Module 2 balance scorecard

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nsebchax

Business Finance

Description

The Balanced Scorecard is commonly used to help organizations track their performance and identify areas of weakness. It helps organizations to align their performance measures with their goals and strategic plans. The Balanced scorecard allows companies to move away from relying solely on financial measures, which effectively improves managerial decision making.

The Balanced Scorecard framework consists of four perspectives:

  • Financial: measures that address profitability growth and revenue, cost reduction, product mix, asset utilization, productivity, and investment strategies.
  • Customer: measures that address customer satisfaction and requirements including customer satisfaction ratings, customer retention, responsiveness and reliability, new customer acquisition, customer profitability, and customer-valued attributes.
  • Internal Business Process: focuses on the most important internal business processes of the company including new product development, quality, flexibility, time-based measures, and innovative elements of processes.
  • Learning and Growth: focuses on the organization's systems, people, and external environment; this includes enhancing information technology, training and retaining employees, employee safety, and environmental and health sustainability issues.

This week for your design strategy project, you will be defining your organization's strategy and completing a Balanced Scorecard.

In a minimum of 3 pages, you will need to do the following:

  • Describe how your organization should appear to your stakeholders in order to succeed financially.
  • Describe how your organization should appear to customers in order to achieve your vision.
  • Describe what business processes that your organization must excel at in order to satisfy both your shareholders and customers.
  • Describe how your organization will sustain your ability to change and improve.
  • How does ethics and ethical issues impact stakeholders and customers? What measures will you employ as CEO to ensure that your organization maintains good ethical practices?
  • Now that you've outlined your strategy, click on the following link and use the Excel template to translate your strategy to a balanced scorecard
  • Make sure to write your paper utilizing proper APA formatting guidelines, and to include an APA formatted title page.
  • *Note: You will need to submit both your essay and Balanced Scorecard Excel spreadsheet to the drop box as separate attachments.

