There are tangible and intangible strategies that organizations can evaluate the
ID: 401770 • Letter: T
Question
There are tangible and intangible strategies that organizations can evaluate their system effectiveness on. Based on Tangible value, Revenue increase, Cost decrease---labor, material, Process improvement---fewer errors, faster cycle time, Stategic improvements---market share, brand awareness, employee engagement, and customer satisfaction Intangible value, Improvement in decision making, Communication, Compliance, Collaboration, Agility, and Organizational competency. What is the most important strategy to measure return value? What is the least important? Explain the perspective.
Explanation / Answer
the Balanced Scorecard enables organizations to bridge the gap between strategy and actions, engage a broader range of users in organizational planning, reflects the most important aspects of the business, and respond immediately to progress, feedback and changing business conditions. the Balanced Scorecard can be a great help used as a strategic tool, a management methodology or / and a measurement system. the Balanced Scorecard provides organizations with the ability to clarify vision and strategy and translate them into action. By focusing on future potential success it becomes a dynamic management system that is able to reinforce, implement and drive corporate strategy forward. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. The concept of the Balanced Scorecard has achieved increasing popularity in the business world. Many businesses had previously built their objectives around financial targets and goals of little relevance to a long-term strategic vision, thus typically leaving a gap between strategy development and implementation. For this purpose the Balanced Scorecard holds four different perspectives from which a company's activity can be evaluated: Financial perspective - return on investment, shareholder value Customer perspective - customer satisfaction, our coorporate image? Process perspective - in what processes should we excel to succeed? Innovation perspective - how will we go on from lessons learned and sustain our ability to change and improve? By this the Balanced Scorecard provides a more 'balanced view' by looking at not just financial concerns, but also customers, internal business processes, and learning and growth. Where are we going? The vision: "We will open new markets