Enhancing personal relationships with customers
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References Instructions:
Enhancing personal relationships with customers
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- Introduction
A business scorecard (or BSC) is a tool which can produce many beneficial outputs, if utilized correctly. The BSC, by its nature, serves as a frame by which firms can create a simple and straight-forward presentation of multiple aspects of their firm’s strategy. These components fall into four general categories: Financial, Customers, Internal Processes and Learning & Growth. BSC’s can lend a firm an easy to show tool which illustrates how its strategic approach, implementation, as well as procedural facets and processes all lay out and are intended to function. As the card acts as something of a canvas, it lends a clear “map” of sorts, which empowers both leaders and employees a “line of sight,” into how the various pieces it captures interplay with each other.
How? As the BSC is a comprehensive tool, those who use it can decipher how the firm’s various strategic objectives are not only constructed, but how they impact each other; this of course also applies to the outputs tied to each objective as well as overall productivity.
However, BSC’s are not without their drawbacks. For example, the BSC, if it meant to operate at a maximum output, must have buy-in from all members of leadership. A lack of such buy-in can cause lack of alignment on how the BSC is built, how effectively it is set up and can cause negative downstream impacts due to lack of leadership cohesion. In that same vein, if leadership lacks a clear, unified vision of how the BSC should be leveraged, not only will the BSC itself not be “set up for success,” so to speak, but the inevitable outcome will be the firm will go in an unforeseen direction, this will foster risk factors and other harmful facets to manifest while the new strategy is being stood up. Ultimately, a tool intended to create order and structure may foster chaos and disorder instead. Ergo, unified vision is critical before a BSC can be properly built.
- Financial
In this Value-Driven Project the main objective is to reduce product cost for the consumer while increasing productivity and manufacturing. This can be a difficult task but can be done while utilizing the Balanced Scorecard (BSC) method.
The financial component of the balanced scorecard is certainly important. It is used as a budgeting tool as the company forecasts their financials. The BSC requires the entire management team to make plans beforehand in anticipation for issues that may arise. Having a financial plan in place could help mitigate costly mistakes and potentially increase revenue for teams, such as in research and development, as well as the costs of drug production. This method also incorporates performance reviews of both short-term and long-term goals.
A disadvantage I believe would be the time and money it would take crafting the BSC strategy. This is a value driven project, and the market is looking for ways to cut cost on drugs for their consumers as well increase productivity. While precision is key, proper time management should be the focal point of this project as well as a well-managed budget.
- Customer
Who are we as companies and business leaders without our customers and their perspectives? To discover the answer to this question, this researcher is going to investigate the importance of the customer perspective via the balanced scorecard in this week’s research assignment. Among the critical concepts found within the customer perspective in a balanced scorecard, this research investigated the following critical elements as they tie into the Customer Perspective within the Balanced Scorecard:
- Enhancing personal relationships with customers
- Customer satisfaction
- Customer loyalty – attaining and retaining customers
- Create value – brand, and reputation
Enhancing personal relationships with customers has become key to the success of business globally as customers now desire that their voices and opinions be counted. By focusing on enhanced personal relationships with customers, companies will create increased value, reduce risks, and find extensive opportunities to gain and retain customer and brand loyalty (Branded Customer Service: Implementing the Customer Perspective of the Balanced Scorecard to the Ranching Industry, 2021). Businesses should carefully align their customer strategies that are on target with their company goals and mission statements to gain customers who will remain loyal to their brand and image.
Customer satisfaction and loyalty go hand and hand in today’s competitive global markets. Companies that understand their customer’s perspectives will gain an edge over their competitors in their ability to meet and often exceed at satisfying their customers. Today’s customers want both value and timely deliverance of expected value. The end goal is customer satisfaction is to maintain a method in which time, quality, customer experience, cost, and company performance be measured. This may involve focusing on three key areas: operations, excellence, and customer relations (Balanced Scorecard (BSC) – A Strategic Management Tool, 2021). Companies who focus on valuing their customers and delivering continuous value will be successful in meeting the Customer Perspective in this key element in the Balanced Scorecard.
Creating Brand and Value comes from a continuous focus on customer service and customer satisfaction. To measure their ability to meet their branding and value goal company’s today often turn to Key Performance Indicators (KPI’s). These performance metrics were gathered via customer surveys. And although the goal is to measure brand and value, these surveys can often provide additional critical data which can help companies improve their performance. Among the results we may find the following customer results leading to new objectives: Overall Satisfaction, Satisfaction Improvement, Customer Service, Customer Retention, Active and Resolved Issues, and Arranged Improvement Times (14 Key Performance Indicators (KPIs) to Measure Customer Service, 2021). Focus on any or, all the above KPI’s will promote success and redirection of strategies as needed.
