Contemporary management of companies requires well-executed plans and strategies insofar as attaining of critical success factors is concerned. As such, several mechanisms and models are put in place to help in the management of such companies. Specifically, such mechanisms help the company’s management to ensure maximum profit, adherence to rules and regulations and overall consumer satisfaction. This study will consider Boeing Corporation because of its great benefit from the use of Balanced Scorecard (BSC) and Strategy Map as contemporary management techniques in achieving its Critical Success Factors (CFSs). It specifically seeks to explain how Balanced Scorecard and Strategy Map can help Boeing Corporation to achieve its critical success factors.
Boeing Corporation is a large manufacturing company that produces high-end aircrafts for passengers, cargo and military functions. This means that their products are of great concern to both the customers and the regulating bodies such as the governments in terms of safety and performance and thus the need for extensive planning and management.
Boeing Corporation has a large number of employees and numerous departments that function toward a common goal of providing safe and efficient aircrafts to its customers. With the need to ensure that goals and objectives are met, BSC will be handy in helping the company to assess its CFSs in terms of financial performance, learning and growth, customer satisfaction, and internal processes. Learning and growth is critical in light of changing technology in the area of aircraft manufacturing, while internal processes will coordinate the functions of the numerous departments within the company. Similarly, Strategy Map will help the company to identify the causes and effects of some of the BSC such as how the learning of the company’s employees will affect the production of highly efficient aircrafts (Blocher, Stout, & Cokins, 2010).
BSC will provide a blue print to the company in presenting in chart forms, competitive courses and therefore help in benchmarking for competitive success. For instance, BSC will enable the management to measure customers’ and stakeholders’ satisfaction through its profitability and market value data. Similarly, the information on customers’ satisfaction will be used in evaluating the quality of the products the company offers as well as the services and the costs of production within the company (Niven, 2006).
On the other hand, Strategy Map will be useful in giving the management a clear picture of results before an action is implemented through cause-effect diagrams. For instance, management Boeing Corporation will find it reasonable to invest in the learning and growth of its employees in terms of technological knowledge. Strategy Map will reveal that investing in lifelong training of employees has the effect of increasing the efficiency of their products (Figge & Hahn, 2002).
Both the BSC and the Strategy Map are therefore important tools to any business.