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Introduction
A balanced scorecard is a system of strategic management of an organization based on measuring and evaluating the effectiveness of its activities among employees. An essential stage of this system is the analysis of internal processes that affect the institution and the consequences of these processes on the external environment. For this system to work correctly and have an effective result, it is worth focusing attention on financial management, which will allow to qualitatively and actively develop the state of the company.
A system of balanced indicators is essential because:
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Provides easy and profitable communication between internal processes
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Allows qualitative assessment of external results
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Influences the improvement of results in these business processes
The National Insurance
The National Insurance is an insurance company that provides services in various fields, particularly medicine. The company offers insurance in the medical area, where unique plans have been developed that are advantageous for many reasons. First, the company provides all customers with a comprehensive insurance policy, which saves a lot of things in the medical field (Al-Sammarraie & Shaikhah, 2021). It is also essential to add that the company in the middle conducts productive activities with its employees. This way, the company provides a good atmosphere and a favorable position among employees.
The National Insurance case
The National Insurance showed how in a short time, it is possible to dramatically and qualitatively improve the system to achieve qualitative and good results for a long time for each Strategic Outcome Measure, they identified a complementary performance driver (Kaplan & Norton, 1996, p. 75). Thus, the company is an example of high-quality strategy development and should be considered in more detail. The Balanced Scorecard is based on four leading indicators that determine the management systems effectiveness: financial management, internal business processes, customers, and employee training and development.
Financial performance indicators & Customer satisfaction
As a result, employees do essential work and communicate directly with users, bringing the company money. In this way, motivating the companys employees improve their work efficiency. According to research, it is The National Insurance that actively helps its employees to express themselves. It is worth assuming to upgrade staff competencies, improve access to strategic information (Kaplan & Norton, 1996, p. 74). Therefore, the companys interest in improving the skills of its employees is a direct success in enhancing the companys level.
Customer satisfaction
The company used its strategy to raise its visibility among the general public. In addition, that paid significant attention to citizens health awareness: More citizens view good health care service as one of the responsibilities from the nation to protect their generations (Khiew, Chen, Shia & Pan, 2020, p. 601). That is, it is worth concluding that the company should first follow the trends and, in turn, offer something that will help citizens solve urgent problems.
Internal business processes
Business as such needs daily analysis of the strategy and its improvement; it is vital that the management of the company also actively works at the level of lower employees. To do this, National Insurance used improved employee productivity and company balance to develop its brand (Kaplan & Norton, 1996). This way can understand that a balanced but active plan results in change and reform.
Learning and growth
Developing business processes is the key to the companys success and market growth. According to research, a great deal of credit for the active development of National Insurance belongs to the managers (Kaplan & Norton, 1996). It is essential to understand that the management is the same driving force that helped the company develop the right strategy regarding changes and reforms that brought many changes to the company in a short time. Analyzing all the factors mentioned earlier can say to create a new plan (Kaplan & Norton, 1996). Management should always use only new methods and new technologies.
Recommendations for the organization
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The first tip would be for the company to conduct more employee training. It is worth saying that perhaps it is necessary to talk about the fact that, after all, teamwork plays a lot (especially in large companies). Thus, friendship and understanding in the team help and motivate employees to do everything on time.
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Second advice would be to continue to pursue a personal branding policy. At the same time, it is worth saying to spread the company brand, and it is necessary to conduct additional campaigns on various social networks to attract an audience of different ages.
Such surveys are perfect for the company because using them will make it possible to carry out reforms and improve all processes. It is also worth doing various activities, attracting customers to the company in multiple ways and following their preferences. The last advice will be that it is worth adding young people to the management who will bring new and fresh ideas regarding business development. Considering that technology is changing and improving very actively, young people are becoming active users of these technologies.
Conclusion
In conclusion, the National Insurance company has come a long way to create such a large corporation. In addition, its strategy is perfect and practical. Hat can be observed by the companys success in its field. It is also worth adding that A balanced scorecard in the company is sufficiently thought out and has already brought positive results, which allows the companys strategy to be your ed. Also, see that the company actively uses all resources to improve the workplace for employees, as it places its primary emphasis on them. Thus, the management business plan, which is still in use today, is a good and profitable strategy using a balanced scorecard.
References
Kaplan, R. S., & Norton, D. P. (1996). Linking the balanced scorecard to strategy. California management review, 39(1), 53-79. Web.
Khiew, K. F., Chen, M., Shia, B. C., & Pan, C. H. (2020). The Implementation of Adopted Balanced Scorecard with New Insight Strategy Framework for the Healthcare Industry: A Case Study. Open Journal of Business and Management, 8(2), 600-627. Web.
Al-Sammarraie, M. M. A., & Shaikhah, S. A. H. (2021). The Extent of the Impact of Job Rotation Requirements on Developing Insurance Performance (An applied research in the National Insurance Company). Multicultural Education, 7(8), 498 508. Web.
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