Application of Balanced Scorecard in Business Management

BUSINESS MANAGEMENT
Application of Balanced Scorecard
Organizations tend to develop their working strategies
such that they are able to achieve the desired target. Balanced score
card is the organizational strategic plan through which the
company tend to ensure that its actions are being done as per the
requirement. Following are the three main non-financial areas for
evaluating the organizational performance of Staffordshire
University. For example, this includes Human Resource,
Marketing and Production.
Research & Development (R&D)-
Internal business process Perspective- R&D department is responsible for
developing new products for the organization through this its work
productivity can be increased. This becomes more significant in the
present time COVID-19 in which University has to shift its operations to
online. Due to which company has to integrate several technological
advancements through which organizational services can be provided to
the customers at different geographic locations.
Learning and growth Perspective- R&D department tend to ensure that
company is able to achieve high work productivity and because of which it
uses technological advancements (Radicic and Pugh, 2017). Due to which
R&D also has to ensure that technological advancements are being
integrated as per the current operational working. Therefore it has to
establish a proper communication with other departments by which high
work productivity can be achieved.
Customer Perspective- Staffordshire University tend to provide technical
studies to the customers due to which company has to ensure that new
technologies are being provided to the customers (Prof. Fairburn, 2018).
Through this it tends to ensure that customers are having best in class
experience through which their loyalty is also increased.
Human Resource-
HR at Staffordshire University tend to monitor the organizational working
and then tend to identify the weak areas which is affecting the
organizational working. Thus on that basis it develops working strategy
through which high work productivity can be achieved and with that the
chances of goal achievement can also be increased.
HR at Staffordshire University tend to monitor the external business
environment and on that basis makes appropriate changes in the
University's working strategy (Jayawickrama, Sedky and Ettahali, 2018).
This can be seen in the present time of COVID-19 in which the company
shifts its operations from traditional class room study to online classes
through which it tend to ensure that customer's requirements are being
fulfilled.
HRM tend to ensure that company is able to fulfil the customer
requirements and due to which often tend to identify customer's buying
preferences through which it tend to ensure that customer's requirements
are being fulfilled. Thus for achieving this HR ensure that it used
Marketing-
Marketing departments is responsible for representing the
organization to customers such that organizational sales are being
increased. The marketing department is having a direct contact with
the customers due to which it tend to ensure that organizational
working are done as per the requirement through which
Staffordshire University can achieve a competitive edge (Fiserova
and et.al, 2017).
In other to improve company's performance in the external market
the marketing department tend to showcase the current market trend
to the organization. On which bases appropriate changes can be
made in the working process through which company's
performance within the market is improved.
Since marketing department tend to have a direct contact to the
customers because of which it tend to utilize this efficient
communication bridge. To showcase the improvisations which
Staffordshire University tend to make. Through this it tends to
ensure that customer's engagement towards the organizational
activities is increased and with the customer's loyalty is also being
REFERENCES
Fiserova, J. and et.al, 2017. What drives customer propensity to
recommend a brand?.
Jayawickrama, U., Sedky, M. and Ettahali, O., 2018. A smart
campus design: data-driven and evidence-based decision
support solution design.
Radicic, D. and Pugh, G., 2017. R&D programmes, policy mix,
and the ‘european paradox’: Evidence from European
SMEs. Science and Public Policy. 44(4). pp.497-512.
Online References
Prof. Fairburn, J., The age of innovation: Has the time come for
the paradigm shift in innovation policy?, 2018 [Online].
Available Through:
<http://blogs.staffs.ac.uk/business/tag/innovation/>