Essay Sample on Auditing Plan/Balanced Scorecard

Introduction

In the process of strategic planning for an organization, a Balanced Scorecard (BSC) represents a performance management tool that also consolidates a semi-structured report to evaluate the activities of the employees within the organization, in addition to the outcomes of the activities (Brunette, 1992). The tool, therefore, tracks performance within the organization, thus its value in tracking the objectives within the implementation strategy. The tool functions through an evaluation of financial and non-financial data from the organizational report, in addition to focusing the agenda of the organization through monitoring a small number of operations.

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As a strategy for organizational management, strategic planning is essential in aiding the organization towards setting priorities, in addition to focusing their energies and resources to strengthen the operations towards a common goal (Jurevicius, 2018). The combination of strategic planning with the application of the BSC will keep the team on track concerning the three-year strategy to revolutionize the organization and its processes (Brunette, 1992). As indicated in the previous section, the case organization, which is Apple Inc., has over the years maintained its status as a leading tech producer and a giant in the technology industry. However, the evaluation of the company in its internal and external environment reveals that the organization is countering different threats and forces that will have a future impact on its position within the tech market.

The process of the three years strategic plan is therefore critical in maintaining the position of the organization as a future leader in the industry despite the rapid rates of changes and development within the tech industry. The objectives outlined in phase two of the report indicate the different activities that the organization and its stakeholders will engage in towards altering the course of the organization in the industry. The basis of all the objectives is to guarantee that the organization remains a top producer of quality and innovation within the technology industry. A separate basis for the objectives in the strategy implementation phase is to allow the organization to increase its share of the market by obtaining market segments that were previously not on the portfolio of the organization. An illustration is the low and average income markets that could not afford the highly priced commodities from the organization. The three-year strategy will thus allow the organization to engage these market segments and in the process increase its market share to the extent of matching is close rival which is Microsoft Corporation that has a significant share of the market in the tech industry.

Contingency Plan

Contingency planning is a failsafe for unforeseeable occurrences in the internal and external environment for the organization. Therefore, while the organization can make projections about the future, including a prediction of the financial and market situation, there is no way the organization can plan for every outcome in the corporate world. The contingency plan, therefore, plays the role of safeguarding the interests of the organization for the events that have negative implications for the operations within the organization.

One such contingency plan in the case of Apple Inc. is the organizational structure in which relies on the board of directors and the stakeholders for the management of the organization (Pretorius, 2008). Therefore, while the CEO, who is presently Timothy Cook, remains at the helm of the decision making processes within the organization, he gets his input from the stakeholders and the directors within the organization. The input of multiple opinions and resources in the operations of the organization is a contingency plan that allows the organization to prepare for all the possibilities when it comes to predicting future events within the industry.

Apart from the organizational structure, the organization also records customer issues using a formal structure that tracks the dates for receiving the customer issues in addition to the time in which the issues are resolved. The organization recognizes the value of the customer and therefore places their views in high regard. As such, all the customer issues that relate to the performance of the organization in addition to the functions of the commodities from the organization are tracked to guarantee customer satisfaction.

The contingency plans within the organization are useful in maintaining the relationships between the organization and its stakeholders while ensuring that the organization is prepared for future eventualities. Therefore, the organization may implement the financial projections that are set to determine the economic viability of the organization in the future but remain unprepared for unpredicted changes in the environment (Pretorius, 2008). The contingency plan is essential in providing the organization with a fall back plan that addresses any challenges that might arise during the operations of the organization.

References

Akan, O., Allen, R. S., Helms, M. M., & Spralls III, S. A. (2006). Critical tactics for implementing Porter's generic strategies. Journal of Business Strategy,27(1), 43-53.

Allen, R. S., & Helms, M. M. (2006). Linking strategic practices and organizational performance to Porter's generic strategies. Business Process Management Journal, 12(4), 433-454.

Brunette, Z. (1992). Balanced Scorecard development of a strategic business unit. Potchefstroom campus of the North-West University

Domke-Damonte, D. J. Keels, K. & Black, J. A. (2012). Taking A Bite Out Of Strategic Understanding: The Apple Analysis In A Strategic Management Classroom. Coastal Carolina University, Conway

Jurevicius, O. (2018). BCG growth-share matrix. SM Insight, Retrieved from https://www.strategicmanagementinsight.com/tools/bcg-matrix-growth-share.html

MarketScreener. (2019). Apple (APPL); Income Statement Evolution. Retrieved from https://www.marketscreener.com/APPLE-4849/financials/

Parnell, J. A. (2006). Generic strategies after two decades: a reconceptualization of competitive strategy. Management decision, 44(8), 1139-1154.Pretorius, M. (2008). When Porter's generic strategies are not enough: complementary strategies for turnaround situations. Journal of Business Strategy, 29(6), 19-28.

Sofia, D. Z. (2016). Case Study - Apple Inc. Retrieved from https://www.slideshare.net/SofiaDZ/case-study-apple-inc-61103768

Violante, M. (2010). Product Positioning/Positioning Map. Retrieved from http://uwmktg301.blogspot.com/2010/01/product-positioningpositioning-map.html