge-worker company and company cultural attitudes geared towards employee and company self-improvement.it Includes employee satisfaction, employee turnover, and cross-cell referrals.

Internal business processes perspective looks at what the bank must excel at. This identifies processes that need to be improved or introduced so as to meet the objectives of the customer and financial perspectives. These are like creation of new products, new accounts.

Customer perspective looks at how the customer perceives the business. The bank need to determine how they can add value for customers and deliver products and services tailored to their customer’s need.it is also important to identify key customers and segment the market. The measures for this perspective were customer retention, customer satisfaction, number of new customer.

Financial perspective looks at getting shareholders for the company and also aims at establishing a casual chain that will result in improved performance on the financial objectives. The measures for this were loan balances, on interest income and deposit balances. 

Casual chain explanation: if employees receive training in customer service and product knowledge, this will act as a motivation to the TCCB employees as they will be more knowledgeable about the full range of products they sell and their sales effectiveness improves. They will be able to have high quality interactions with customers hence creation of new accounts form the increase in the number of new customers. Creation of new accounts increases noninterest rate income and provide s the basis for growth in deposit and loan balances.

Figure 2

Casual chain explanation: if employees are trained in banking knowledge, customer service, efficiency in sales and product profitability, there will be a reduction in numbers of employee turnover.TCCB will have knowledgeable employees who can provide better customer service and good interactions with existing customers. Employees will be able to ascertain the needs of customers, hence making quality referrals and cross-sell proposals to customers. Customers will be more satisfied and choose to continue banking with TCCB.increased referrals or cross-sales increases noninterest income and provide the basis for growth in deposit and loan balances.

The balanced scorecard implementation had varying effects in the different branches as show in the below table.

Branch Performance on Key Financial Indicators

Branch

Loans 01

Deposit 01

Income 01

Loans 00

Deposit 00

Income 00

A

39.3

85.1

476

35.9

77

411

B

58.1

104.5

428

49.7

101.4

399

C

63.7

136.3

529

56.1

124

474

D

46.7

93.1

291

45.1

86.7

276

E

54.4

109.3

343

53.9

108.2

344

F

42.9

87.5

345

41.9

88.5

335

G

64.5

115.2

498

64.5

114.8

477

H

33.2

78.2

230

32.7

77.8

233

I

51.1

93.7

293

50.8

91.6

280

J

71.2

150.8

589

68

145

571

The branches that used the balanced scorecard as a performance measurement recorded remarkable improvement in financial indicators from year 2000.example Branch An income increased from 411 in 2000 to 476 in 2001.branches that adopted the balanced scorecard as a routine policy recorded slight improvement in the financial indicators for example branch I loans in 2000 was 50.8 and in 2001 it improved slightly to 51.1.

CASE B

Summary of interviews

BRANCH

EMPLOYEES FEEDBACK

A

Employees believed that the BSC was aimed at clarifying strategy and improving branch goals. Employees were motivated to meeting targets by having cash bonuses like $1000 to the best performer

B

Some employees believed BSC was to measure progress in performance and encourage better performance. There were rewards for outstanding performances like one year-end bonuses, promotions and raises.

C

To these employees, BSC aimed at promoting teamwork among employees. The manager gave room for feedback from employees on implementation of the BSC. There were incentives for employees when targets were met like throwing a party. Some employees believed that it is impossible to achieve some measures.

D

Employees had to determine which measures were important to the company and include them in the scorecards. There were incentives to employees who achieved goals like $ 50 each month for individual goals met.

E

Employees said the BSC was used to compare their performance with others. They were not involved in the implementation of the scorecard in their branch, and neither did they get any explanation from their management on the objective of the scorecard to their branch.

Each manager of these branches brought his or her own individual style to the implementation of the balanced scorecard.It Was the responsibility of each manager to motivate and involve the employees in this process. This reflected on the performance and implementation of the scorecard in the above branches.

A balanced scorecard is useful as a center of a company’s strategic management system. For the bank to use and implement the process successfully there is a  need to;

  • Communicate the plan and have an efficient approach for monitoring its implementation.
  • Having an engaged leadership where there is communication and management of change in the process. This is evident from the branches that had their managers engaging them in the process.
  • Tying performance to rewards and recognition, as this will make the strategy actionable for the employes,this also leads to behavior changes needed for high performance. This is evident from the branches that gave incentives like $1000 for best performer. Throwing parties.
  • Having performance targets that will enable the bank measure important indicators and be able to track results toward the achievement of strategic goals.

Buy Balanced Scorecard essay paper online

Buy essayHesitating

Related essays

  1. Macroeconomics Report
  2. Relationship between Entrepreneurship, Innovation and Economic Development
  3. Apple versus Samsung
  4. Reasons Organization Change
  5. Merger, Acquisition, and International Strategies
  6. Business Communication
  7. Business Process Analysis
  8. Tangible and Intangible Benefits
  9. Managerial Economics Assignment
  10. Business Model
What our customers say?
 
  • We accept:
  • Paypal
 

15% off your first custom essay order

Order now

PRICES
from $12.99/PAGE

X