Strategy, planning, and innovation
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1. How would you describe what the balanced scorecard concept is and how does it align or support to the long-term objectives?
2. Why are objectives broken down into long-term and short-term? What is the benefit of the long-term objectives specific to the organization in terms of performance and in meeting goals?
3. Innovation is seen as a main component of developing competitive advantage in today's hyper-competitive environment. How is innovation developed and used to enhance enterprise performance? What factors help shape innovation strategies? How is innovation used as a tool by entrepreneurs?
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Discussions of balanced scorecard, innovation and strategic planning are included in this solution.
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1. How would you describe what the balanced scorecard concept is and how does it align or support to the long-term objectives?
Balanced scorecard is a planning tool that helps strategic planning remain true to the vision and identity of a company. As a tool, it takes into considerations more than the financial aspects of the company. It also helps put in place the plans and controls for learning and growth potential otherwise known as the human potential for the future and that segment of the company's needs. It follows with the business perspective; how operations and internal processes can work to improve both innovation and competitive edge for future success. For the third area, customers it considers the company and its customers and how the needs of customers and their satisfaction. Finally it takes the financial data and improves the processes for accurate data presented in a timely and efficient manner to help management understand the current and potential financial needs of the company. Each section includes the meaning in terms of the vision of the company and the evaluation methods to ensure that each is providing the expected outcomes for employee involvement, business processes, customer satisfaction, and financial solvency. Over the long-term, this is the foundation of the strategic plan for the company. As each year, ...
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