The balance scorecard is another tool that goes along the same lines as the strength, weakness, opportunity, threat, and trend or commonly known as SWOTT. The information in this document will cover the basic aspects of the balance scorecard.
The balance scorecard method will cover four main areas or quadrants and those are: shareholder value or financial perspective, customer value perspective, process or internal operations perspective, and learning and growth of the employee perspective. These four main areas or quadrants will help explain how Samsung’s new division, Customers Research and Development will be adopted into the Samsung business portfolio. Four Areas
1. Financial Perspective: Samsung’s new division, Customers Research and Development will initially have no upfront financial consideration with Samsung supporting the new division.
1a. The division will start to focus on how to grow their own financial support that is separate from Samsung’s overall financial budget. This will assist both the division and Samsung as a whole by having its own cash flow. This could also assist in providing customers that submit ideas with a financial award for their ideas that are initially taken on by Samsung.
1b. While the focus will be on how the division can become financially on its own with help still from Samsung. The division will need to focus on how to boost the profit margin for Samsung and how the customer’s ideas will help benefit the boost in profit.
The Business plan on Global Value Chain Analysis On Samsung Electronics
Global Value Chain Analysis on Samsung Electronics February 2012 The Commercial Section of the Canadian Embassy in the Republic of Korea commissioned this report to the Korea Associates Business Consultancy Ltd. (www.kabcltd.com) Readers should take note that the Government of Canada does not guarantee the accuracy of any of the information contained in this report, nor does it necessarily ...
1c. The new division for Samsung will have an objective of increasing the company’s profit margin by 10% for the upcoming fiscal year.
2. Customer Perspective: Without the customer base to support Samsung’s new division, the division will fail. This will be the long-term goal of keeping customer ideas flowing into the division so that division can further research and develop the customer’s ideas.
2a. Having a strong customer relationship will always be the success or failure for the division, let alone the company. A goal for the new division would to have at least a 10% customer base of the total number customers of Samsung products.
3. Internal Business Process: Samsung’s new division, Customer Research and Development will use the balance score card along with SWOTT analysis to improve on the goals for the division. Some of the goals are:
3a. Boost customer satisfaction and efficiency with communication and timely responses to the customer’s ideas.
3b. Work on eliminating processes within the division that are not efficient and to reduce operating costs.
3c. Develop a set of skills for the employees and leadership to meet and exceed. This will help with determining who the top performers and who are average to below average performers.
4. Research and Development: Since the new division falls under research and development, it makes perfect sense to cover this area. Below are the research and development goals:
4a. The new division will launch employee and leadership incentives or compensation programs. The focus will be keeping the best employees and leaders in the division, and focusing on having a turnover rate of 5% or less in the division.
4b. Have on-the-job training tools for the employees and leadership to meet and exceed. Continue to develop the employees and leadership with education opportunities and work related training.
4c. Making sure the Customer Research and Development division is staying head with the latest tools that make tracking research and development easier. The chart below is Samsung’s Customer Research and Development division balance scorecard. The score card below is the initial score card for the division. There will be adjustments made overtime to the scorecard. There is not a true baseline for measures and targets to go by such as increasing or decreasing services or products. Balance Scorecard for Samsung Customer Research and Development Division Four Quadrants
The Essay on Technology And Media Research Development Industrial
RESEARCH AND DEVELOPMENT MISSION AND PURPOSE OF RESEARCH AND DEVELOPMENT Manufacturing companies' Research and Development (R & D) groups significantly contribute to United States' fast-paced industrial technology development. They promote industrial growth, and enhance the social well-being of the people. Normally, companies, especially those with enough resources, accept research contracts ...
Objectives
Measures
Targets
Initiatives
Financial
1. Profit growth
2. Manage operating costs
1. Revenue growth
2. Operating costs/customer
1. Increase the division’s own profit growth by 10% each year 2. Decrease operating costs by 3% each year
Becoming the division that will create its own surplus in budget separate from Samsungs overall budget Customer
1. The leader in customer loyalty
1. Customer ratings based on overall satisfaction
1. Increase customer satisfaction by 15% percent each year
Developing a customer loyalty rewards program within the division Internal
1. Development of innovative services and products
2. Use cross-flow networking with the other divisions in Samsung.
3. Always communicate and educate the customer base
4. Customer Service Excellence
1. Revenue from the new division
2. Research and development meeting or exceeding goals.
3. Have a five point customer satisfaction rating scale
1. Increase research and development results by 8% each year 2. Increase customer satisfaction ratings by .5 point each year until the average is 4.5 overall for customer satisfaction rating 1. Benchmark research and development trends
2. Providing more educational outreach programs to the customer 3. Communicate with the other divisions on a continued monthly basis which will help with sharing ideas from what the customers provide to the Customer’s Research and Development division Learning and Growth
1. Develop a market-driven skills
The Term Paper on Million Years Human Engels Development
The latest discovery of a fossil skull in Kenya, more than three million years old, once again demonstrates the complex evolution of humankind. The following article examines the evidence and sees how it fits into the ideas of human origin formulated by Frederick Engels more than 100 years ago.' There is a grandeur in this view of life, with its several powers, having been originally breathed into ...
2. The leader among the divisions in Samsung with employee satisfaction 3. Develop world class leadership within the division
1. Have a strategic skill ratio
2. Five point scale for employee satisfaction
3. Appraisal five point scale for leadership effectiveness
1. Increase the skill ration each year by 10%
2. Increase employee satisfaction by .3 point each year.
3. Increase the leadership effectiveness rating by .6 each year.
1. Provide a link or database for employees to review compensation based on skill and leadership effectiveness 2. Provide on-going employee and leadership training programs
Conclusion
Samsung’s new division will use the balance scorecard and use it as a tool to improve on throughout the divisions first year in operation. The balance scorecard will then be updated on a yearly basis to see how the new division is meeting, exceeding or not meeting goals and objectives. By having the scorecard developed from the start, Samsungs’ new division Customer’s Research and Development have organized analysis done. In the end, the balance scorecard will play an important role in the development of the division’s strategic plan.
References
Samsung. (2014).
Samsung. Retrieved from http://www.samsung.com/us/aboutsamsung/
