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Prime Journal of Business Administration and Management

 Prime Journal of Business Administration and Management = ISSN: 2251-1261

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Ombaka B

Muindi F

Machuki V

 

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Muindi F

Machuki V

 

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Muindi F

Machuki V

 

 

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Prime Journal of Business Administration and Management

ISSN: 2251-1261. Volume 5, Issue 11, pp. 1941-1948

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Full Length Research

 

Title

Effectiveness of the balanced scorecard in implementation of corporate strategy - A case study of a Kenyan Insurance Company

 

Author(s)

Beatrice Ombaka, Ph.D , Florence Muindi, Ph.D, and Vincent Machuki, Ph.D

 

Address(es)

School of Business, Karatina University, Kenya.

 

Accepted Date

26th October, 2015

 

Citation

Ombaka B, Muindi F, Machuki V (2015). Effectiveness of the balanced scorecard in implementation of corporate strategy - A case study of a Kenyan Insurance Company. Prim. J. Bus. Admin. Manage. 5(11): 1941-1948.

 

Abstract

Most organizations find it hard to turn strategy to reality. Many organizations have excellent strategies but these have failed because of poor implementation. Most studies on the Balanced Scorecard have focused on challenges faced during BSC adoption. Few studies have focused on how effective the BSC is as a measurement tool that helps an organization to translate its vision and strategy through its objectives and measurable goals. Therefore, the debate is still open and this study sought to contribute to the debate and address extant gaps. The objective of the study was to establish the effectiveness of the BSC in implementation of corporate strategy at one of the insurance companies in Kenya. To achieve the objective, primary data was collected through the use of an interview guide. Ten managers who were involved in formulation of corporate strategies and implementation of the BSC were interviewed. It was established that the BSC was an objective oriented approach in achieving the goals of the organization. With the use of the BSC in this organization, employees were able to see how they fit in the bigger picture of the whole organization. This led to success in all areas of the business. The results that accrued from adopting the BSC were: improved employee motivation, improved performance measurement and improved customer service. Among the challenges faced was achieving a common understanding of the BSC by all employees and cascading to the lower cadre employees. The study recommends that the insurance company comes up with a system to monitor and evaluate the BSC effectiveness as a tool for implementing corporate strategy.

Key Words:
BSC, Implementation, Corporate Strategy, Insurance Company, Kenya.


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