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(ETQ: Boston) -- ETQ, a leading provider of quality management solutions, released findings from a first-of-its-kind research study–“The State of Quality Management: 2020.” According to the survey, companies are investing more in quality as a strategic business growth initiative that brings a significant return on investment (an average 23 percent). The report also finds that poor quality is costing organizations $49 million per year on average.
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ETQ commissioned the comprehensive study to uncover key trends and insights about quality management today and how it may evolve in the near future. Based on a survey of senior-level quality stakeholders in life science, food and beverage, and manufacturing firms, the study found that good quality is adding an average of $156 million, or 11 percent to bottom-line revenues (based on average surveyed company revenue of $25 million to $1 billion-plus). On the other hand, the high cost of poor quality is attributed to sweeping product recalls, with 96 percent of respondents experiencing a recall in the last five years. Results of the survey were discussed during a live webinar on April 14, 2020.
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Comments
Educational Management / High Education Quality Management
An interesting findings, which i would like to follow and appreciateits methodology.
Most organisations and esp Universties in my region are yet to fully even achieve quality standards beyond regulatory and discuplines requirements - general quality maturity levels. often leadership may have quality in thier vision and mission, yet give it insufficient focus and effort. This is an unfortunate scenario since elsewhere other writers have coded quality focus and management to be just another management strategy that can help achieve vision and mission.
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