Though all businesses strive to improve quality, learning new ways to effectively manage it is often overlooked or shrugged off as an additional, and perhaps even an unnecessary expense. While companies may state and communicate its importance and their commitment to it, there’s often a lack of any type of adequate quality management plan in place at many organizations to actually back up this talk. What sets one business’s quality management process from anothers, if both ultimately never take time to invest time and resources into improving it? By investing in the right quality management solutions, the benefits of doing so far outweigh the risk or financial commitment. In this article, we’ll take a closer look at how investing in the right quality management processes can yield a significant return on investment. Here’s a look on the ROI for Quality Management:
The Value of Quality Management
What exactly is quality management? Loosely defined, it’s ensuring that every product a company produces lives up to its high standards and is free of defects. And while we’ll get into some of the ways good quality management can help your company in the next section, a robust strategy can help make your business more competitive, can help enhance customer satisfaction and stakeholder value, and – perhaps most important of all – lead to higher profits.
Those are just a few of the reasons why you should invest in quality management, and part of how you can do this is by investing in a software, like Anvl, to help you reach your goals. By investing in and implementing a simple, standardized and easy-to-use software, you can expect to see your profits soar and customer satisfaction skyrocket. In fact, according to the American Society for Quality (AQS), studies indicate that for every dollar you spend on quality management, you can expect to see an additional $6 in revenue, a reduction of $16 in costs and a $3 increase in profits.
Invest in Quality for High ROI
In addition to the benefits that we mentioned above, here’s a look at some other ways implementing a good quality management software can yield a significant return on investment for your company.
Reduce Cost of Defects
Good quality management solutions rely heavily on data, and data can help companies catch product defects sooner or even go as far as preventing defects from happening in the first place. By doing so, your company will be able to streamline its product development process and minimize the time and financial commitment that goes toward scrap, rework and product replacements. You’ll be able to capture data and learn from your mistakes so your overall operations will flow much better moving forward.
Does each and every product your company produces meet your standards? By implementing a good quality management solution, you’ll be able to better standardize procedures and give your workers more of an ability to make decisions in real-time. A digital quality management software also ensures that supervisors are better able to see progress and monitor potential issues on the shop floor and eliminate barriers to communication.
External Failure Costs
From warranty costs to lost business, quality issues have downstream costs that can be avoided with a well-managed quality solution. Quality management software aims to improve customer satisfaction and ensure that your business can continue to grow, prosper and stay competitive by eliminating these issues as much as possible. Making the investment now will have future payoff.
It’s estimated that the average company spends up to $7,500 per employee on paper when you factor in the cost of buying paper, copy and printing equipment, ink, and filing cabinets and other storage. Let that sink in for a moment. That brings us to another benefit about quality management software – it’s digital! By taking your company paperless or at least reducing the amount of paper it uses, you’re cutting down on overhead costs. You’re also signaling to the rest of your company how you’re willing to change for the better. Learn more about the significant ROI for going paperless here.
Contact Anvl Today to Take Your Quality Management Strategy to the Next Level
Don’t just invest in quality management software – intentionally invest in software that will support quality management and has an immediate impact, making operations more efficient and profitable. By identifying issues in real-time, providing guidance to workers to ensure product standardization and allowing supervisors to more clearly see what’s happening on the floor, you can take more control over the products that you’re producing.
Transform your business with the right solution, and take it paperless to even better streamline your workflow. Contact Anvl today for more information on how we can help you take your quality management digital and increase your ROI. Our quality solutions collect real-time data in order for businesses to make important decisions to continuously improve their operations and prevent quality defects. Our software guides and empowers workers to make decisions that will drive a successful business.