Quality Initiatives Increase Savings
CHAPEL HILL, NC-Each year companies save up to 10% of annual revenues through successful implementation of quality initiatives, according to research and consulting firm Best Practices LLC.
Benchmarking research conducted by Best Practices LLC highlights successful practices across several different dimensions of business process management and improvement, including developing an integrated approach to process management, techniques for identifying process improvement opportunities, programs and steps to improve processes, and tools for tracking process improvement.
For example, successful companies employ the following tactics:
* With a focused, rapid deployment of a Six Sigma plan, a major financial services company was able to save $75 million in productivity benefits, reduce customer complaints by 29% and increase stock value by 52%.
* Leading companies establish internal quality awards to promote the benchmarking function. For example, one company honors an employee annually with its Quality Award. Recipients receive a celebration within their organization.
* Top companies divide benchmarking data according to audience. For example, a leading telecom equipment manufacturer separates benchmarking information into administrative and technical categories. The administrative information is then posted on internal electronic message boards, whereas the technical information is more specifically targeted to key stakeholders.
For more information on the benchmarking research, visit www3.best-in-class.com.