Discussion:
Use the balanced scorecard or another similar tool to recommend indicators and measurements that will tell you if the company is successful or unsuccessful in progressing toward your vision through execution of strategy.
A balanced scorecard presents organizational performance on four primary groups of measures:
1. Customer (external stakeholder)
2. Learning and Growth
3. Internal Process
You must develop a strategy scorecard that ties the performance of your business unit in these areas to its overall business strategy. The challenge you face is selecting 2-3 measures in each of the four areas that give a measurable and reliable indication of the business unit performance in the key activities that promote strategic fit, customer value, and sustained competitive advantage
Every organization has vision, mission and objectives. To achieve its vision a strategy has to be formulated so that the organization can arrive to its vision. An organization is very complex and thus to ensure that everybody works towards accomplishing its vision appraisals should be conducted. The balanced scorecard is ultimately about choosing measures and targets. By balancing the measures used in employee performance plans, the performance picture becomes complete.
A balanced score card comprises customer (external stakeholder).To meet the customers' needs the organization should ensure that its productivity is growing and steady this avoids delays and shortages to customers. The customer value is maintained. The product produced should be of the best quality thus ensuring that it places the organization at a competitive advantage than its competitors. The price should be favorable to customers this enlarges the market share. The organization should also engage in public responsibility such as conservation of environment.
Learning and growth to an organization's is the ability to innovate, improve, and learn ties directly to its value as an organization. This enables an organization to have the sustainability of changing and having room for improvements. To ensure that employees are not declared redundant they should personally develop by going for training. Promotion should also be given to employees.
Internal business processes ensures managers focus on those critical internal operations that enable them to satisfy customer needs. Key processes should excel well they should keep on reviewing their objectives as per customers demand. Relevant Policies should be adopted. Also balance between short range and long range goals of an organization. It ensures that all the activities taking place in an organization is in line with the vision thus strategically it's deemed to be fit.