Wells Fargo Balanced Score Card Analysis

807 Words 4 Pages
The balanced score card was developed by Dr. Robert Kaplan and David Norton. It is stated that the balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization. Below is a chart that tells you what it should look like. When examining Wells Fargo this is how I would use the balance score card starting with the four perspectives:
At Wells Fargo the basic question the Customer Perspective: How do we appear to our customers? Customers are the main reason of the existence of every organization.
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According to a survey, a happy and satisfied customer will share their good experience with 5-7 people but dissatisfied customer will share their bad experience with 10-15 people. So, every organization such as a financial institution like Wells Fargo should focus on their after sales services and helps their customer in the most effective …show more content…
At Wells Fargo our shareholders are the people who invest in the company. Before investing in the company, every shareholder sees the past financial performance records of the company i.e. market share, market growth rate, product lines and most importantly profit (return on investment). They also have a look on the company’s strategy and implementation of that strategy.
Now this is where the Internal Business Process Perspective: This perspective has positive impact on the customer satisfaction. It refers to the internal process of a company i.e. their expertise area. When gaining competitive advantage the company continuously improve their processes, introduce new technologies. It measures the three important dimensions of a company i.e. resources, capabilities and core competencies of a firm. This perspective helps the manager to analyze how well their business is running, products and services according to the customer requirements and to implement the mission

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