Balanced Scoreboard

Report on Balanced Scoreboard Tesla By ABC Date: Balanced Scoreboard Tesla Introduction Organizations use balanced scoreboard for strategic planning and management system to attain the desired goals. Balanced Scoreboard is used in industries, government and nonprofit organizations to monitor the activities and to improve the both external and internal communications system. In this study, we will discuss about the Tesla Company, which is based in United States and producing electric cars electric power trains for its customers. We will learn about the balance scoreboard and its key features with different performance measure, which are relative to the Tesla. This study will allow us to observe the goals and strategic plans of company and their implementations through balanced scoreboard. Different companies can develop and improvise their strategies and respond accordingly by this effective technogy. Balanced Scoreboard & Key Features Companies have to implement their strategic planning and management system in to attain the goals and balanced scoreboard is the platform for them to be successful in this regard. There are many features related with balanced scoreboard, which are providing benefits to the company. It provides the clear strategy to company like Tesla to plan the definite goals regarding productions and innovation. Tesla is featuring with balanced scoreboard to have effective communication plans it improve the performances and process. They can stretch the targets and plan their processes with clear objectives. CITATION Bow11 \l 1033 (Bowen, 2011) All these features are providing many benefits to the organizations such as motivation and synergy, committed and focused workforce, effective production, accountability, consistent annual planning, up to date vision & mission and mobilizations for change. Company tries to develop the strategies to improve the customer services and requirements in their production process, which is a part of balanced scoreboard. We can say that this system with its key features and benefits are vital for both customers and the company. CITATION Bow11 \l 1033 (Bowen, 2011)Balance Scoreboard to Measure Performance Tesla has good and impressive scoreboard as the improved its performance in recent years. They have increased market share penetration and increased production. They expanded themselves into different new markets to increase the sales and attract more customers. Customers of Tesla are no more with complains as they took effort to reduce the complaints and eliminate unnecessary store and service stations visits. Apart with this, they have increased participative rate in industry auto conferences to have new trends to protect the environment and implement the corporate social responsibility. CITATION Cer13 \l 1033 (Cerrutti, 2013) They conducted technology gap score to lead in the technology regarding auto industry to have improved and prominent vehicles. They tool initiatives to conduct the service training time to time for all the employees to increased and improve the efficiency in manufacturing departments. These service training process for their employees are better for customer to gain the quick and unique services. Companies can measure their performance through balanced scorecard according to their strategic objectives and different initiatives. CITATION Cer13 \l 1033 (Cerrutti, 2013)Key perspectives & Relation with Each Other There are four key perspectives of balanced score board. These perspectives allow the shareholders to analyze the firm for them. Customer can see the firm differently according to their prospects. In big manufacturing concerns like Tesla, they need intense operational process and management to look after the production and flow of communication. Apart with this, learning and growth for an organization is very important, as Tesla should have to do efforts for more improvements and value creation. For this purpose, we have to learn about following four key perspectives Financial Perspective Customers Perspective Internal Perspective Innovation & Learning Perspective These four key perspectives are relative to each other. If company has strong financial resources, it can share the maximum market, which will increase the sales and revenue for them. Tesla has good financial position as it has good image in eye of shareholders. This strong financial position allows them to have good and innovative operational process internally. Strong financial position allows them to have advanced technology to reduce the cost of production for their customers. Customers are acquiring better services and retained by the company with their quality, which is just because of innovation and strong financial perspective. This is definite that operational processes of Tesla are effective and unique which is providing the brand differentiation for customers and help them to find the ways for further innovations. In end, this is clear that innovations & learning perspective are related with all remaining perspective as innovations and learning comes from strong financial resources. These resources are to invest at workplace to improve the operations for excellent customer services regarding Tesla. CITATION Ols08 \l 1033 (Olsen, 2008)Long Term Goals for Tesla Every organization has long-term goals, which are to fill the needs of business and customers. Tesla is having the sustained goals, which is best thing for this company. Their long-term goals included to accelerate the adventure of sustained vehicle through electric cars as soon as possible for their customers. Their goal is also to produce the competitive gasoline alternative regarding the sports cars in coming decades and lead the automobile sector. They want to produce compelling and affordable vehicle with reliable quality for their customers in future as these electric cars are little expensive as compared to the other cars. Apart with this, they want to experience the technology leap to have sustainable and quality products in all over the world with effective market expansions. CITATION Mus13 \l 1033 (Musk, 2013)Strategy Development Tesla is using the techniques of balanced scoreboard to develop its strategy. As mentioned above the four key perspectives about balanced scoreboard, Tesla is considering all four perspectives to develop the strategies. Financial, customer, internal and innovative perspectives help them to make strategies regarding customers needs and requirements. They developed the criteria to maintain the expected increase in sales in coming years by 4%. Regarding the financial perspective of balanced scorecard, they are going to rectifying the financial statements due to the negative ROI and ROE. Their strategy is made the 100% sales of electric cars, as it is about 97 % with other electric components (2.2%). With respect to all these perspective, their main strategy is to promote the electric propulsion, as they want to see this as future transportation. CITATION Sta141 \l 1033 (Start Wide, 2014)Balanced Scoreboard for Tesla Key Perspectives Strategic Objectives Performance Measures Initiatives Financial Perspective Increased share holders Increasing Revenue & Growth Profit Maximization Financial stability Increased sale of units and price Increased customers with high price and quality Improved technology and advancement Sustained productivity & sales Process are increase to value the share holders More invocation to reduce price Customizing sales and marketing Customer Perspective Improve brand image Quality customer services Training effectiveness index Brand awareness & market penetration Customized features on vehicles Service training programs for employees Internal Perspective Flexible work place environment Effective & sustained productivity Satisfied employees Well trained employees & efficient operations Training & development of employees Upward communication system Conclusion This strategic planning and management system help the companies to align themselves towards the long-term goals. In this study, we discussed about the different key features benefits of balanced scoreboard to Tesla Company. This is better for us to know about the different performance measures and initiative that are taken in the recent years. Strategists in different organizations use the method to develop the initiatives for sustaining the long-term strategies and goals. Balanced scoreboard for Tesla helped us to examine the key perspective. These perspectives are financial, customer, innovation and internal perspectives for balanced scoreboard. Reference BIBLIOGRAPHY \l 1033 Bowen, R. (2011, April 8). Weighing the Pros and Cons of Balanced Scorecards. Retrieved April 23, 2015, from Bright Hub: http://www.brighthub.com/office/finance/articles/70687.aspx Cerrutti, k. (2013, November 20). Tesla Motors: Leading Innovation towards EV. Retrieved 23 22, 2015, from Prezi: https://prezi.com/k_wipynwswsg/tesla-motors-leading-innovation-towards-ev/ Musk, E. (2013, November 18). The Mission of Tesla. Retrieved April 18, 2015, from Tesla Motors: http://www.teslamotors.com/blog/mission-tesla Olsen, E. (2008, December 8). Balanced Scorecard. Retrieved April 23, 2015, from On Strategy: http://onstrategyhq.com/resources/balanced-scorecard-2/ Start Wide. (2014, August 8). Strategic analysis of Tesla Motors. Retrieved April 23, 2015, from Start Wide: https://stratwide.wordpress.com/2014/08/08/study-of-tesla-motors/

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