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ACC302 Balanced Scorecard For Communicate Their Overall Objectives

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  • Course Code: ACC302
  • University: Australian Institute Of Higher Education
  • Country: Australia

Questions:

Write a report addressing the following questions:
 
1. Select a company that has adopted and implemented the balanced scorecard.
2. Outline the long-term goals of the company and define the groups of stakeholders or clients for the selected company.
3. Choose suitable perspectives that could be used as part of a balanced scorecard, and develop specific objectives for each perspective.
4. Develop a strategy map to show the relationships between the different objectives.
5. Indicate KPI’s and KPD’s (lead and lag indicators)
6. Based on the academic/professional literature, provide a critical analysis of the issues concerning the implementation of the balanced scorecard.
 
 

Answer:

Introduction

The business management is not an easy task and in order to achieve long term success, it becomes considerably important for the managers to deploy various strategic tools which will assist them to assess the overall performance of the firm (Valmohammadi, and Ahmadi 2015). One such tool is the balanced scorecard tool.  The balanced scorecard tool can be stated to be a strategic planning and management system which the different organizations often make use of in order to communicate their overall objectives, align the day to day work in line with the strategy of the firm, prioritize the products as well as services and measure the progress which is made by the firm (Agrawal, Singh and Murtaza 2016). The company chosen for the purpose of the report is the Woolworths which is a supermarket firm as based in Australia. The organization is a leader in the market and makes considerable use of the strategic management tools in order to ensure that it is successfully able to achieve its goals and maintain its competitive positioning in the market. The report will analyze suitable perspectives for the balanced scorecard and present the key issues which come up in regard to the use of the Balanced Scorecard.

Analysis and Discussion

About the firm

Long term goals of the firm

  • To develop a customer centric culture
  • To ensure that they are able to enhance their overall operational model
  • To engage in a strong relationship with their employees (Woolworths.com.au 2018).

Stakeholder group

The different stakeholder groups which Woolworths caters to are as follows:

  • Customers: The customers are the primary stakeholder group of the company and to satisfy the customers can be stated to be the ulterior objective of the organization.
  • Employees: The employees are another stakeholder group which the firm would be required to satisfy so as to ensure long term success (Keyes 2016).
  • Public: The public can be considered to be another stakeholder group which is served by the Woolworths.
  • Government: The organization has to follow various rules and regulations as set by the Government.
  • Investors: The investor group can be stated to be another crucial stakeholder group which the firm caters to. 
 

Suitable perspectives which can be used for a Balanced Scorecard

Like any other organization, even Woolworths makes use of the four different perspectives of the balanced scorecard and tends to ensure that financial stewardship, customers and investors, internal procedures and the organizational capacity to grow well are analyzed. However, one suitable perspective which can be used by the Woolworths in order to analyze its operations can be stated to be the aspect related to Employee satisfaction. Although the organization makes use of the customers and the Stakeholders perspective, it needs to be understood that the perspective often just caters to the needs of the customers of a firm and does not take into consideration the perspective of the employees specifically (Hansen and Schaltegger 2016). The employees tend to form a crucial part of the different supermarkets and with respect to this it becomes considerably important for the employees to be at their best behavior as their behavior will determine the overall sales as made by the organization and in the same way. Hence, one of the perspectives which can be added can be the Employee performance and satisfaction.

In addition to this, Woolworths also needs to concentrate on the aspect related to the Innovation and Development. The Innovation and Development forms a crucial part of any organization and with respect to this, Woolworths, in addition to the four Balanced scorecard perspectives already used, can make use of the Innovation and Development aspects whereby creativity is infused within the organization and the different employees are allowed to provide their input and lead to an overall development of the firm at large (Martello, Watson and Fischer 2016).

Specific objectives for Employee Performance and Satisfaction

  • To ensure high levels of employee satisfaction in the organization.
  • To reduce the employee turnover rate by 10% annually
  • To improve employee productivity by 10%

Specific objectives for Innovation and Development

  • To ensure that the employee participation in the current operational decision making increases by 10% over the next six months.
  • To ensure that the customer satisfaction with respect to productivity increases by 10% in the span of one year
  • To ensure that the overall sales of the firm increases by 5% in the coming year.

Strategy Map

The given strategy map will show the overall relationship between the different objectives under the two added perspectives of employee performance and satisfaction along with the Innovation and Development

Perspectives

Objectives

Employee Satisfaction and Performance

 

Innovation and Development

 

The above strategic map reflects upon the relationship between the different objectives of the firm and ensures that an organization like the Woolworths is able to achieve success in the long run.

KPI`s and KPD`s

Perspectives

Lead Indicators

Lag Indicators

Employee Satisfaction and Performance

Increase in the employees hired

Decrease in the employee turnover

Amount spent on turnover of employees

Number of employees parting away with the organization.

Innovation and Development

Alignment with the organizational goals

Availability of innovative ideas

Revenue earned per employee

Annual sales

Critical analysis of the key issues in regard to the Balanced Scorecard

The use of the Balanced Scorecard is not easy in an organization and with respect to this, it can be largely understood that, various firms often find the use of the balanced scorecard a difficult tool because of a large number of reasons. According to Cooper,  Ezzamel and Qu (2017), one of the most critical problems as faced in the use of the balanced scorecard can be stated to be the poorly defined metrics. Although the Metrics of the firm are quite comprehensive in nature, they are not defined adequately and hence, they do not serve as an exact measure of performance of a firm. The second issue with the Balanced scorecard as per Akkermans and Van Oorschot (2018) is that there exists a lack of adequate efficient data and collection method. Some of the objectives as laid down in the balanced scorecard relate to that of pure qualitative in nature and hence, becomes difficult to assess. Another shortcoming of the tool is that it focuses totally on the internal factors whereas an organization might suffer certain consequences lying in the external environment as well.

Conclusion

Therefore, from the given analysis it can be largely understood that, the Balanced Scorecard Approach can be stated to be quite a comprehensive approach as followed by the different organizations at large and with respect to this, it can be understood that, in order to gain success in the long run, a firm needs to prioritize its overall operations which can be done using the balanced scorecard approach. The report examined the additional perspectives which can be used by Woolworths and provided recommendations with respect to the same.

 

References

Agrawal, S., Singh, R.K. and Murtaza, Q., 2016. Outsourcing decisions in reverse logistics: sustainable balanced scorecard and graph theoretic approach. Resources, Conservation and Recycling, 108, pp.41-53.

Akkermans, H.A. and Van Oorschot, K.E., 2018. Relevance assumed: a case study of balanced scorecard development using system dynamics. In System Dynamics (pp. 107-132). Palgrave Macmillan, London.

Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea: The case of the balanced scorecard. Contemporary Accounting Research, 34(2), pp.991-1025.

Hansen, E.G. and Schaltegger, S., 2016. The sustainability balanced scorecard: A systematic review of architectures. Journal of Business Ethics, 133(2), pp.193-221.

Keyes, J., 2016. Implementing the IT balanced scorecard: Aligning IT with corporate strategy. Auerbach Publications.

Martello, M., Watson, J.G. and Fischer, M.J., 2016. Implementing a balanced scorecard in a not-for-profit organization. Journal of Business & Economics Research (Online), 14(3), p.61.

Valmohammadi, C. and Ahmadi, M., 2015. The impact of knowledge management practices on organizational performance: A balanced scorecard approach. Journal of Enterprise Information Management, 28(1), pp.131-159.

Woolworths.com.au 2018. Online shopping at Woolworths [online]. Available at: https://www.woolworths.com.au/ (Accessed on: 28 Jan. 2018).

OR

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