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Discuss how a Balanced Scorecard approach enables a company to manage its internal (department to department) customer outputs.
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“One of the most powerful management tools invented” (Marr, 2018), is the balanced scorecard. A balanced scorecard is a management tool used by organizations globally. Its purpose is to assist an organization with monitoring and managing its progress and performance against set goals. The scorecard design “to translate strategy into measures that uniquely communicate the vision to the organization” (Evans & Lindsay, 2017). Four elements contribute to the scorecard: financial, internal, consumer, and innovation/learning perspectives. The scorecard also assists the organization’s upper-level management in identifying what is measured and what action is required to stay or get back on track. Accounting departments in an organization must ensure they have the proper funds to cover its daily operations while staying profitable. They achieve this by consolidating all the sections and departments’ budgets and making sure they are operating within that assigned budget. The key performance indicators are considered the root of an organization that includes productivity, cost,and quality level measures. A consumer perspective and feedback can be vital for the organization and must be communicated to all essential section heads so that the results, good or bad, are addressed. Innovation and knowledge must stay active consistently so that an organization can stay ahead of the curve and remain competitive.
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