Business Strategy
Building a Balanced Scorecard System for Forest Products Export Joint-Stock Company of Quang NAM
Article Details
| Pub. Date | : June' 2020 |
|---|---|
| Product Name | : The IUP Journal of Business Strategy |
| Product Type | : Article |
| Product Code | : IJBS10620 |
| Author Name | : Trinh Le Tan, Doa Thi Dai Trang |
| Availability | : YES |
| Subject/Domain | : Strategic Journals |
| Download Format | : PDF Format |
| No. of Pages | : 14 |
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Abstract
The purpose of the study is to build a Balanced Scorecard (BSC) to measure the operation, transmission, and implementation of the company' s strategy effectively through developing a strategic map for the company based on the aspects of BSC, and identify the Key Performance Indicators (KPIs) for each strategic goal for each perspective of BSC. This study mainly focuses on the model, content, and method of building a BSC to manage strategy and measure performance. The authors used the qualitative research method: Contextual analysis at Forest Products Export Joint-Stock Company of Quang Nam (FOREXCO QN) to support in-depth interview questions to collect information to support the understanding of the company' s production and business characteristics, and the management will then conduct a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, identify appropriate strategies and strategic objectives and ultimately develop strategic maps. Then, from the steps mentioned above, the authors will conduct focus group interviews to find KPIs and indicators to measure. In practice, the authors have built a BSC based on previous studies, especially the research of Kaplan and Norton.
Description
The wood export industry is the driving force of Forest Products Export Joint-Stock Company of Quang Nam (FOREXCO QN). However, FOREXCO QN still has many potential instabilities due to unmatched product quality, lack of diversity of products and lack of skilled and professional labor resources. Current export products need to meet the increasing demand for quality and technology as well as economic barriers of foreign consumer markets, especially markets like the US, EU and Japan. Among the tools and management methods that have been applied in the recent years such as comprehensive quality management, business process restructuring, business process management, enterprise resource planning, customer relationship management, and value-based governance, the Balanced Scorecard (BSC) is still considered one of the most successful tools. According to a global survey of management tools announced by the consulting firm Bain & Company, BSC was ranked 14th in the top 25 most widely used management tools in the world in 2017. BSC overcame the disadvantages of traditional assessment method in showing the balance between four perspectives: finance, customer, internal business process and learning and development. It is seen as a strategic implementation tool to help guide future activities, align business and commercial activities or tasks so that it is aligned with the organization' s vision and strategy improving communication relationships, monitoring organizational activities to achieve strategic objectives.
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