Question

In 200 words Explain the four indicators of the balanced scorecard, and state what a strategy map is?

Answer 1

4 indicators of balance scorecard are:

• Indicator of the financial health i.e. how good or bad the company is progressing as far as the financial part is concerned.
• Stakeholder specifically customer willingness to continue and attitude towards the company i.e. what do customers think about us. What are the satisfaction levels of the customers what more are they expecting and would they retain with us or not all comes under customer satisfaction.
• Internal processes: This indicates and track to what extent are our internal operational activities robust to handle and achieve the set objective s, what are the drawbacks and improvement areas and what else operationally a company has to do to achieve the expectations of the customers in the short as well as long run.
• Innovation areas: The most important part to succeed as an organization and stay string in the market is to keep innovating ideas and implementing the creativity so that customers have something new to get form the company and their loyalty with the organization would increase and in this fast changing dynamic environment the company is competed updated.

Strategy map is nothing but a diagrammatic representation of what all strategies the companies is planning to implement in near future. It is usually referred at times to calculate the approximate budget that would be required by the organization.