Comments on: The Balanced Scorecard http://www.moodyformayor.com/the-balanced-scorecard.html Business News Fri, 22 Jan 2010 13:26:40 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: CHARLIEBROWN http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-63 CHARLIEBROWN Fri, 22 Jan 2010 13:26:40 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-63 It's a management system that enables the effective strategic management of a company, based on four key aspects: 1. People creativity 2. Process control 3. Customer satisfaction 3. Financial performance How does it work? Imagine you're starting a new company. First, you need people who have talent, energy, creativity. Next, you need processes to channel all that talent, energy and creativity into products and services that are wanted by customers. Then, you need to ensure that customers are HAPPY with your products and services. If they return to you (i.e. repeat customers), then they are satisfied. Finally, as more and more customers return to you, then your business will be doing fine financially (and your banker will definitely be happy that you learned and mastered the Balanced Scorecard concept!). Note: the balanced scorecard can apply to a career as well. You need to have knowledge, talent and creativity -- and continually develop them. You need to have processes for ensuring the high quality of your services to your boss and other employees and external customers. You need to make sure your "customer" (boss) is happy with your work. It's a management system that enables the effective strategic management of a company, based on four key aspects:

1. People creativity
2. Process control
3. Customer satisfaction
3. Financial performance

How does it work? Imagine you're starting a new company.

First, you need people who have talent, energy, creativity.

Next, you need processes to channel all that talent, energy and creativity into products and services that are wanted by customers.

Then, you need to ensure that customers are HAPPY with your products and services. If they return to you (i.e. repeat customers), then they are satisfied.

Finally, as more and more customers return to you, then your business will be doing fine financially (and your banker will definitely be happy that you learned and mastered the Balanced Scorecard concept!).

Note: the balanced scorecard can apply to a career as well. You need to have knowledge, talent and creativity — and continually develop them. You need to have processes for ensuring the high quality of your services to your boss and other employees and external customers. You need to make sure your "customer" (boss) is happy with your work.

]]> By: zuse1000us http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-59 zuse1000us Fri, 22 Jan 2010 05:15:15 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-59 I was about to pose a duplicate question myself - I'm interested to see the responses. I was about to pose a duplicate question myself – I'm interested to see the responses.

]]> By: kkarekk http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-64 kkarekk Fri, 22 Jan 2010 02:58:41 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-64 Perhaps one of the most significant features in Starbucks is the job title ‘Director Customer Feedback Systems’ Wendy Collie has the job of ensuring that the customer piece has to be integrated into everything that Starbucks does. This has helped them shift from a product driven to a service driven company. Howard Behar, who runs the retail operations has stated that "We’re not in the coffee business serving people. We’re in the people business serving coffee." Deborah Hauck, Vice President Markets and Products, stresses that partners have to do whatever it takes to make customers happy –just say yes! In the past, partners were rewarded for financial results but they have now developed a balanced scorecard to include the customer focus elements. Bradley Honeycutt, Vice President HR Services International, looks for new employees with a customer service bent or passionate with vitality and drive – the ability to get excited. To make certain that they understand the product that they are offering, the partners are each given a pound of free coffee every week. Perhaps one of the most significant features in Starbucks is the job title ‘Director Customer Feedback Systems’ Wendy Collie has the job of ensuring that the customer piece has to be integrated into everything that Starbucks does. This has helped them shift from a product driven to a service driven company. Howard Behar, who runs the retail operations has stated that "We’re not in the coffee business serving people. We’re in the people business serving coffee." Deborah Hauck, Vice President Markets and Products, stresses that partners have to do whatever it takes to make customers happy –just say yes! In the past, partners were rewarded for financial results but they have now developed a balanced scorecard to include the customer focus elements. Bradley Honeycutt, Vice President HR Services International, looks for new employees with a customer service bent or passionate with vitality and drive – the ability to get excited. To make certain that they understand the product that they are offering, the partners are each given a pound of free coffee every week.

]]> By: soojing http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-61 soojing Thu, 21 Jan 2010 04:25:20 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-61 search from google search engine. go to : http://www.google.co.uk/ search from google search engine. go to :

http://www.google.co.uk/

]]> By: Tom Hagen http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-60 Tom Hagen Wed, 20 Jan 2010 09:54:09 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-60 Dear sir : about your question , you have 2 parts : 1- How the interact , i think you may find about that in http://www.bexcellence.org/balanced-scorecard.html 2- How to balance : its simple after you have determine your Goals for every area , and how to Measure the Targets and achievements , calculate the cost for each area ( by analyzing each activity )and try to make them equal. Dear sir :
about your question , you have 2 parts :
1- How the interact , i think you may find about that in http://www.bexcellence.org/balanced-scorecard.html

2- How to balance : its simple
after you have determine your Goals for every area , and how to Measure the Targets and achievements , calculate the cost for each area ( by analyzing each activity )and try to make them equal.

]]> By: Luckystar65 http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-65 Luckystar65 Tue, 19 Jan 2010 10:37:54 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-65 By: michimex m http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-62 michimex m Tue, 19 Jan 2010 09:57:05 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-62 It is the best ways to manage organization instead of using financial only It is the best ways to manage organization instead of using financial only

]]> By: goodcharacter http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-57 goodcharacter Tue, 19 Jan 2010 07:22:39 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-57 A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton. They named this system the 'balanced scorecard'. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective. The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise. Kaplan and Norton describe the innovation of the balanced scorecard as follows: "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation." The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives: The Learning and Growth Perspective The Business Process Perspective The Customer Perspective The Financial Perspective CC A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton. They named this system the 'balanced scorecard'. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective.

The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.

Kaplan and Norton describe the innovation of the balanced scorecard as follows:

"The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation."

The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives:

The Learning and Growth Perspective
The Business Process Perspective
The Customer Perspective
The Financial Perspective

CC

]]> By: K P http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-58 K P Tue, 19 Jan 2010 06:39:31 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-58 This is O.K. Your job is to show shareholders that you are and you will succeed financially. You get the objectives, measures, targets and initiatives whichever is present in annual report. Regards This is O.K. Your job is to show shareholders that you are and you will succeed financially. You get the objectives, measures, targets and initiatives whichever is present in annual report.

Regards

]]> By: Insurance references http://www.moodyformayor.com/the-balanced-scorecard.html/comment-page-1#comment-56 Insurance references Tue, 19 Jan 2010 06:17:46 +0000 http://www.moodyformayor.com/the-balanced-scorecard.html#comment-56 Nice Video. Check out TubeViews (dotnet) If you need your video exposed, It has really helped me a bunch. Be blessed! that is very awesome i love this Nice Video. Check out TubeViews (dotnet) If you need your video exposed, It has really helped me a bunch. Be blessed!

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