Ing Insurance Asia Pacific Operation Plan

Soderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance scorecard as a strategic planning procedural tool used by organizations to balance financial concerns, customer concerns, process concerns, and innovation concerns with the main purpose of developing appropriate strategy in favor of a more favorable market position (p. 689-690). Similarly, Lawrence and Webber (2008) illustrated

The use of a balanced scorecard when gauging the performance of executives at Paradigm Toys is useful because it measures several key areas that measure past and real time performance that directly affects the company. A balance scorecard can contain both financial and nonfinancial measures as well as both quantitative and qualitative performance measures. Additionally because a balance scorecard can be tailored to the business’s specific targets it can measure the substance of performance better that basic financial indicators that are usually considered the basis of performance ratings. It is important to use more than just financial indicators, because other factors, those qualitative in nature, measure how an employee does their job and gives a larger picture of how well an employee performs. For example, in the case of sales concerning installation of home improvement products one might be measured by repeat buyers or customer satisfaction of how well the salesman followed up with their sale and installation. This kind of non-financial factor can be used to measure the company’s goal of repeat buyer and customer satisfaction which can translate into future sales and growth. Financial indicators are used in similar ways, but are more quantitative in nature. The main reason to use financial indicators is because they can provide a clear picture

The Balanced Scorecard (BSC) is a powerful diagnostic tool which provides managers with a vision and strategy of the organization to completely value the performance of the organization(Roussas & Mccaskill 2015). BSC integrates financial measures with several crucial factors to create a long or short term plan(Huang 2009). This system emphasizes ‘leading and lagging indicators, internal performance perspectives, and quantitative and qualitative objectives’(Roussas & Mccaskill 2015). BSC works by four perspectives:

In general, an overall strategy should precipitate into goals and those goals in strategic objectives that can be used to by 1st and 2nd line managers. These strategic objectives’ progress are measurable and quantifiable. Many managers utilize tools such as score cards to analyze the success or lack of, that a company and its managers attain, fails to meet, or surpasses the stated goals. Alignment of these processes to reach a company’s goals is dependent upon the number of goals, the specificity of these goals, and whether or not the entrusted managers have executed these strategies with the necessary resources to accomplish them. According to Sull (2015), “80% of managers say that their goals” fall into this category” (p. #)

“The balanced scorecard should translate a business unit’s mission and strategy into tangible objectives and measures. The measures represent a balance between external measures for shareholders and customers and internal measures of critical business processes, innovation and learning and growth. The measures are balance between outcome measures, the results of past efforts, and the measures that drive future performance. And the scorecard is balanced between objective, easily quantified outcome measures and subjective, somewhat judgmental, performance…”

The measurement guidelines to verify strategy effectiveness are consistent and tracked have more to do with the training of employees in an organization and the implementation process of the strategy used. In many cases, employees receive new and improved tools that can establish metrics and standards that state what objectives need completing. In the same process, a training module that breaks down the tasks and responsibilities of all stakeholders and their expectations needs inclusion. This will enhance how each employee affects the

A balanced scorecard is a tool to provide management a way to bridge the gap between the organization’s strategy and vision and the operational processes used to do business. It enables the company to look at more than just the financial targets, but to include nonfinancial measures such as customer service, internal business processes and more. These intangible measures provide better focus on the organization’s long-term strategies. This paper is an attempt to analyze Frieda Fizz decision to utilize a balanced scorecard as they expand into new geographic areas. The strengths and weaknesses of each perspective are discussed along with the pros and cons of using

Strategy does not end with formulation and implementation. It is constantly evolving and being analyzed for effectiveness and measured to ensure it is continuing to meet the original intent of the organization. Some of the means used to measure strategy include financial ratios, market analysis, and balance scorecards. (Strategy as Work-in-Progress: Keep Looking Ahead) Of these, financial ratios are important but tend to review strategy in a historical sense whereas the balanced score card has the ability to look at how the customer perceives you and what must be done to excel in the industry. (Strategy as Work-in-Progress: Keep Looking Ahead)

Stakeholder engagement and accountability is essential to successfully impact the strategic plan goals. In order to evaluate success, outcomes must demonstrate measurable improvement. For this reason, performance scorecards/balanced scorecards are used that define the outcome measure, the process owner, the target goal, and the timeline for completion. Including these components within the implementation plan will ensure that stakeholders are clearly aware of: 1) outcome expectations; 2) who is the process owner; 3) metric goals; and 4) timeline reviews of progress. Once this is complete, individual/departmental/organizational performance evaluations will provide direction regarding the need for remedial training, disciplinary action, or celebrating WINS. To understand this more fully, each stakeholder group will be discussed separately.

The balanced scorecard seeks to align vision and strategy with four elements of operations the financial, the customer, internal business processes and the learning and growth perspective (Kaplan & Norton, 2013). The customer perspective is evident from the mission, which is customer-focused. Thus, aligning the customer perspective with the mission is the easiest part of balanced scorecard implementation at Cattaraugus. A fault of the Center with respect to this perspective is that it knows what it wants, but does not have a pathway to ensure delivery nor any particular measure of success.

A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process. This paper will define each of the four perspectives objectives, performance measures, targets, and initiatives. The paper will also show how the perspectives relate

This strategic plan provides a roadmap for FinancialStar International Credit Union to better ac-commodate and assist our members while maintaining utmost professionalism, quality member service and unfailing attention to detail.

These four strategies can now be broken down into strategic objectives while performance measures are developed for each. Using the balanced scorecard, we can link strategic objectives with shareholder value maximization. This is balanced between short and long term financial and non-financial measures and internal and external performance perspectives. We can see how our business strategy provides a coordinated set of actions that are based upon the company's core competencies, will guide behavior toward achieving performance goals, and fit existing external environmental conditions.

A balance scorecard is an instrument managers use to gauge performance based on significant performance measures chosen by the manager. Each performance measure can be tailored to meet the specific needs of any organization. According to Cardinaels and Veen-Dirks, firms either have a list of measures or groups of measures separated into categories to evaluate performance. There are four common categories that are used to group and describe the different performance measures. The four categories are financial, customer, internal business, and learning and growth (Cardinaels & M.G. van Veen-Dirks, 2010).

The business world revealed the drawbacks and limitations of the traditional financial view in organization performance. This led the organizations to adopt and try different approaches for performance measurement (Otley and Fakiolas, 2000). The balance scorecard has been the performance management center of attention from both the industry and academia. It has been globally adopted by both the private and the public sector around the world (Kaplan and Norton, 2001).