SWOT Analysis of the Balanced Scorecard in the UK Banking Sector

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

concept of the Balanced Scorecard (BSC) and to find out the actual meaning of using it.

Balanced Scorecards positively impact in the business development of a company with an effective application of company values to sway customer perspective ADDIN EN.CITE Morgan2002317(Morgan &

Balanced scorecard is a set of measures, which give the complete view of any business performance. Kaplan and Norton (1995) explained balanced scorecard in following words:

Analysis- Traditionally, the BS approach is a set of performance measures allowing management a dashboard view of their business. These performance measurements are used to aid the company in setting goals and manage the business's strategic plan. The balanced scorecard model will support the strategic plan and implementation by uniting all actions of an organization into a common understanding of the goal; it will provide feedback for both internal processes and the external outcome to improve strategic performances and results continuously. In general, the BSA is designed into four layers: 1) Translation of the vision into operational goals; 2) Communicating this vision and link to organizational and individual

The performance of branch 5446 was evaluated against the perspectives of Human Resources, Operations, Markets, Finance and Accounting, and Information, which are associated with the Halifax’s Balanced Scorecard quadrants and theory ‘Z’.

The Balance Scorecard (BSC) was originated by Robert Kaplan and David Norton in the early 1990 's as a strategic approach, and performance management system that would enable organisations to translate a company 's vision and strategy into implementation. It essentially gives managers and executives a more ‘balanced ' view of the company 's

This article describes the benefits and concerns of adopting balanced scorecards as a performance management tool to meet organisational missions and strategies. It discusses the areas of: financial, customer, internal business, and learning and growth perspectives and how they relate to balanced scorecards; the principles involved in using balanced scorecards; how balanced scorecards are beneficial for an organisation; the administrative support required; and the outcomes that can be achieved from employing balanced scorecards as a performance management tool.

The scorecard is a set of performance measures allowing management a dashboard view of their business. These performance measurements are used to aid the company in setting goals and manage the business's strategic plan. The balanced scorecard model

The balanced scorecard is a strategic measurement strategy used in business and government as a measurement tool. The balanced scorecard should reflect businesses plans and strategic goals. The balance scorecard “was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton (n.n October 8th, 2015). Balanced scorecard is used by managers not only to measure performance but to align their goals and execute the visions and missions of any agency. The balanced scorecard include metrics in different perspective views, these include “The learning and growth perspective, the business process perspective, the customer perspective and the financial perspective”.

The concept of the balance score card is similar to Proverbs 4:25 which states: “Let your eyes look straight ahead, fix your gaze directly before you” (NIV) because a BSC helps an organization gain current facts about their organization, then utilize the information to create a strategic plan for the future. Ultimately, organizations become motivated by their overall mission instead of short-term financial performance measures (Peters, 2014). Companies become forward looking and mission focused by balancing resources and focus between areas of success. Kaplan and Norton (2006) determined financial perspective, customer perspective, internal process perspective and learning and growth were

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 Balanced Scorecard (BSC) is a performance measurement tool that originated in the business worlds. Performance measurement is a way to track performance over time to assess if goals are being met. Organizations measure their performance to monitor how they’re doing in achieving their overall mission and goals.

Strategic Performance Measurement Systems (SPMS) explain strategic ideas and goals where Financial Services organisation follow with the intention to improve their performance. SPMS’s come in many forms such as the Balanced Scorecard, Intangible asset score cards, Six Sigma and Performance Prisms. 3. These SPMS’s provide a layout which can help determine the cause and effect between an organisations financial performance and the strategies that are implemented. This report entails the nature of SPMS’s, outlies major issues that arise when they are implemented into an organisation and how SPMS’s can help financial performances improve their performance. 3

It is vital for the banks management to differentiate between performers and non- performers and be able to eliminate skilfully the latter. Non-performers in an organization often the banking industry is keen on providing the best service to its revered customers. Those not willing to toe the line and follow the policies and procedures should be cut-offs failure to which they will cost the organizations much more. It is also important to manage the employees who are productive and those who have ceased due to various reasons such as old age or terminal illnesses. These equally important members can be put in the department that their full latent is actualized and for those old ones when their time to exit come they