Quality the imperative for Success

In this era of ever changing, challenging and competitive business environment; the biggest differentiator and competitive edge for companies to flourish and grow lies in the quality of its products, services and management practices.

Recent study carried out by (Srinivasan and Kurey, 2014 HBR Article Issue April 2014) confirms that a company with a highly developed culture of quality spends , on average , $ 350 Million less annually fixing mistakes than a company with a poorly developed one, whereas on the other hand if the customers are unhappy with the product or services the results are devastating and the same study elaborates that 26 % of consumers use social media to air grievances about the company and its product & 75 % of B2B customer say they rely on word of mouth when making purchase decisions.

Historically due to poor quality of products we have seen recall of millions of products causing financial damage to companies as well as to their repute and in extreme cases to the life’s of people using the products ,according to the Metricstream report, 2014 the cost of poor quality is estimated to range from 5% to 30% of gross sales for manufacturing and service companies.

For an organization to flourish , each & every person of the organization must understand the importance of quality in whatsoever he does & have firm faith that cultivating the culture of excellence & quality is their prime responsibility.

As world leading quality expert & guru has rightly said that

Hence we can conclude with certainty that