Business Studies
Discussion must be in current APA format and must include a reference list. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105 There needs to be 2 scholarly references (2017-2022) and 1 biblical references from the King James bible in the paper Minimum of 275 words Current APA format must be used. • Compare/contrast the findings of others with your research. • Compare how the findings of others relate/add to the concepts learned in the required readings. • Share additional knowledge regarding the key topic that relates to the thread.
Discussion to Reply to:
Key Concept Explanation
The balanced scorecard is developed from an organization’s vision and strategy; it examines an organization’s performance from four perspectives: financial, customer, internal business process, and learning and growth (Bawaneh, 2019). The financial perspective focuses on measures of financial performance to indicate organizational strategy implementation (Bawaneh, 2019). The customer perspective focuses on the customer and market (Bawaneh, 2019). The internal perspective focuses on internal business activities that are critical to meeting customer and financial objectives (Bawaneh, 2019). The learning and growth perspective focuses on identifying the processes that an organization must develop to create long-term growth and improvement; this perspective typically focuses on people, systems, and organizational procedures (Bawaneh, 2019). The main purpose of the balanced scorecard is to collect information to enable organizations to focus on organizational objectives (Bawaneh, 2019). The scorecard can help create suitable processes to compare and improve organizational performance (Bawaneh, 2019). While reading the assigned chapters, interest was cultivated in the use of balanced scorecards to help organizations measure and improve processes to facilitate organizational success.
Comparison
Meredith and Shafer (2020) primarily look at the balanced scorecard as a process monitoring tool, as a way for organizations to monitor their success; however, through research, it was observed that not only is it a process monitoring tool, but it is also a tool to improve and drive continuous process improvements. Each of the chosen articles discuss the importance of the balanced scorecard and how its implementation seeks to define and improve the organization’s strategy and processes. Sushil (2017) confer that the balanced scorecard converts strategy into action. Lueg and Carvalho e Silva (2021) look at the balanced scorecard from not only a process monitoring standpoint but also as a way to improve organizational processes; the study noted improved communication, creative conflict, and strategy alignment when utilizing the balanced scorecard (Lueg & Carvalho e Silva, 2021). Bawaneh (2019) looked at the balanced scorecard from a similar viewpoint as Meredith and Shafer (2020), as a way to monitor performance. Quesado et al. (2018) support the notion that the balanced scorecard is more than just a simple measurement tool. Quesado et al. (2018) confer that it is a strategic management tool that fosters communication processes, strategic alignment, organizational learning, and overall process improvements. Quesado et al. (2018) suggest that it represents a balance between external measures related to shareholders and customer, and the internal measures that are related to processes such as innovation, learning, and growth. Through researching it is clear that although the balanced scorecard is a great tool to monitor organizational performance, it can also serve as a tool that drives process improvement; when organizations realize the need for improvements it can help drive those improvements.
Article Summary
The chosen article focuses on the motives behind companies utilizing the balanced scorecard, as well as if those motives have an effect on the balanced scorecard design, organizational fit, and consequences (Lueg & Carvalho e Silva, 2021). The article also provides a well-rounded analysis of the balanced scorecard. Lueg and Carvalho e Silva (2021) note a key benefit of using the balanced scorecard is the introduction of non-financial key performance indicators which help expand organizational thoughts and strategies beyond the organization’s short-term financial performance. The balanced scorecard has become a very popular tool in the last 30 years because it helps organizations link their short-term performance targets with their long-term strategic goals by assessing non-financial and financial processes (Lueg & Carvalho e Silva, 2021). The study utilized semi-structured interviews with organizations to analyze motivations for adopting the balanced scorecard approach. The surveyed organizations noted these motives for utilizing the balanced scorecard: managing strategy, managing organizational change, having an effective and condensed strategic planning and management system, top management preference, and the use of the balanced scorecard being popular (Lueg & Carvalho e Silva, 2021). The authors found that motives were both rational and social for using the balanced scorecard (Lueg & Carvalho e Silva, 2021). The authors note that the motives for utilizing the balanced scorecard had a significant effect on the design and organizational fit of the organization’s balanced scorecard (Lueg & Carvalho e Silva, 2021). Some organizations opted for a more traditional approach to the balanced scorecard while some took a more customized and innovative approach. The consequences of the balanced scorecard and the perception of the results depended widely on the way each organization defines performance (Lueg & Carvalho e Silva, 2021). The organizations that were motivated by rational reasons for utilizing the balanced scorecard noted improved communication, creative conflict, and strategy alignment (Lueg & Carvalho e Silva, 2021). The organizations that were motivated by social reasons noted improved transparency and culture (Lueg & Carvalho e Silva, 2021). All organizations surveyed noted improved communication (Lueg & Carvalho e Silva, 2021).
