Balanced Score Card
The presented online video Performance Management using the Balanced Scorecard describes the benefits of using the Balanced Score Card (BSC) to promote performance and profitability in organizations. The BSC is a powerful measurement tool that guides managers to have a comprehensive view and knowledge of their businesses. The model outlines the financial measures that can transform various business activities. The tool makes it easier for firms to outline various operational measures that can improve customer satisfaction. The tool helps “corporations improve their activities in order to drive financial performance” (Kaplan, 2010, p. 8).
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In order to achieve the best outcomes, managers should collect information from the major perspectives of the targeted business. These include “customer, internal business, financial, and innovation perspectives” (Kaplan, 2010, p. 11). Managers should ensure every approach is aimed at fulfilling the needs of the targeted customers. As well, they should also focus on every internal operation in order to promote excellence.
Organizations should also promote the concept of learning in order to create value for their brands (Kaplan, 2010). The financial aspects of a business should also be considered during the process. Companies in the private sector should focus on aspects such as market share and profit (Kaplan, 2010). Public institutions should consult the existing government regulations in an attempt to achieve the best goals. The BSC model encourages stakeholders to share their ideas and concepts. The gathered concepts are then used to align the performance of different employees with every targeted goal (Lawrie, 2011). Leaders can therefore use the scorecard to balance the above four measures. The practice will definitely improve the level of performance.
The selected Ted Talk focuses on importance of gamification. The title of the targeted Ted Talk is “The Future of Creativity and Innovation is Gamification: Gabe Zichermann at TEDxVilnius”. I viewed the video because its presenter possesses the relevant skills in innovation. As well, the video seemed to present meaningful concepts that can reshape the performance of many businesses. The most outstanding fact is that the Ted Talk video presents numerous ideas that can support my future career goals. To begin with, the video informs me about the importance of gamification. It indicates clearly that every corporation has the potential to become innovative.
The important thing is to understand the benefits of the gamification strategy. The strategy presents numerous ideas that can be used to crush competition, attract more customers, and engage every employee. Gamification experts, according to Gabe Zichermann, can acquire new ideas thus engaging more stakeholders (Tedx Talks, 2014). The approach also has the potential to increase loyalty and produce positive results. Companies can use the concept to design specific behaviors and practices in order to promote performance and innovation. Employees and customers should be encouraged to present meaningful ideas that can result in innovation (Tedx Talks, 2014).
The promising aspects of gamification show clearly that more companies will acquire new opportunities through continued innovation. The Ted Talk presentation therefore supports most of the concepts described in our “Innovation Strategies” class. The presenter dismisses the common notion that only professionals can engage in successful innovative practices. Powerful practices such as research, teamwork, collaboration, and equal participation can be used to promote innovation. The presentation therefore offers new ideas that can be used by innovators in order to realize their potentials.
Kaplan, R. (2010). Conceptual Foundations of the Balanced Scorecard. Harvard Business School, 1(1), 1-36.
Lawrie, G. (2011). Performance Management using the Balanced Scorecard – The Past, The Present, The Future [Video file]. Web.
Tedx Talks. (2014). The Future of Creativity and Innovation is Gamification: Gabe Zichermann at TEDxVilnius [Video file]. Web.