Dissatisfaction or problems with implementation very often are the drivers for new innovative ideas. This fact is also true regarding the measurement of the performance of companies. In the past, companies often faced the problem, that, although having a clear formulated vision and strategy, they were not able to transform these into operative goals and actions without losses. But especially in today’s highly competitive and fast changing world, a fast and effective translation of strategy into action is necessary and relevant for success. Additionally the used systems for controlling, that were to a large extend geared to the accounting data of the companies, did not match the modern expectations anymore.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- The Concept of the Balanced Scorecard
- The four Perspectives
- Derivation of Objectives and Measures
- The Cause and Effect-Chain
- The Strategic Management Process
- The Case Wells Fargo Online Financial Services
- The Problem
- The Implementation of the Balanced Scorecard
- Criticism on the Balanced Scorecard
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper explores the Balanced Scorecard (BSC) as a performance measurement tool and its implementation in Wells Fargo Online Financial Services. It aims to analyze the effectiveness of the BSC in translating company vision and strategy into operational goals and actions.
- The concept of the Balanced Scorecard and its four perspectives: financial, customer, business process, and learning and growth.
- The derivation of strategic objectives and measures from the company's vision and strategy.
- The cause and effect-chain connecting the different perspectives of the BSC.
- The implementation of the BSC in Wells Fargo Online Financial Services.
- Criticisms and challenges associated with the Balanced Scorecard.
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction outlines the challenges companies face in translating vision and strategy into operational goals. It highlights the need for effective performance measurement systems in today's competitive business environment.
The second chapter dives into the concept of the Balanced Scorecard (BSC). It introduces the four perspectives: financial, customer, business process, and learning and growth, which provide a comprehensive view of company performance. The derivation of strategic objectives and measures, which link the BSC to the company's vision and strategy, is also discussed. Additionally, the chapter explores the cause and effect-chain connecting the different perspectives, emphasizing the importance of understanding how each perspective influences the others.
The third chapter focuses on the case of Wells Fargo Online Financial Services. It discusses the specific challenges the company faced and how the BSC was implemented to address these challenges. The implementation process and its impact on the company's performance are explored.
Schlüsselwörter (Keywords)
The key concepts and terms explored in this paper include the Balanced Scorecard (BSC), performance measurement, strategic objectives, strategic management, cause and effect-chain, financial perspectives, customer perspectives, business process perspectives, learning and growth perspectives, implementation challenges, and Wells Fargo Online Financial Services.
- Arbeit zitieren
- Yasmin Shoaib (Autor:in), 2006, The Balanced Scorecard and its Implementation in Wells Fargo Online Financial Services, München, GRIN Verlag, https://www.hausarbeiten.de/document/63220
