ADMS 1010. Exploring the functions of business Course Section - G Instructor name - Joel Marcus Week 7 Writing Assignment Student name - Drashti Patel Student number – 219921014 In the research study by Kalpan and Nortan on balanced scorecards, one of the casual claims made by the authors is that a company must be able to launch new products and continuously improve its operating efficiency to create value for its customers (Kalpan & Nortan, 1992, pp. 71-80). There is a one-way cause and effect relationship between value creation and improving and being innovative. In this competitive era, a company must keep up with the ever-changing demands of customers and the newly introduced technologies. Businesses should not only be able to develop new products but also make the ends meet in a timely manner. It is not beneficial if a company fails to market the new product as soon as it learns the new demand and requirements of its existing as well as new customers. However, this claim doesn’t hold true for all the businesses out there. Some businesses create value for its customers by supplying the cheapest available product in the market. The companies that focus only on the cost perspective, lay a greater emphasis on the cost management rather than innovation and product development. Moreover, continuous investment in product development may please the customers but might not be financially feasible. In the second article, ‘The Future of ESG... Is Accounting?’ (Barker, Eccles, & Serafiem, 2020), the authors have highlighted the issues with corporate sustainability financial reporting standards and the progress on structuring an international report guide. The authors have made a casual claim that upon establishment of the standard reporting guide, investors will be more attracted towards the most sustainable corporations. This claim does hold true based on the evidence presented in the article about investors exerting pressure on the companies on sustainability reporting. However, we can also derive a reverse correlation between investors and sustainability reporting; i.e because the investors are attracted to a company, the company will ensure to report its sustainability plans to maintain the market position. ADMS 1010. Exploring the functions of business Course Section - G Instructor name - Joel Marcus Week 7 Writing Assignment Student name - Drashti Patel Student number – 219921014 Work Cited Barker, R., Eccles, G. R., & Serafiem, G. (2020, December 3). The Future of ESG Is … Accounting? Retrieved October 2022, from Hardward Business Review: https://hbr.org/2020/12/thefuture-of-esg-is-accounting Kalpan, R. S., & Nortan, D. P. (1992). The Business Scorecard- Measures That Drive Performance. Harvard Business Review.
