Balanced Scorecard Module Research Assignment HIS391

Balanced Scorecard Module
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Balanced Scorecard Module
The basic principles of Kaplan and Norton balanced scorecard model have become influential for many organizations. The balanced scorecard concept helps organizations develop effective strategies from four different points of view. The four quadrants include the financial perspective, customer, innovation and learning and internal processes (Perkins, Rey & Remmers, 2014). The balanced scorecard integrates both long and short-term financial and non-financial performance metrics. Financial performance is the most important element used to measure the overall performance of the organization (Perkins, Rey & Remmers, 2014).
Two basic approaches to improve the organizations' financial performance include, improving productivity and the organization's revenue growth. The organization can review strategies to generate additional revenues; these include expanding the relationship with customers to sell additional products or offering after sales services (Perkins, Rey & Remmers, 2014). The organization can think of introducing new products to specific groups of people or look for new markets in different geographical locations (Edmonds et al., 2016).
Improving productivity means, the organization can reduce the cost of production; this can be possible by either lowering the expenses that are directly or indirectly affect production. The organization can effectively utilize its assets (Perkins, Rey & Remmers, 2014). The benefits associated with improving the organization performance can be visible with different periods. Cost saving strategies in the operation process may deliver faster results within 12 months (Perkins, Rey & Remmers, 2014).
Many organizations strive to improve its performance through customer satisfaction, customer retention, and its market share. Improving customer experience will greatly depend on which strategy the organization adapts (Perkins, Rey & Remmers, 2014). Fo...