Balance Scorecard Assignment Help
According to the case studies in the textbook, assess either MARS, incorporated OR The University of California using the Balanced Scorecard approach.
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Enterprise Risk Management
Today, with advent of new technologies, it is found that majority of the organizations are deploying technological solutions with an objective to improve their efficiency and also improve the productivity levels of the employees in a given working environment. With increased complexities in the daily work activities, it is further found that the organizations need to improve communication and collaboration between different departments of the organization (Grace et al., 2015).
It will thereby help them overcome internal conflicts, manage communications and work tasks in a better way, and finally, also overcome the gaps in the functional processes of the organization.
This report will focus on University of California wherein the University is planning to implement Enterprise Risk Management (ERM) with an objective to manage different risk factors, reduce operational costs, improve safety levels, deploy new strategic plans, and also improve patient care in a given environment. This report will deploy Balance Scorecard with an objective to analyze the efficiency of functional strategies implemented in the present working environment.
The University of California's Health System
The University of California started the ERM initiative to first identify the risk factors that were directly impacting on the performance of the organization. Second, there was also a need to monitor different risk factors that were impacting on the work approach of the employees in the organization (Grace et al., 2015).
And, finally, the third need was to leverage the risk factors in a way that will help the organization to achieve the desired objectives. Hence, for this purpose, the top-level management of University of California was required to deploy the ERM system in a given working environment (Wieczorek-Kosmala, 2015).
It will thereby allow them to identify the major areas of risk, deploy control mechanisms to reduce the impact of these risk factors, implement risk mitigation tools to overcome the impact of these risk factors, and finally allow employees to modify their work approach and work strategies in the present working environment (Wieczorek-Kosmala, 2015).
Within the ERM system, there are different tools available that will allow the entire team of University of California - to improve on their quantitative analysis capabilities, improve analytical and reporting capabilities, support for compliance processes, incorporate risk governance framework, improve scalability of the staff and the work systems, and finally improve flexibility for the staff (Wieczorek-Kosmala, 2015). It will thereby allow them to achieve desired objectives in a given challenging work environment.
Key Performance Indicators (KPIs)
After the implementation of this ERM system in a given institution, it is necessary for both the IT department and the senior management to monitor the performance of the new strategies, new work approach, and new work culture in the organization. For this purpose, they need to implement Key Performance Indicators (KPIs) in a given operational environment. These indicators will be shown in a dashboard as shown below that will provide information to the different teams on their overall performance.
It will thereby allow the organization to determine whether they are first able to overcome the risk factors; second, it will assist all the category managers of different departments to not only collaborate with each other but also evaluate the performance of different events taking place in the organization (Stanton, 2013).
Third, with the help of trend reports, the staff will be in a better position to take the decision for patient safety. They will be able to track adverse events so that they can not only monitor them but also take the required steps to overcome the given situation. It will further help different teams to improve on their work coordination, work collaboration, and also improve on their work practices in the new working environment (Stanton, 2013).
The major KPIs will include - factors related to finance, learning and growth, patients, and internal working perspective (Stanton, 2013). However, they will be measures with the help of Balance Scorecard as discussed below.
It is a tool as shown below that can be used for the purpose of measuring the performance of different strategies post the implementation of either new systems or new work approach in a given working environment. First, from the finance perspective, the finance team needs to check whether the organization has been able to improve on the financial performance or not, whether they have been able to reduce overhead expenses or not, and finally whether they have improved cash flow or not (Whitney, 2015).
Second, from learning and growth perspective, they can evaluate - whether employees have developed desired critical skills or not, whether different departments have aligned their goals or not and finally measure employee satisfaction levels in a given working environment (Whitney, 2015). Third, from the patients' perspective, they can check whether patients are satisfied with the new ERM systems or not.
Fourth, they can determine loyalty levels of the patients, quality services offered, and also determine sales revenue per patient. Finally, from internal working environment perspective, the operations team need to measure whether the organization has improved operational efficiency or not (Whitney, 2015). Second, they also need to determine whether patient relationship management has improved or not. Finally, they need to check on whether work culture has improved or not in a given environment.
Recommendations and Conclusion
This report discusses on how the University of California has implemented Enterprise Risk Management system in association with Enterprise Resource Planning system in a given environment. It will thereby first allow the company to identify their current gaps, improve process performance, and also improve productivity levels of the employees in the organization.
However, as mentioned, different teams will be required to measure their overall KPIs in a given environment. These include - operating margin, service rating, unit costs, employee retention ratio, and overall strategic performance (Whitney, 2015). The report also includes Balance Scorecard with an objective to measure the performance of different strategies from four major perspectives.
It will thereby allow the senior management team to identify the performance, evaluate the inputs of the employees, and thereby measure holistic performance of the organization (Lundstrum, 2014). However, the top-level management team also needs to deploy performance analysis mechanisms to review their performance; they can thereby monitor the different risk strategies, identify gaps, if any, and thereby provide new recommendations to improve the future outcomes in a given environment.
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