Balanced Scorecard And Communication Plan Coursework (Coursework Sample)

NAME
UNIVERSITY AFFILIATION
INSTRUCTOR’S NAME
DATE
BALANCED SCORECARD AND COMMUNICATION PLAN
INTRODUCTION
Balanced scorecards are systems set in use for effective management of strategy in an organization. A balanced scorecard is operative on four perspectives which are; Financial perspective, Customer perspective, internal process and Organizational capacity. Each of this perspective has different measures which are aimed at adding value to the business.
A Manufacturing Scorecard
OBJECTIVES
Main objectives to be achieved by use of the score card are:
To enhance the performance of a business card.
To monitor performance of the business.
To monitor both internal and external communications within the business business
To identify the mission and vision of which a business holds to and key indicators used to evaluate the level of performance.
DISCUSSION
As mentioned above, a balanced scorecard has four operative perspectives. Each of these perspectives have different measures which are positioned to adding value to the business. These can be analysed as follows:
Financial performance:
Seeks to establish the effectiveness of business operations in terms of finances. This can be ascertained through the investment returns and profits earned from the lot (Lucco, 2017). Some of the measures to increase the financial performance would include: Among options such as adding IT managers, security team, and data and information supervisors to facilitate operations within the company. All these would be a liability in that the profits would be divided for some other uses. However, it would be more preferential to embrace the use of an effective management control platform that would aid in the gathering of information and use it to evaluate the performance of various organizational elements. Such would include, physical entities, financial entities, and strategies laid within the company(Langfield, 1997).
Use of effective risk assessment methods to curb the cost of any losses or incurred risk costs. Therefore, it would boost the financial performance of the company at large. In this case, qualitative risk assessment would serve perfectly to ensure all the attributes within the scorecard work towards positive revenue gain. These would also be effective in the sense that quality production of products with minimal losses incurred due to curbed risk situations. Therefore, a low overhead cost of production would be registered giving a bigger allowance for profits (Otley, 1999).
Customer perspective:
Seeks to establish how the customer needs and the level of customer satisfaction. Customer relations are also established through this perspective and used to enhance better ways of retaining and attracting customers. To evaluate the efficiency of this platform, customer feedback would be gathered through ratings and comments. These may be used to access the level of service offered and even the conformity of the goods to the customer needs (Lucco, 2017).
Internal service perspective
It is used to evaluate all business operations as conducted by the firm. This would, therefore, give a clear indication of how effective the whole business is at large. Performance indicators for this perspective would be the level of quality output in regard to skill input, and the quantity of production within a specific given time. Overheads incurred in production would generate a unit cost which would also significantly evaluate the level of success of the business. Organizational capacity would refer back to the business level of knowledge management, innovation of new ideas and products and the ability of the company to retain employees. Therefore, the scorecard gives a bigger view of the overall business performance and gauges its longevity in success. A key advantage of this concept is that it involves all individuals in the business at large and not specific stakeholders. It's also highly flexible which is a key advantage as it can easily adapt to changes (Lucco, 2017).
A qualitative risk assessment within the internal operations subjected by the proposition: The company's network framework is subject to high traffic in regards to the multiple operations taking place all at the same time. It, therefore, proves key to subject each level of operation under scrutiny to access if there is any possible risk likely to happen. Qualitative risk assessment works through what-if analysis of every procedure. What if an analysis is an effective form of risk assessment as it subjects each strategy or procedure to identify the possible threats and risks. It breaks down a process into basic units, therefore, a more comprehensive form of assessment. Countermeasures are formulated at the breakpoint of each strategy or procedure that seems to be prone to threat, vulnerability or exposure. As a result this would improve on the quality of products, servicing hence added value that would stipulate better financial performance.
COMMUNICATION PLAN
A synchrony of a superior Information system would also enhance the efficiency at which a scorecard achieves. Such would include;.ITIL ( Information Technology Infrastructure Library) an IT framework that seeks to enhance the effectiveness of business activities. Its main perspectives includes Service strategy, Service Design, Service Transition, and service operation. The service strategy main focus is on the development of strategies to boost the long-term operation of IT-based companies. Strategies mainly focused on include Portfolio management and Financial management. Service Design involves catalog management, service management, availability management, capacity management and security management (Itinfo, 2017)..
Service Transition refers to strategies set in place to handle changes that may arise along in the course of pursuing a business. Strategies mainly focused on by this include: change management, change evaluation, knowledge management, and deployment management. Service operation mainly aims at enhancing the level service quality being offered. Main functionalities under service operation include problem management, event management, identity management and application management (Itinfo, 2017).
Adopting proper management plans would also aid transmission of information within the company both internally and externally. This can be put across by the use of a System and Organization Control (SOC) would enhance the performance by availing a connection compatible with the level controls set for the network system. Its main functionality is based on Providing reports on internal controls of the system; the reports are of great significance to the users as it would be used to assess the efficiency of the current system and any risks that may arise from the latter. It also facilitates internal auditing of the system in place hence offering a better way to compare and address threats that may be related to a service that has been externally outsourced. In these case, the level of information security of all operations executed within the network will be well enhanced (Langfield, 1997).
CONCLUSION
In comparing Scorecard to ITIL IT framework, they pose lots of similarities in their functionali...