Importance of Using Balance Scorecard in the Food and Service Sector

Business Information Systems
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Table of Contents
INTRODUCTION 3
MAIN BODY 3
Business informations solutions of food and service sector 3
Ways to measure and evaluate performance against value 4
CONCLUSION 5
REFERENCES 6
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INTRODUCTION
Business information system refers interrelated processes of an organization which are
being used by companies in order to generate appropriate and desired informations (Gronwald,
2016). This study is going to show importance of using balance score card by restaurants and all
companies of food sector as it allows them to measure their overall performance. Further, it will
also show different KPI’s which are being used to measure performance related to finance and
others.
MAIN BODY
Business informations solutions of food and service sector
It is important for all companies of each sector to have all informations related to their business
as what is going on in their business as employees are working in an effective manner,
companies strategies are working or not, customers needs as what they are seeking for etc. All
these informations make them able to know their actual position in the market as where they
stand and appropriate strategies which can help them out in accomplishing their goals and where
they lack behind. So, in the context of restaurants and food sectors it can be said that they mainly
make an effective use of balance score card (Marimon and Malbasic, 2019). It has several types
of key performance indicators which allow them to evaluate and measure performance of each
department. There are several benefits of using balance scorecard such as:
 It allows companies to make better strategic planning in order to accomplish goals and
having all business related informations.
 It also allows them to align their strategies with projects.
 Improving performance reporting is other main benefits of using KPIs and balance
scorecard.
 They can align better business and processes of company
 Knowing the actual position of the company in the market and taking competitive
advantages are some other important benefits of it (Rao and Sreelakshmi, 2017).
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