Value of the Quality in Business Certification
Going through the Quality in Business Assessment program can help your organization to benchmark its performance against those within similar sectors. It can also help to help drive the implementation of new business practices, foster innovation, uncover areas for improvement and help to prevent problems from occurring in the first place.
Resolving Problems Before They Occur
It is generally accepted that spending money on prevention is going to be a lot less expensive than dealing with an issue once it hits your customer. In most models, it is suggested that costs increase by an order of magnitude for each step as you move from prevention through to external failure costs. Therefore, it will cost your business 10 times as much to deal with an issue once it has reached the customer than if you had caught it in-house, and would cost you a tenth as much to prevent the same issue.
Every organization is very different and the ROI that you can achieve in one industry is going to be very different to that achieved in another. As a guide, a recent study undertaken through the American Society for Quality (ASQ) showed that for every $1 spent on professional business certification, you could expect to see an additional $6 in revenue, a $16 reduction in costs, and a $3 increase in profits.
Another study undertaken by the Harvard Business School showed that companies that achieved a professional business certification had the following benefits:
– Increased sales
– Increased customer loyalty
– Less waste
– Higher rates of survival
– Improved worker productivity
– Growth in employment
So, while it may not be easy to predict your ROI, you can be pretty sure that investing in a Quality in Business Certification is going to be an effective investment.