Respond by Day 5 to two or more of your colleagues as follows: Provide additional insights or contrasting perspectives based on your own experience, the resources for the week and additional research. 1 paragraph 18 hours ago Access the profile card for user: anju bala anju bala RE: Discussion – Week 7 COLLAPSE Mapping, Measurement, and Alignment of Strategy using the Balanced Scorecard: The Tata Steel Case SUMMARY The article of Tata steel is one of the real-life circumstances; they had begun to shop globally. This firm was third in management after Koreas Posco and Chinas Bao Steel (Joseph, 2009). They established great tools for the firm and seem to be strong firm that adapted the current management accounting methods throughout the process of strategy (Joseph, 2009). They begin with a few groups of people inside the organization. With that Tata steel experienced a very competitive market due to the merging of few companies. With the high competition in business, the company must enlarge with their price, and this is how Tata steel was adopted globally to continue success and make profits (Joseph, 2009). Moreover, the company had to change to a learning environment; new learning that included a code of conduct, team building, and a new training program that established by employee and management development training. These training programs recognized by the firm and therefore, feedback was imperative to assure effectiveness and knowledge received by the management program THE ROLE OF A STRATEGIC ALLIANCE Providing a great strategic alliance is essential for any business, especially when firm struggling to maintain their organization. In a strategic alliance, two organizations will work together to presenting solutions (Bleeke and Ernst,1995). For instance, the economic tide hurt my husband business back in 2007, it was the time that my husbands focus on the core business, and he has a partner that time to create solutions to adopt that core business. Therefore, building strategic alliances organizations can share knowledge, create a new idea or solution, and share investments. Also, research shows that business culture and company size can cause alliance failure than the business itself (Porter, 1988). EXAMPLES OF SUCCESSFUL STRATEGIC ALLIANCE Apple companies that provide new tools of Apple Pay and MasterCard, it seems that both methods of payments competing with each other. However, Apple team up largest credit card provider, MasterCard, to gain excellent information in the merchant services. Therefore, Apple pay benefits of MasterCards reputation in the marketplace and successful plan with any issues. Those stand a great example that shows when a business learns from each other. Addition to that, when you are planning to buy a new house, you seek help from a mortgage lender and real estate agent, think about those when they work together and bring creditability and building a good relationship together (Bleeke and Ernst,1995). REFERENCES Bleeke, J., Ernst, D. (1995). Is your strategic alliance really a sale? Harvard Business Review, 11, 80-94 Joseph, G. (2009). Mapping, measurement and alignment of strategy using the balanced scorecard: The Tata Steel case. Accounting Education, 18(2), 117130. Porter, M.E. (1998) Competitive strategy: Techniques for analyzing industries and competitors, New York: Free Press 16 hours ago Anna Oppong RE: Discussion – Week 7 COLLAPSE Discussion Managing Alliance with the Balanced Scorecard. The article I was assigned is about how tow companies successfully managed a partnership using the Balance Scorecard approach. The two companies Solvay Pharmaceuticals and Quintiles chose to use the balance scorecard because both companies were using it for performance evaluation in their individual companies. In creating the alliance, they avoided the natural pitiful of concentrating so much on the operational activities of the alliance and overlooking the more important strategic aspects. They developed a matrix to clearly define what they want from the alliance. They drafted strategies together to ensure that both companies gained from the partnership. The joint teams were properly coached to understand the vision for the alliance. Incentives and rewards of the teams assigned to the partnership were aligned to attaining the goals of the partnership. In addition to all these, the alliance was successfully because they ensured trust. I can relate to the study by Mckenzie, which found that only 50% of joint ventures yield returns higher than the initial cost of capital to both companies (Kaplan, Norton & Rugelsjoen, 2010). At my current organization we formed a joint venture with a key supplier to assist us in the timely availability of products to some of our key customers located in the country side. In the partnership agreements, we had a joint board of directors represented by our Chief Executive Officer (CEO), Chief Finance Officer (CFO) and head of operations and three other directors from their side. The managing director of the company was from our company and the CFO was from their side. In the first year of the JV things worked very well. But we faced significant challenges when our CEO changed. The new CEO did not prioritize our involvement in this joint venture. He treated them like a normal supplier. The staff who had been assigned to the partnership felt isolated. They felt they had lost their place with the main company and were highly demotivated. It took the intervention of our head office to revive the partnership and re-align its activities. Today, it is working better, and we have aligned their operational activities with ours to ensure consistency. Having read this article, I can suggest the use of the balance scorecard in clearly defining the goal of the joint venture and assisting in measuring the performance too. Reference: Kaplan, R. S., Norton, D. P., & Rugelsjoen, B. (2010, January). Managing alliances with the balanced scorecard. Harvard Business Review, 88(1/2), 114121. Respond by Day 5 to two or more of your colleagues as follows: Provide additional insights or contrasting perspectives based on your own experience, the resources for the week and additional research. 