Question

Web solutions Ltd. was formed ten years ago to provide business equipment solutions to local business. It has separate divisions for research, marketing, product design, technology and communication services, and now manufactures and supplies a wide range of business equipment. To date the company has evaluated its performance using monthly financial reports that analyze profitability by type of equipment The managing director of Wob solutions Ltd. has recently returned from a course in which it has been suggested that the Balanced Scorecard" could be a useful way of measuring performance

Required:
a) Explain the "Balanced Scorecard and how it could be used by Wob-solutions Ltd to
measure its performance.
b) The managing director of Wob-solutions Ltd also overheard someone mention how the
performance of their company had improved after they introduced "Benchmarking
Required: Explain "Benchmarking and how it could be used to improve the performance of Wob-
solutions Ltd.

Answer 1

The Balanced Scorecard is a tool to measure performance from multiple perspectives. Web Solutions Ltd. can use it by setting goals, identifying indicators, and monitoring performance. Benchmarking is a process of comparing performance to industry leaders and implementing best practices to improve performance.

Step-by-step explanation:

The Balanced Scorecard is a strategic performance measurement tool that helps organizations assess their performance from multiple perspectives. It considers financial, customer, internal process, and learning and growth perspectives to provide a more holistic view of the organization's overall performance. Web Solutions Ltd. can use the Balanced Scorecard to measure its performance by setting specific goals and targets for each perspective, identifying key performance indicators (KPIs), and regularly monitoring and evaluating its performance against these measures.

Benchmarking is a process of comparing an organization's performance with that of similar organizations or industry leaders to identify best practices and areas for improvement. Web Solutions Ltd. can use benchmarking to improve its performance by studying successful competitors or industry leaders and implementing their best practices. This can help the company identify areas where it is lagging behind and take appropriate measures to enhance its performance.