A balanced scoreboard is a strategic management framework that organizations use to help them accomplish their vision. The balanced scoreboard focuses on four perspectives that include the financial, customers, internal innovation, and learning. Samsung, a South Korean electronics company can evaluate its performance through the use of a balanced scorecard to identify its current position, pitfalls and what should be done to improve its performance. As one of the leading firms in the electronics industry, the company should consider improving its performance based on the four perspectives of the Balanced Scorecard.
With regards to financial perspective, the company should aim at improving its return on capital, profit margin, and return on assets to ensure that it becomes profitable in the industry. In essence, it should establish a goal with regards to the identified financial measures and work towards achieving them.
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Samsung can also focus on the customer perspective by assessing the customer satisfaction index and the market share. It should identify its current market share and put in place strategies that can help increase its market share. Besides, it should regularly evaluate the customer’s satisfaction index and make efforts to improve it.
The evaluation of the internal business processes can also help the company improves its internal business operations. The company should implement a favorable working environment that ensures smooth operation of activities as well as improve the efficiency of work. The internal business processes can also be assessed through measures such as safety and incidence index and tender success rates.
Lastly, the innovation and learning can play an important role towards accomplishing the objectives of the company in the market. Measures of continuous improvement index can be used help the company determine if it is developing innovative products that meet the needs of the customers. Also, the company can determine the revenue generated from new products on annual basis to determine if it is coming up with new innovative products that suit the needs of the customers and improve its revenues.
