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Sample Article Review Paper on Summary of: Philips Electronics’ Balanced Scorecard

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Sample Article Review Paper on Summary of: Philips Electronics’ Balanced Scorecard

 

Hudson notes that over 50% of fortune 1000 companies use the balanced scorecard that was invented by Kaplan and Norton in some way (par 1). The implementation of balanced scorecard enables organizations to better communicate their strategies and evaluate the strategies that are more effective compared to others. It also assists in finding out the elements that drive the strategies proposed.Philips Electronics has implemented the balanced scorecard. It uses the scorecard to impress on the employees how they fit in the vision of the corporation, align to the company views and to help the employees learn what drives the company (Hudson par 2).

            The premise behind the creation of the balanced scorecard by Philips is the understanding that future results can be based on the present performance is the basis for future results. The scorecard is used to help employees understand the vision and strategic policies of the management of the company (Hudson par 5). Towards this end, the company came up with four critical success factors (CSFs)that include competence of the employees, processes of production, customers’relations and financial results. The critical success factors are used in linking short term actions and long term strategies. This in effect helps the employees to link their roles in the company to the company goals.

            The balance scorecard is also being used to enhance and ensure accountability for results. This is done through transferring data from internal reporting to the scorecard. The employees are therefore able to see their results frequently, such as monthly and this makes puts them in a position to know what they ought to do in order to post better performance. There is open sharing of performance information throughout the company in order to avoid repetition of errors (Hudson par 9). This, plus sharing of success practice saves both time and money.

 

 

Work cited

Hudson, Scott. ‘Philips Electronics’ Balanced Scorecard – SCM | Supply Chain Resource Cooperative (SCRC) | North Carolina State University’. Scm.ncsu.edu. N. p., 2004.Web. 15 Jun. 2014.

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Sample Article Review Paper on Summary of: Philips Electronics’ Balanced Scorecard

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