Walmart’s Balanced Scorecard and Strategic Plan

Walmart’s Balanced Scorecard

Final Objectives Measures Targets: Timeline/ Metrics
Increase market share Total revenue Increase 5% in first year
Increase shareholder value Maximization of expected value Increase 5% in first year
Increase in profit Total income Increase 5% in first year
Increase innovation performance Innovation sales rate Increase 4% in first year
Customer Objectives Measures Targets: Timeline/ Metrics
Increase customer value Increase profit contribution per customer Increase 5% in first year
Increase customer satisfaction Customers’ complaints Decrease 10% in first year
Increase discounts and great offers awareness Social media interactions and advertisement Increase 3% in first quarter
Decrease call center waiting times Number of customers who hung up because no one answered for several minutes Decrease time by 15% in first year
Internal Business
Process Objectives
Measures Targets: Timeline/ Metrics
Decrease lead times for new contract implementation Project implementation time frames Decrease time by 3% in first year
Introduce quality optimization Packaging plastic waste amount Reduce by 99% by 2025
Decrease time needed to approve products Quality product approval process time frames Decrease time by 4% in first year
Introduce technology optimization Website performance Increase 7% in first quarter
Learning and Growth Objectives Measures Targets: Timeline/ Metrics
Decrease employee turnover Facilitate regular training and opportunities for development Reduce by 4% in first year
Increase employee satisfaction Monthly questionaries and feedback Increase 5% in first quarter
Increase employee performance Performance rating scale Increase 8% in first year
Increase safety Data protection systems Increase 7% in first year

Justification of why these objectives are appropriate for the project

Objectives and goals identified in the tables are appropriate for the project since they may help Walmart expand its competitive advantage and achieve higher performance. Walmart, the U.S. multinational retail corporation which operates a significant number of grocery stores, discount department stores, and hypermarkets, has its own specific values and goals. Moreover, its vision and mission are focused on making the customers happier by keeping the prices as low as possible while enhancing product quality. It is an extremely successful chain of hypermarkets that aims at never failing their clients’ expectations and trust. Some of the mentioned objectives will also help Walmart satisfy their customers as well as increase profit.

What is more, since employees are a significant part of any company’s success, it is vital to focus on their satisfaction. A number of goals indicated in the tables may help make sure that Walmart’s performance, reputation, and income will increase because the workers’ feedback is evaluated and taken into account. Finally, these objectives are created considering Walmart’s unmet opportunities and potential threats; that is why they are appropriate for this project.

Justification of why these metrics and timelines are appropriate for the strategic plan

Metrics and timelines identified in the tables are also quite appropriate for the strategic plan. To begin with, all timelines are indicated considering the real time that may be needed to achieve a goal. Employees and managers will have enough months to create a needed and proper strategy and implement necessary changes. Those objectives that are easy to reach and are likely to take less time have shorter timelines (a quarter). For example, enhancing employee satisfaction and increasing discounts and great offers awareness. At the same time, it is evident that increasing profit or market share and decreasing call center waiting times may take longer than several months. Such objectives require an extended plan of action and are likely to require more resources.

As for metrics, they are also indicated considering the real possibilities of employees, customers, and managers. Even a 3% or 5% increase is a success, and it is better to achieve goals step by step. Moreover, some metrics are taken from Walmart’s real objectives mentioned in their mission and vision. Since strategic plans require simple measures to track success, the timelines and metrics mentioned in the tables are appropriate for this project.

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StudyCorgi. "Walmart’s Balanced Scorecard and Strategic Plan." May 3, 2022. https://studycorgi.com/walmarts-balanced-scorecard-and-strategic-plan/.

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StudyCorgi. 2022. "Walmart’s Balanced Scorecard and Strategic Plan." May 3, 2022. https://studycorgi.com/walmarts-balanced-scorecard-and-strategic-plan/.

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