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Critical evaluation of development and role of Balanced Scorecard in production and service organizations - Essay Example

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According to Lawrence and Sharma (2002), Balance Scorecard (BSC) is a systematic approach of performance management that has been effectively approved by companies in different sectors to translate their strategic approach into a reality and gain sustainable competitive edge…
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Critical evaluation of development and role of Balanced Scorecard in production and service organizations
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Download file to see previous pages The current essay sought to provide a brief overview of BSC and its responsibility to measure overall performance of the firms in production and service sector. In addition to that, it also provides a critical reflection about the various roles played by BSC in service and production sectors.
In today’s business environment, customer’s satisfaction has become one of the vital concerns for organizations and companies to improve product or service quality. Studies have noted that it is very problematic to measure performance of the service quality especially for the intangible goods. The accurate prediction of service quality is very complicated and there are numerous evidences that supports to that companies have failed to attempt the actual dimensional structure of service quality. Simons (2000) describes that, measuring and evaluating service quality generally uses a basic theory approach. He concluded that, it is very difficult to understand views of the different customers towards quality level of a particular product or service outcome. Thus, the mangers need to consider perception of the service process, service input and the overall supportive framework.
The acceptance of globalization in the international market place has brought significant changes in the production and service sector, in terms of the level of competition, cost structure, production environment that led to rapid development in the advancement of technology. Majority of the companies in the global market were compelled to adopt contemporary business management techniques to ensure long-term business survival and to maintain competitive advantage (Kaynak, 2003). Performance management has evolved to be considered as an integral part of management accounting system. In this context, a large number of performance measures have been reported by the financial institutions to pursue cost of the organization’s long-term objectives. However, most of them have failed to provide ...Download file to see next pagesRead More
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