Raise Your Hand If You Knew!
Did you know that companies who implement a Quality Management System actually make more money?
Its true! Research by the Chartered Quality Institute and Chartered Management Institute of the UK found that for every $1 invested in a Quality Management System, the company could expect to have a Return on Investment (ROI) of $3 in PROFITS, $6 in increased REVENUE and a reduction of COSTS by $16.
The organisations also found that businesses consistently reported that QM systems had positive impacts on customer retention, customer satisfaction and employee satisfaction.
These qualitative benefits link to the ROI benefit of higher revenues – ie increased customer satisfaction and retention induces consumers to buy more, pushing up revenues. They also link to the ROI benefit of reduced costs. Increased employee satisfaction decreases costs by discouraging absenteeism and encouraging workplace enthusiasm.
Quality Management Systems are not only for the "big end of town" in fact they provide greater benefits and returns for the smaller businesses.
Did you also know that China has the greatest number of 3rd party certified organisations followed by Italy, Germany, Japan and the UK. Australia sits at number 12 in the world for the number of 3rd party certified businesses.
If we look at Quality Certificates per capita we see that Italy is number 1 (220 certificates per 100,000 people), China comes in at number 56 (21 certificates per 100,000 people) and Australia at number 27 (55 certificates per 100,000 people).
Its time Australia to lift your game!