- Internal Business Process
What processes and methods do we need to define to follow by our customers and financial goals? That is the question to which this perspective intends to respond. Here, we need to define the internal operational objectives and targets or what does the company needs to set up, and how does the company need to perform well to enhance the efficiency and its productivity?
Internal operational goals might include like:
- Process enhancements (like reorganization an internal endorsement process)
- Improving the quality (like lessening manufacturing waste)
- Keep usage to a minimum (utilizing innovation to help effectiveness). (Agarwal, 2020)
- Learning and Growth
Our goal is to increase the productivity of the drug development process (while utilizing Portfolio management) while making drugs that are cheaper and more affordable. Our strategic objectives are developing in-house tools for project efficiency, drive value driven project management and improve our team members skills sets. Our KPIs (key performance indicators) for these objectives will be implementing lessons we have learned, a new learning management system, and we will conduct quarterly skill set audits to ensure our team members have gone through the necessary trainings to achieve the level of success we are aiming for in present and future projects.
The initiatives our team will take are the following. We will be creating and publishing a lesson learned chart available to all team members. This will consist of past research projects so we can use it as a resource for our new research projects. We can look at this and use our past experiences knowing what worked and did not work. This will help with delays and setbacks in R&D. We will use a learning management system from our in-house training team to ensure our team members are going through all the same trainings and getting the same information. We will also guarantee there is buy-in for the value driven project management. By conducting continued education of our skills for all team members will make sure we all have the requirements to successfully achieve our goals of our current projects and future ones. If there are ever any gaps of our skills, we will have the continued ed. there to help us out as well as for our future team members.
- Conclusion
As the project moves forward into its next milestones, with the BSC built out and other project documents in process of crafting, it will be critical for the project teams to ensure the BSC is created in a unified mindset, with buy-in from all key stakeholders; further, that if any strategic changes must be implemented further downstream, that the BSC is updated accurately to reflect this. Finally, that all team members can not only see the overall strategy as presented in the BSC, but how they, themselves fit into the larger vision also.
References
Agarwal, R. (2020). Perspectives in Balanced Scorecard (4 Perspectives).
Retrieved from https://www.yourarticlelibrary.com/accounting/performance-measurement/perspectives-in-balanced-scorecard-4-perspectives/53100
Hans-Ulrich Krause, Dayanand Arora. Key Performance Indicators for Sustainable Management:
A Compendium Based on the “Balanced Scorecard Approach.” De Gruyter Oldenbourg; 2019.
Accessed November 5, 2021. https://search-ebscohost-com.ezproxy.snhu.edu/login.aspx?direct=true&db=nlebk&AN=2317397&site=eds-live&scope=site
Nunn LG, Marshall T, Brown “Donald” Donnell. Branded Customer Service: Implementing the Customer
Perspective of the Balanced Scorecard to the Ranching Industry. Rangelands. 2007;29(2):28-32.
doi:10.2111/1551-501X(2007)29[28:BCSITC]2.0.CO;2
Pramudita, CD. The Balanced Scorecard as Strategic Controlling Instrument. Introducing the Indicators-
Based BSC for Implementation of a Corporate Strategy from Four Different Perspectives.
Anchor Academic Publishing; 2016. Accessed November 5, 2021. https://search-ebscohost-com.ezproxy.snhu.edu/login.aspx?direct=true&db=nlebk&AN=1412506&site=eds-live&scope=site
Repository.arizona.edu. 2021. Branded Customer Service: Implementing the Customer Perspective of
the Balanced Scorecard to the Ranching Industry. [online] Available at:
<https://repository.arizona.edu/bitstream/handle/10150/639694/12251-11799-1-
PB.pdf?sequence=1&isAllowed=y> [Accessed 7 November 2021].
Small Business Trends. 2021. 14 Key Performance Indicators (KPIs) to Measure Customer Service.
[online] Available at: <https://smallbiztrends.com/2015/03/how-to-measure-customer-
service.html#:~:text=%2014%20Key%20Performance%20Indicators%20%28KPIs%29%20
to%20Measure,are%20happy%20with%20the%20service%20you…%20More%2
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Www-sciencedirect-com.ezproxy.snhu.edu. 2021. Sign into your account. [online] Available at:
<https://www-sciencedirect-com.ezproxy.snhu.edu/sdfe/pdf/download/eid/1-s2.0-
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