Unformatted Attachment Preview

Balanced Scorecard Templat Perspective Financial To succeed financially, how should we appear to our stakeholders? Customer To achieve our vision, how should we appear to your customers? Internal Business Processes To satisfy our shareholders and customers, what business processes must we excel at? Learning & Growth To achieve our vision, how will we sustain our ability to change and improve? Scorecard Template Objective Objective 1 Objective 2 Objective 3 Objective 4 Objective 5 Objective 6 Objective 7 Objective 8 Objective 9 Objective 10 Objective 11 Objective 12 ate Measure Example Objective: Improve customer satisfaction by delivering on schedule within the promised time frame. Measure: - Survey of customers' scoring company's performance. - The number of times a delivery was refused. SCM COLLABORATION STRATEGY SCM Collaboration Strategy Tashara Cooper Rasmussen College 2 SCM COLLABORATION STRATEGY SCM Collaboration Strategy Foodily is a company which specializes in food products processing. It also delivers packaged foods to clients in over 12 states in the United States. The goal is to ensure that products ordered from Foodily by our clients get to them in the shortest time possible. Customers place orders for products from our website, they will then be sorted out and shipped to the customers designated location. The payment is also online via credit card processing services. Most importantly however, is the aspect of supply chain collaboration management. The following is the supply chain collaboration strategy for Foodily .Inc. To ensure that Foodily delivers its promises to clients in time, there are various teams that will be required both internally and externally. Internally, there will be the information technology team who will be charged with ensuring that the web interface is up to date with all relevant details. There will also be a customer care team who will be checking on clients to confirm orders, and help them if they have any issues. Thirdly, the dispatching team will be needed to process the orders as received from the website. Externally, Foodily will collaborate with logistic companies specializing in moving food, and food products from one location to another. It will also require a team of warehouse operators. This is because the company seeks to be established in 12 states, and must have fulfilment warehouses in these places. Lastly, a promotion company would be needed to get the message across to potential clients about our services. In doing so, some of the best practices from both Wal-Mart and Amazon will be utilized. For instance, Walmart has distribution centers across different places in the US and abroad (Nash, 2017). The strategy is used to ensure that the orders placed by customers over their online 3 SCM COLLABORATION STRATEGY platforms are fulfilled in good time. On the same note, Amazon uses the Amazon Order Fulfilment Centers (Trebicock, 2013). This allows them to ensure that customers’ orders are not delayed. More so, the Amazon technical department has enhanced the supply chain by using robots to handle packaging of orders. Hence, using their experience would push the Foodily to early success. With the teams in place, there will be a need for instant communication. First and foremost, proper communication will ensure that things are done when and how they should be done. This reduces cases of wrong orders being delivered to Foodily clients. Hence, coordination between the organizations pertinent to the supply chain of the company will be integrated. Through communication integration, it will be easier to solve queries which may be posted by different participants hence ensure that there is smooth flow of activities. I addition to this, proper communication will aid in solving customer queries on matters of supply chain (Oxford College, 2017). Since the clients will be ordering products through the online platform, they will be notified of the progress of their orders. This is because proper communication reduces chances of losing clients. Therefore, the automated order tracking technology will be employed, with options for clients to communicate with customers regarding the same. Lastly, communication plays an important role in decision making. There will be decisions to be made and proper communication will provide enough information to make the best decision. On top of this, it is imperative to develop high levels of trust among all players in the supply chain. Without trust, it will be burdensome for the management to work with other stakeholders, which will affect negatively the company’s desire to deliver products promptly. The openness brought by high levels of trust allows people to have constructive criticism as well. 4 SCM COLLABORATION STRATEGY This will bring positive change in the company as each team will be better over time. It also means that teamwork will be enhanced. Encouraging people to stay united, teamwork will be boosted. Essentially, teamwork requires that individual teams work with other teams without competing for the better of Foodily. To ensure that inter-team competition does not happen, equal attention will be given to all teams and they will be involved in decision making. This will ensure that there is unity of purpose and push the company to future success. To ensure that teams live up to their expectations, I would encourage them to air any issues that they may have with each other. In business, airing issues helps to solve conflicts. In Foodily, there may arise issues between teams and individuals. If that happens, communicating them in time will go a long way to prevent aggregation. In addition, I would introduce measures to curb indiscipline in terms of communication breakdown. Sabotaging employees will be faced with disciplinary measures. This ensures that they observe the laid down rules of engagement and hence, contribute to the success of Foodily. In conclusion, Foodily’s SCM Collaboration strategy will require several players. First, there will be the internal teams who include order processing teams and technical teams, the customer service teams and the accounts team. There will also be the external teams who will aid in getting commodities to the customers in good time. These include the logistic companies, marketing and packaging companies. Ensuring a harmonious existence between these teams will bring the company success through effective communication as expounded above. 5 SCM COLLABORATION STRATEGY References Nash, K. (2017, May 17). Wal-Mart Builds Supply Chain to Meet E-Commerce Demands. Retrieved from Wall Street Journal: https://www.wsj.com/articles/wal-mart-buildssupply-chain-to-meet-e-commerce-demands-1431016708 Oxford College. (2017). Why Communication Is Key To Supply Chain Success. Retrieved from Osford College of Procurement and Supply: https://www.oxfordcollegeofprocurementandsupply.com/why-communication-is-key-to-supplychain-success/ Trebicock, B. (2013, July 13). Online Retailer Amazon is Changing the Rules of the Supply Chain Game. Retrieved from Supply Chain 247: http://www.supplychain247.com/article/online_retailer_amazon_is_changing_the_rules_of_the_ supply_chain_game/Tompkins_International 6 SCM COLLABORATION STRATEGY
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Explanation & Answer

Attached.

Running Head: BALANCE SCORECARD

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Balance scorecard
Name
Institutional Affiliation

BALANCE SCORECARD

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Balance scorecard
The main goal and objective of Foodily as a company, are to ensure that the orders being
made by our customers through our online platform are satisfied on time and to the expectations
of our customers. In order to achieve this, we need to come up with a better strategy that will
help us satisfy our customers to the fullest and also make us as a company achieves our goals and
objective. In order to do so, the following is the main strategies that will enable us as a company
achieves our objectives:
Financial
Foodily as a company, we want to establish various stores in twelve different states in the
United States. This means that we will be able to attract and also serve a lot of customers not
only in our original state but in other states to. Just like other company that is associated with
food delivery such as McDonald, we will also utilize the same concepts utilized by this company
in order to maximize our profits at all times (Gibson et al., 2017). Also, another important aspect
that will enhance our profit making as company is that, apart from the physical stores that allow
the customers to come in and order their food themselves, we are also utilizing an online
platform that allows the clients to order food from different place such as at work, at home, at
school and mush more and thus with this we will make sure that the customers have received
their orders at the right time which is a method that will always attract more and more customers
especially those who are very busy and cannot visit our physical stores but want to taste our
delicious meals.

BALANCE SCORECARD

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Customer
Because our company deals with food products and usually food products tend to expire
or maybe may end being d...


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