1 paragraph 18 hours ago Access the profile card for user: anju bala anju bala RE: Discussion – Week 7 COLLAPSE Mapping, Measurement, and Alignment of Strategy using the Balanced Scorecard: The Tata Steel Case SUMMARY The article of Tata steel is one of the real-life circumstances; they had begun to shop globally. This firm was third in management after Koreas Posco and Chinas Bao Steel (Joseph, 2009). They established great tools for the firm and seem to be strong firm that adapted the current management accounting methods throughout the process of strategy (Joseph, 2009). They begin with a few groups of people inside the organization. With that Tata steel experienced a very competitive market due to the merging of few companies. With the high competition in business, the company must enlarge with their price, and this is how Tata steel was adopted globally to continue success and make profits (Joseph, 2009). Moreover, the company had to change to a learning environment; new learning that included a code of conduct, team building, and a new training program that established by employee and management development training. These training programs recognized by the firm and therefore, feedback was imperative to assure effectiveness and knowledge received by the management program Providing a great strategic alliance is essential for any business, especially when firm struggling to maintain their organization. In a strategic alliance, two organizations will work together to presenting solutions (Bleeke and Ernst,1995). For instance, the economic tide hurt my husband business back in 2007, it was the time that my husbands focus on the core business, and he has a partner that time to create solutions to adopt that core business. Therefore, building strategic alliances organizations can share knowledge, create a new idea or solution, and share investments. Also, research shows that business culture and company size can cause alliance failure than the business itself (Porter, 1988). EXAMPLES OF SUCCESSFUL STRATEGIC ALLIANCE Apple companies that provide new tools of Apple Pay and MasterCard, it seems that both methods of payments competing with each other. However, Apple team up largest credit card provider, MasterCard, to gain excellent information in the merchant services. Therefore, Apple pay benefits of MasterCards reputation in the marketplace and successful plan with any issues. Those stand a great example that shows when a business learns from each other. Addition to that, when you are planning to buy a new house, you seek help from a mortgage lender and real estate agent, think about those when they work together and bring creditability and building a good relationship together (Bleeke and Ernst,1995). REFERENCES Bleeke, J., Ernst, D. (1995). Is your strategic alliance really a sale? Harvard Business Review, 11, 80-94 Joseph, G. (2009). Mapping, measurement and alignment of strategy using the balanced scorecard: The Tata Steel case. Accounting Education, 18(2), 117130. Porter, . (1998) Competitive strategy: Techniques for analyzing industries and competitors, New York: Free Press 16 hours ago Anna Oppong RE: Discussion – Week 7 COLLAPSE Discussion Managing Alliance with the Balanced Scorecard. The article I was assigned is about how tow companies successfully managed a partnership using the Balance Scorecard approach. The two companies Solvay Pharmaceuticals and Quintiles chose to use the balance scorecard because both companies were using it for performance evaluation in their individual companies. In creating the alliance, they avoided the natural pitiful of concentrating so much on the operational activities of the alliance and overlooking the more important strategic aspects. They developed a matrix to clearly define what they want from the alliance. They drafted strategies together to ensure that both companies gained from the partnership. The joint teams were properly coached to understand the vision for the alliance. Incentives and rewards of the teams assigned to the partnership were aligned to attaining the goals of the partnership. In addition to all these, the alliance was successfully because they ensured trust. I can relate to the study by Mckenzie, which found that only 50% of joint ventures yield returns higher than the initial cost of capital to both companies (Kaplan, Norton & Rugelsjoen, 2010). At my current organization we formed a joint venture with a key supplier to assist us in the timely availability of products to some of our key customers located in the country side. In the partnership agreements, we had a joint board of directors represented by our Chief Executive Officer (CEO), Chief Finance Officer (CFO) and head of operations and three other directors from their side. The managing director of the company was from our company and the CFO was from their side. In the first year of the JV things worked very well. But we faced significant challenges when our CEO changed. The new CEO did not prioritize our involvement in this joint venture. He treated them like a normal supplier. The staff who had been assigned to the partnership felt isolated. They felt they had lost their place with the main company and were highly demotivated. It took the intervention of our head office to revive the partnership and re-align its activities. Today, it is working better, and we have aligned their operational activities with ours to ensure consistency. Having read this article, I can suggest the use of the balance scorecard in clearly defining the goal of the joint venture and assisting in measuring the performance too. Reference: Kaplan, R. S., Norton, D. P., & Rugelsjoen, B. (2010, January). Managing alliances with the balanced scorecard. Harvard Business Review, 88(1/2), 114121.
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