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The balanced score card approach is a useful tool, applicable to most organizations for identifying strategy action plans. The balanced score card approach helps align important performance measures with the strategy of the firm. For example, in case of Wal-Mart stopping discrimination is connected to the shopping experience of customers. The balanced score card approach helps the management get a bird's eye view of business operations. It allows communication and understanding of business goals and strategies. In case of Wal-Mart, it helps communicate objectives in each area and enables the company to focus on those areas. The balanced score card approach helps convert strategy into action. This is necessary if the results are to be achieved. The efforts and actions of the firm are measured and are evaluated against industry standards. The measures and targets in the balanced score card approach enable Wal-Mart to compare its performance with that of industry. Also, it enables the ...
This solution explains different dimensions of Wal-Mart balanced scorecard. The sources used are also included in the solution.