RE: Discussion – Week 8
Developing a Balanced Scorecard
Balanced scorecards (BSC) are used by many international organizations either alone or in combination with other techniques to measure performances and manage strategies (Yilmaz, & Antmen, 2019). Mitigating problems within an organization can be facilitated by using a balanced scorecard to develop goals. The scorecard uses numeric data to highlight areas that are doing well or may need to be revised. The measures of performance from the BSC can be used to provides employees and leaders with insight to look more closer at current processes. The strategies surrounding the BSC include financial, customer, internal business processes, and learning and growth (Panggabean, & Jermias, 2020).
As it relates to my project, I would create the BSC by obtaining data from financial summaries, customer satisfaction surveys, employee feedback, and past reviews from JCAHO. The BSC framework allows organizations to monitor, measure, and track the alignment of financial and nonfinancial performance aligned with their strategies and visions (Dhamayantie, 2018). This information will be used to compare and contrast from previous years to provide a baseline. The organizational goals will then be developed and established based on this information to improve customer service, the delivery of patient care, and set new financial goals. The BSC is meant to improve communication within the organization, increase visibility, and improve compliance. From a business mindset, the ultimate goal and focus of the BSC is to grow the organization through improvements which in return will increase the amount of revenue. To evaluate the effectiveness of the BSC, I would monitor progress at least quarterly to look for improvements and to see if additional changes should be made.