Biblical Integration
Scripture is always pointing to the Lord and encouraging people to improve to be more like Christ. In the same sense, the balanced scorecard is pushing organizations to establish goals and monitor and test their processes in order to improve their organizations, meet their critical success factors, and be successful. 1 Thessalonians 5:21 states “But test everything; hold fast what is good” (English Standard Bible, 2001/2016). Proverbs 21:5 states, “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty” (English Standard Bible, 2001/2016). The balanced scorecard can also help organizations focus on other goals besides focusing on financial goals and profits. This could relate to when the Bible calls us to “be on your guard against ever form of greed” (English Standard Bible, 2001/2016, Luke 12:15). When organizations use the balanced scorecard to assess their customer value and better meet their customer needs it is looking to the interest of others. “Let each of you look not only to his own interests, but also to the interests of others” (English Standard Bible, 2001/2016, Philippians 2:4).
Application
The balanced scorecard has been utilized in many organizations in the past and is still widely used in organizations today. It has been used to help organizations translate their strategic goals into a set of performance objectives that can be measured, monitored, and changed when necessary to achieve organizational goals (Quesado et al., 2018). Examples of companies that have utilized the balanced scorecard to help achieve organizational success are Apple and Verizon. Apple developed and utilized a balanced scorecard to concentrate on a strategy that would help expand their discussion beyond financial measures and focus more on innovation (Mohammed et al., 2020). Verizon took a slightly different approach to utilizing the balanced scorecard; they developed and utilized a balanced scorecard to determine their goals and transform their HR department to meet organizational objectives (Juncu, 2020). Verizon sought to link its HR activities to productivity, product cycle times, sales, and other metrics (Juncu, 2020). Therefore, they chose the balanced scorecard which enabled them to determine their HR goals and refine their strategy in order to achieve success. Both of these companies show the versatility of the balanced scorecard and how its use can help organizations align their strategic goals and processes in order to achieve success.
ANSWER
Balanced Scorecard
Response
A balanced scorecard is integral to the financial development and objective of any institution. Not only does it entail a quantitative analysis of the performance of the company, but it also highlights metrics that analyze the internal functions of the business (Aryani & Setiawan, 2020). This helps in improving areas that need development and maximizing output, thus enhancing the success of the business. Choosing Apple as one of the organizations that utilized the functions of the balance score card was an excellent choice. Indeed, using the balanced scorecard help, the company understand the changing dynamics of the consumer market gap (Aryani & Setiawan, 2020). It enabled Apple to improve innovation to suit the needs of their customers and not just gain finically. Another company that utilizes the balanced scorecard is Volkswagen (Benková et al., 2020). This enabled the company to be a global competitor by understanding its internal operations and identifying strengths that could be transferred to its operations and compete on a global level.
The Bible clearly highlights the importance of embracing a balanced scorecard in one’s personal life. 2nd Peter 3:17 states, “You, therefore, beloved, since you know this beforehand, beware lest you also fall from your own steadfastness, being led away with the error of the wicked.” Embracing balance can be attained through personally analyzing one’s life and identifying areas of weakness that might serve as a temptation to deviate from the ways of the Lord. By doing so, it enables a person to be steadfast and strong in faith, unshaken by any external forces. It enables the follower of Christ to live a righteous life and embrace the ways that were given to man as stipulated in the Bible.
References
Aryani, Y. A., & Setiawan, D. (2020). Balanced scorecard: Is it beneficial enough? A literature review. Asian Journal of Accounting Perspectives, 13(1), 65-84.
Benková, E., Gallo, P., Balogová, B., & Nemec, J. (2020). Factors affecting the use of balanced scorecard in measuring company performance. Sustainability, 12(3), 1178.
The New King James Version
