Advance Idea Mechanics is the new military weapon division of The Renco Group Inc. It is a promising addition that is designed to take its parent company to brand new heights in prestige and financial stability. In previous drafts, we outlined what Advance Idea Mechanics could do for its shareholders, now it is time to analyze how it compares to the vision and the strategic goals of The Renco Group Inc.
Balanced Scorecard and Communication Plan
The balanced scorecard is a strategic planning and management system that is used significantly in business and industry, government, and nonprofit organizations worldwide to line up business activities to the vision and strategy of the organization, improve internal and external communications, and observe organization performance against strategic goals. It is “A set of four measures directly linked to a company’s growth” (Pearce & Robinson, 2009, p. 202). Here is a picture of how Advance Idea Mechanics matches up with The Renco Group Inc. vision and strategy.
Financial Perspective – Shareholder’s Value
The Balanced Scorecard or “dashboard” is a tool that gives managers and executives a “balanced” view of what the company is doing on the business side and how they are performing within the scope to the vision and strategy of the organization. The main responsibility of the company is to increase net revenue and achieve financial constancy while providing the best product and service at a reasonable price, on condition that customer satisfaction is met. To appraise the financial constancy of an organization, it is essential to compute the operating cost, growth income and return on interest and capital, and earnings per share. By utilizing efficient processes we will be able to reduce expenses by lowering costs, improving on-stream time, and growing revenues. Advance Idea Mechanics new “state of the art” platform and processes will surely please The Remco Group Inc. as well as their shareholders of their financial viability.
Customer Value Perspective
If a business customer is satisfied, then a business knows that it is successful. Delivering uniformity in the price and superiority in your product helps to give the company an edge, over the competition, in the market, separating the company’s product by brand name or a particular image. This is how each company attracts the consumers, and builds hopefully, a long-term business relationship with the customer. Advance Idea Mechanics is doing that with the government by giving them the most advance products on the military stage. They not only sell a unique product, but they also provide a service, that no matter what their device encounters, Advance Idea Mechanics will provide a solution.
Since our products will be in war torn areas it is important to know that safety of the people who use our product will be one of our main objectives. Advance Idea Mechanics wants to make sure that our clients leave their vehicles the same way they got in their vehicles. Advance Idea Mechanics will do on-going surveys to see what we can do to improve on the safety, care, comfort, and reliability of all the products we make. There will be a team operating twenty four hours a day to address any concerns that our clients might have. At Advance Idea Mechanics customer satisfaction is number one.
Internal Business Process
When it comes to customer satisfaction strategic planning is a must. It is used to raise customers and to present new products and to improving business capabilities. It is critical that we describe what our strategy is and use this to increase market share. By understanding our position, the company will be able to have the power it needs to evaluate its performance and line up with the vision and mission statement of the corporation. There will be internal audits of the goals and performance of the company, conducted daily, to monitor the balance scorecard to make any adjustments needed to have a flawless process, always keeping the concern of the client at important. The Renco Group Inc. and its subsidiary, Advance Idea Mechanics, understand that the United States is a larger and powerful client and the earning potentials from this alliance can be huge. This is why it is important that we look at every metric to ensure that we are doing everything we can to satisfy the government and stay loyal to our mission and vision.
Learning and Growth Perspective
The final piece of the Balance Scorecard is the learning and growth process. It is here that the vision aligns flawlessly with the company’s so that it can gain an aggressive upper hand and position in the marketplace. It focuses on the expansion and success of the business, and it focuses on the interior and exterior public, their thoughts and actions. The Renco Group Inc. and Advance Idea Mechanics use the Balance Scorecard as a tool to help the company to maintain its standing and also promote technological improvements. Advance Idea Mechanics will be a division that lives in the world of technological development and without it; it will be just another company.
This is why one of the main changes that this perspective brings is an emphasis on employee training, to make ready for action employees, which will constantly improve their knowledge base and make them an effective part of our new vision. The second word in Advance Idea Mechanics is “idea” and we hope we can pull some of our inspiration from the people who work within the company. With a new division, fresh ideas, and a plan for internal employee training, The Remco Group Inc and Advance Idea Mechanics see no reason why we will not have great employee retention and a spirited workforce.
Advance Idea Mechanics is a new dream, but it is predicated on an idea that got its start from The Remco Group Inc. founding business. By using the Balance Scorecard and using the Communication Plan we know that we can implement strategic plan that will adhere to the principles outlined by the company’s vision and mission statements. It will take all four perspectives: Financial, Customer Perspective, Internal Business Process and Learning and Growth to move the company to the next level, but with monitoring and adjustments, shareholders will reap the benefits when the day is done.
Pearce II, J. A., & Robinson, R. B. (2009). Strategic Management: Formulation, Implementation and Control (11th ed.). New York, NY: McGraw-Hill. The Renco Group Inc.. (2014). Retrieved from http://rencogroup.net/index.php