BALANCED SCORECARD REPORT

Balanced Scorecard Report

Balanced Scorecard Report

Introduction

Siemens Information and communication Mobile Group (lC Mobile), part of Siemens AG, added the Balanced scorecard to its tool kit starting. The main feature of their balanced scorecard is that it to use the Balanced Scorecard as a strategy deployment tool that would work across all levels of the organization.

Balanced Scorecard (BSC) is a mechanism for serial communication to staff development strategy, the company's goals and monitor their achievement through the so-called key performance indicators (KPI). KPI are, in fact, measuring devices reachable goals, and characteristics of business process efficiency and performance of each individual employee. In this context, the BSC is a tool not only strategic but also operational control.

The Balanced Scorecard translates mission and overall strategy of the organization of the system clearly defined goals and targets, and indicators measuring the extent to which these units are grouped into four main projections, "Finance", "Customers", "internal processes" and "Infrastructure / staff ", which are located in a certain hierarchical order (Davis, 2004).

Application of the BSC is possible with the objective of the organization of awareness of its strengths and weaknesses of the prevailing market situation, on what basis should be developed mission and strategic priorities of the organization.

Importance

The main reasons the development and implementation of Balanced Scorecard (BSC) in corporate governance practices are the following objective management problems specific to the functioning of business in the information economy: · problem of assessing the performance of departments and business in general · the issue of control of implementation of strategic decisions (Niven, 2008). Industrial competition is characterized by stable sales markets businesses, offering standard products for a wide range of customers, sustainability of the technologies of production and distribution of products. In these circumstances, the focus of managers has been focused ...