Indiana Institute of Technology Achieving Economies of Scale Questions

Explain how balanced scorecards and strategic objectives can be used to move strategy to action.

Respond to 2 discussion board post A
Module 2 Discussion D. Davis
1. Explain how balanced scorecards and strategic objectives can be used to move
strategy to action.
The balanced scorecard is a system of strategy links and reporting mechanisms that
supports effective strategy execution. In other words, it provides a framework and
sophisticated mechanisms to move from strategy to execution.
2. For example, primary care’s strategic objective is that evidence-based medicine
will contribute to increased patient satisfaction; however, these strategies are
vague and are not linked one to the other.
I can relate to the example in chapter 4 that patient satisfaction can increase when part
of your strategy tells the patient they need to lose weight. Over the last few years, I
never left my doctor’s appointment without hearing that I was obese. Evidence-based
medicine proves a healthier weight; however, how the message is delivered to convince
the patient can be easily offended and cause the patient to feel defeated instead of
empowered.
A balanced scorecard will take this same strategic objective (Evidence-Based Medicine)
and Expected Outcome (increased patient satisfaction) and break them down into four
common perspectives from which an organization examines its operations, 1. Financial
stakeholders, 2. Customers, 3. Internal process and Innovation (operations), and 4.
Employee learning and growth.
The financial focus is on revenue to accommodate growth and may emphasize
profitability.
The customer perspective is to view the organization’s operations from a customer’s
point of view. In other words, this is where you hear the voice of the customer because
their satisfaction contributes to retention and acquisition. For example, customer or
patient wait times after they check in for their appointment. How are they greeted when
they arrive? Do they feel welcomed?
According to our text, the internal processes include innovation, ongoing process
improvement, and post-sale service. Thinking about what will benefit the customer in
the future, so not being reactionary—thinking innovatively about how the organization
will deliver the benefits to the customer. The answers to these questions will provide the
products that need to be created to bring these benefits and customer service to pass.
The ongoing process improvement and operations are part of the strategy because it is
continuous. You should always be looking for more ways to improve and make
processes better for your customer.
Post-sale service is the last part of the strategy because this result will tell if all of the
previous steps were successful. During this part of the strategy, feedback will be
received, whether negative or positive. During this phase, you do follow-up, like
contacting the patients post chronic disease diagnoses or after a patient has received an
incorrect bill. You are taking this opportunity to ask the patient where in the process,
you can improve.
References
McLaughlin, D. (2017). Healthcare Operations Management, Strategy and the Balanced
Scorecard (Chapter 4)
Module 2 Discussion A
days ago
R. Hood
Balanced Scorecards and Strategic Objectives
Balanced scorecards can be used to move strategy to action by having a
complete list of the objectives, metrics, targets, and actions. This ultimately meets the
company’s mission. An example of how balanced scorecards can be used to move
strategy to action would be when Jefferson Hospital’s Balanced Scorecard has been
used to make their hospital more effective. Per ClearPoint Strategy’s online article, The
Balanced Scorecard in Healthcare, “Jefferson Health created strategic values
around quality and safety, service, people, growth, and finance and operations. It sets
goals and benchmarks results to national standards, measures progress toward goals,
and tracks the most important metrics (those that impact its strategic values) to ensure
accountability.”
Strategic objectives can be used to move strategy to action by having the directives
closely met by the balanced scorecard, where all of the goals of the company’s
initiatives are closely met, the more likely that the company’s overall strategic objectives
will be met. An example of how strategic objectives can be used to move strategy to
action in Healthcare would be an example I found on a hospital strategic plan . Per
ClearPoint’s online article, Hospital Strategic Planning: What Should You Include In
Your 5-Year Plan?, ”A hospital strategic plan takes into account how the organization
wants to grow in specific categories. The strategic plan lists objectives and goals for
each area the company would like to grow, and lists initiatives the organization will take
to meet their goals.”
References
Jackson, T. (2022, April 29). The Balanced Scorecard in healthcare. ClearPoint
Strategy. Retrieved September 15, 2022, from https://www.clearpointstrategy.com/thebalanced-scorecard-in-healthcare/
Miyake, D. (2021, June 4). Hospital strategic planning: What should you include in your
5-Year plan? ClearPoint Strategy. Retrieved September 15, 2022,
from https://www.clearpointstrategy.com/hospital-strategic-planning-5-year-plan/

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