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A Report about the Rainbow Lighting Ltd focusing on the use of Balanced Scorecard - Essay Example

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Rainbow Lighting Ltd. – Balanced Scorecard NAME: AFFILIATION: UNIVERSITY: Table of Contents Table of Contents 2 Executive Summary 3 Introduction to Balanced Scorecard 4 Literature Review 7 Pre-requisites of implementing Balanced Scorecard 10 Limitations of Balanced Scorecard 10 Conclusion 11 Recommendations 12 Implementation 13 Behavioural Implementation 14 References 15 Appendix-I: Balanced Scorecard for Rainbow Lighting Ltd…
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A Report about the Rainbow Lighting Ltd focusing on the use of Balanced Scorecard
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"A Report about the Rainbow Lighting Ltd focusing on the use of Balanced Scorecard"

Download file to see previous pages Many researchers have researched about the various purposes of the balanced scorecards along with their role in enhancing the organisation’s performance. The company has to manage the strategies for its survival and growth and it can respond to the environmental changes only by operations management. It is vital for every organisation to ensure that the strategy is supported by effective business operations and systems; hence, it is important that the organisation has to ensure that proper mechanisms are in place so that everything is appropriately placed. The company needs to ensure that four of its key problems are rectified regarding the production, marketing activities, internal processes and employee satisfaction. Hence, the management of the company must strive to apply the Balanced Scorecard as identified in the report and try to implement it in the organisation. The management needs to set the short-term goals as well for the purpose of performance improvement by the implementation of the new system in the organisation; it should ensure that appropriate mechanisms are in place that supports the organisation in improving its performance. Introduction to Balanced Scorecard In today’s dynamic environment, it is crucial for every organisation to ensure that their performance level is measured from time to time and one of the most effective ways is to use Balanced Scorecard (Figgie et al., 2002 and McGillicuddy, 2009). The scorecard is found to have strategic importance as the card is developed in linkage with the vision and goals of the organisation and adequate awareness is created within the organisation so that every stakeholder is well-aware of the importance of its implementation in the business activities. Many researchers have researched about the various purposes of the balanced scorecards along with their role in enhancing the organisation’s performance (Lawson et al., 2003 and Mintrop and Trujilo,2005). Considering the situation being faced by Rainbow Lighting Ltd., it has been found that the existing management of the company has been unable to increase the production and performance of the company. The sales of the company have not been increasing at an accelerating rate and the product range has been accelerating simultaneously; the product ranges of the company are classified as Alpha and Beta ranges. In the industrial sector, the company introduced bulbs by the name Everlasting Halogen Spotlight (EHS) bulb and the problems highlighted by its users created bad publicity in the market; it was reported that there was a fault in the manufacturing sector and the annual sales revenue decreased by 5%. Another problem faced by the company is that the sales order processing time is longer i.e. 21 days and the distributors are not satisfied with such longer time duration. The price of the bulbs was increased but the sales did not increase as compared to the total increase in the market. The rejection rate of the bulbs has increased from 3.6% to 5.4% and the production efficiency has decreased significantly. The ...Download file to see next pagesRead More
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