With reference to both organisational evidence and academic research, critically evaluate how at least two of the following performance management frameworks are being utilized within organisations to meet current global business challenges in relation to sustainable business excellence.

Coursework 2 (Detailed guidance on this coursework remit & supporting papers are provided in separate documents ( please check the downloaded files) Please strictly follow the CW-2 Guidance.doc., information from the seminars 7,8,9 and please see supporting materials such as lecture and seminar topics, recommended reading, web sources, journals, etc)Assessment word count: 2,000 words.Individual Research Report (LOs 2, 3, 4): With reference to both organisational evidence and academic research, critically evaluate how at least two of the following performance management frameworks are being utilized within organisations to meet current global business challenges in relation to sustainable business excellence.(i) Balanced Scorecard (LO2);(ii) and at least one of the following (no more than two):- Benchmarking (LO3) OR- Business Process Re-engineering (BPR) (LO3); OR- Quality Management Systems (e.g. ISO9000) (LO4) OR- Business Excellence Model (LO2) – Your investigation must be underpinned by academically sound research and/or organisational examples supported by referenced sources.- In addition to the synthesis of evidence from a range of sources, a critical approach should be employed in considering gaps in the literature as well as lack of evidence provided by organisations on how frameworks have been applied across operations and/or the degree of success achieved.- You are required to demonstrate knowledge and understanding of the value of the frameworks in relation to managing sustainable business performance therefore you should discuss any adjustments that have been made or recent developments in the way that the frameworks are being employed to address global pressures on business to manage more sustainably.- Please give each framework/approach an approximately equal weighting in terms of word count allocation, and given word constraints, you should only provide one overall introduction, conclusion and recommendations section.- Each of the chosen frameworks should be discussed within a separate section where you give an analysis of evidence the degree to which your chosen framework has been successfully applied. Evidence should be from academic research and industry sources.

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Performance management frameworks have become an essential tool for organizations to meet current global business challenges in relation to sustainable business excellence. This report critically evaluates how two performance management frameworks, Balanced Scorecard and Business Excellence Model, are being utilized within organizations. The report also underpins the analysis with academic research and/or organizational examples supported by referenced sources. Additionally, adjustments and recent developments in the frameworks’ application to address global pressures on business to manage more sustainably are discussed.

Balanced Scorecard

The Balanced Scorecard (BSC) is a strategic performance management framework that helps organizations align their business activities with their strategy and vision. The BSC approach requires organizations to consider four perspectives: financial, customer, internal processes, and learning and growth. Research has shown that the BSC approach can be utilized to address sustainability challenges by incorporating sustainability metrics in the four perspectives. For instance, the BSC approach can help organizations measure and report their environmental and social performance through the internal processes perspective (Epstein & Roy, 2001).

Furthermore, the BSC approach can be used to promote sustainability by aligning the organization’s strategy with the United Nations’ Sustainable Development Goals (SDGs). Research by Păunescu and Drăgoi (2019) indicates that BSC helps organizations set targets and measure their progress towards the SDGs. However, some scholars have criticized the BSC approach, arguing that it does not provide a clear link between strategy and performance outcomes (Kaplan & Norton, 2008). Therefore, organizations need to continuously refine and align their strategy with the BSC approach to achieve sustainable business excellence.

Business Excellence Model

The Business Excellence Model (BEM) is a performance management framework that helps organizations achieve sustainable business excellence by providing a holistic and systematic approach to performance management. The BEM approach requires organizations to consider seven categories: leadership, strategy, people, partnerships and resources, processes, products, and services, and customer results. The BEM approach has been widely adopted by organizations worldwide and has been recognized as a leading framework for sustainable business excellence.

Research has shown that the BEM approach can be utilized to address sustainability challenges by incorporating sustainability principles into the framework. For instance, the European Foundation for Quality Management (EFQM), which is the leading organization that promotes the BEM approach, has recently introduced a new category on sustainability (EFQM, 2019). The sustainability category focuses on how organizations integrate sustainability into their strategy, operations, and stakeholder engagement. Furthermore, the EFQM model emphasizes the importance of continuous improvement and learning, which are essential for sustainable business excellence.

However, some scholars have criticized the BEM approach, arguing that it is too complex and difficult to implement (Dumitrescu et al., 2019). Therefore, organizations need to carefully consider their readiness and capabilities to adopt the BEM approach.

Conclusion and Recommendations

In conclusion, the Balanced Scorecard and Business Excellence Model are two performance management frameworks that organizations can utilize to meet current global business challenges in relation to sustainable business excellence. The frameworks can be adjusted and refined to incorporate sustainability principles and align with the United Nations’ Sustainable Development Goals. However, the frameworks require continuous refinement and alignment with the organization’s strategy and capabilities to achieve sustainable business excellence.

Based on the analysis, the following recommendations are provided:

Organizations should carefully evaluate their readiness and capabilities before adopting the Business Excellence Model approach.
The Balanced Scorecard approach should incorporate sustainability metrics into the four perspectives to promote sustainable business excellence.
Organizations should continuously refine and align their strategy with the frameworks to achieve sustainable business excellence.
More research is needed to investigate the degree of success achieved by organizations that have adopted the frameworks to manage sustainable business performance.

References

Dumitrescu, D., Tănăsescu, A. M., & Boboc, D. (2019). Challenges in implementing the EFQM excellence model: A literature review. Sustainability, 11(2), 510.

Epstein, M. J., & Roy, M. J. (2001). Sustainability in action: Identifying and measuring the key performance drivers. Long Range Planning, 34(5), 585-604.

European Foundation for Quality Management (EFQM). (2019). EFQM Excellence Model 2020. Retrieved from https://www.efqm.org/excellence-model/2020-model/

Kaplan, R. S., & Norton, D. P. (2008). The execution premium: Linking strategy to operations for competitive advantage. Harvard Business Press.

Păunescu, C., & Drăgoi, M. (2019). The Balanced Scorecard and the sustainable development goals: A review of the literature. Sustainability, 11(20), 5776.