Monday, May 13, 2019
Stellar Solutions Strategy
Stellar Solutions is a provider and distributor of high impact engineering services, integration, and program management and technical expertise in both national and international government and commercial programs related to aerospace programs at a worldwide scale. The company’s locations are in is in Pola Alto, CA; Chantilly, and Denver. The company was founded in 1995 by Stellar to provide technical expertise and management for national and international aerospace programs. This paper focusses on analysing Stellar Solutions which is an Award-winning company in the Baldrige Performance Excellence Program based on the Balanced Scorecard method.
The Balanced Scorecard method is a strategic planning and management system method that is used to communicate goals, align day to day activities with an organization strategy, prioritize projects, products, and services, and measure and monitor progress towards strategic goals (Kaplan et al, 1992). This method connects strategy elements like mission and vision of the company and the operational elements like measures and objectives to achieve company goals. The company can benefit using the BSC method as a strategic management system to stay ahead of its competition. The BSC will help the company visualize and communicate how the company’s value is created by the organization by using strategy mapping hence improving the performance of the internal processes in the organization which in turn leads to desirable results.
Stellar is financially successful because it uses its financial resources effectively since the company receives inadequate government funds. Through BSC, the company has made process improvements by making them efficient and effective and reducing their cycle time. This has ensured that the company’s revenues steady growth form a rate of 1.18% in 2013 to 6.81% in 2017.
Stellar solutions have been successful on the customer perspective of the BSC method because they value their customers and stakeholders, satisfies them and retains its clientele. Through the BSC method, the company is able to collect and analyse data from surveys and use it to improve its customer management system. Customers usually recommend the company and the company has consistently scored a 4.7/5in the ratings on its customer survey meaning the customers are very satisfied.
The business process is successful because the company ensures that its products are state of the art and of high quality and puts in place test programs that check for errors to maintain efficiency. The BSC has enabled the company to provide important services. The company is known for its significant investment in researching electromagnetic signals along the active fault line around the world that detect when a quake is about to happen, hence saving lives.
By using the balanced scorecard method, the company has been able to improve the employee’s productivity, infrastructure, technology, and culture that are keys to its breakthrough performance. The organization now has a common language of communication and employees partake in the decision- making process and offer input for each strategic planning cycle through emails and meetings. The company now promotes a “crossing the boundaries” collaboration method leveraging the knowledge base of the entire company to identify potential new business as well as to deliver high impact for both currents and its potential customers.
A SWOT analysis of Stellar Solutions
Strengths: the company’s employees are satisfied, and the company has a highly qualified workforce which ensures that customers benefit from the knowledge base of the entire company.
Opportunities: the company may expand into other sectors like security
Threats: staying ahead of new competitors that venture into the market.
The company can overcome its weaknesses using the BSC to identify possible solutions for inadequate funds by seeking other sources of funding like looking for investors to invest in the company so that it can stay ahead of its completion by having adequate resources.
In conclusion, the company’s success is attributed to the use of the BSC method that has helped the company incorporate a well-balanced organization structure which focuses on both its needs and that of its customers. The BSC method has helped the company to control its strategy implementation process by making sure that the management systems are effective and are continuously monitored after implementation to ensure strategic targets are attained.
N. A. (1998). Balanced Scorecard Basics. Retrieved from: https://www.balancedscorecard.org/BSC-Basics/About-the-balanced-scorecard.
N.A (2017) Stellar solutions. Malcom Baldrige National Quality Award Application Retrieved from: https:/www.stellarsolutions.com
Kaplan, Robert S, Norton, D. P. (1992). The balanced Scorecard –Measures That Drive Performance” Harvard Business Review.
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