Balanced Scorecards

Running Head: MAKING BALANCED SCORECARD WORK TO IMPLEMENT BUSINESS STRATEGIES AT MAGIC TECHNOLOGY

Making Balanced Scorecard Work to Implement Business Strategies at Magic

Technology

Mearli Orozco

Professor: Dr. Bullen

Florida National University

Course: Human Resources Management

HMR 5030

Case Study Report Week IV

Magic Technology is a global company that manufactures electronic components, specifically passive components. Since their specialization was on passive components, they could perform the functions of moderating electric current and voltage, storing static electricity, preventing electromagnetic interference and filtering impurities in electric current. Magic Industry main revenues came from inductors, in which they were facing an intense competition so they had to implement a strategic plan to continue leading the manufacture electronic industry. In summer of 2008, Magic Technology launched an initiative to implement the balance scorecards in its organization.

Balanced Scorecards, when developed as strategic planning and management systems, can help align an organization behind a shared vision of success, and get people working on the right things and focusing on results (Mathys, 2006). A scorecard is more than a way of keeping score; it is a system, consisting of people, strategy, processes, and technology. Developing a balanced scorecard system is like putting a puzzle together, where different pieces come together to form a complete mosaic. In the balanced scorecard, the “pieces” are strategic components that are built individually, checked for “fit” against other strategic components, and assembled into a complete system (Kaplan. 2002). The major components of a balanced scorecard system are engaged leadership, interactive communications, vision and mission, core values, organization pains and enablers, customers and stakeholders, customer value proposition, etc.

Electronics manufactures had switched to a...