1. What benefits has BIOCO realized from its use of balanced scorecards?
A balanced scorecard has four perspectives, Customer perspective, internal business perspective, Innovation and learning perspective, and financial perspectives. By using balanced scorecards, BIOCO knows what the customers needed is. It helps BIOCO to fulfill customers’ need better. For internal business perspective part, BIOCO can clear the corporate vision and strategy. BIOCO can adjust the strategy according to the pervious balanced scorecards. Also the balanced scorecards link everyone in the company and enhance the communications between each other. Meanwhile, Scorecards detailed the company’s business goals to everyone and guide every …show more content…
Each department need to do their balanced scorecards according to their performance and company’s business strategy. During this process, company need to train every senior manager. The CEO of company should set up the business goal for the company, in addition to that, CEO should also set up the bottom line for each department and help different department to communicate. Due to the complex organizational structure, company need to increase the frequency of reviewing, adjusting, removing strategic initiatives from the metrics in the scorecards. By using the professional senior manager and continually change the short-term strategic initiatives in limited amount core department, BIOCO approach may works for the large companies.
4. BIOCO recently was sold and now has a new CEO. Do you think the BIOCO way will be as successful under the new CEO? Why or why not?
I don't think the BIOCO way will be successful under the new CEO. Setting up the business goals, translating it for different department and adjusting strategic initiatives according to the performance in different time requires a professional CEO who are good at balanced scorecards method. According to the case article, the pervious CEO is a strong champion of the balanced scorecards and is considered an in-house guru for the method. So BIOCO approach is working well. But for the new CEO, first of all, the CEO must like this method and want