I’ve written a lot about the growing benefits that Enterprise Quality Management Software (EQMS) can deliver. Indeed, research has shown that companies across industries that have implemented EQMS applications enjoy measurable benefits across many key quality KPIs. And while this may seem like sufficient reason to invest in EQMS software, the current reality of EQMS’ emerging status combined with many quality budget holders’ persistent focus on improving quality at the immediately quantifiable level means that many EQMS implementations that could deliver far beyond ROI never get off the ground.
But it doesn’t have to be this way. In this article, we’ll show through a series of steps how you can use the Cost of Quality (CoQ) formula to your advantage in effectively quantifying and communicating the value of EQMS software to build a solid business case for an investment.