You cannot manage what you cannot measure. This is very true in today’s dynamic & competitive globalize environment. The business leaders face immense pressure in today's turbulent competitive environment that's move forward by globalisation, macro-environment factors and advanced technological growth of internet. The strong market forces within this competitive environment have developed global customers who are more aware of changes in the global market.
Total quality management is an important tool in any business to surmount future challenges within the turbulent business environment. TQM provides the business leaders with a formalised process in setting clear and achievable corporate objectives and at the same time guides the management in planning strategies to maximise resources and to achieve win-win partnership.
Globalization has increased competition among the companies which has led to high quality production in the market. The competitors try to produce the best quality for the customers and satisfy them to the best possible extent. Globalization leads to quality improvement in the product quality. As the companies expand their business at a global level, there is increase in demand for the JIT (just-in-time) management which helps in implementing the TQM approach. TQM leads to fast growth in the activities and push the companies more towards globalization. Total Quality Management (TQM) provides the overall concept that fosters continuous improvement in an organization.
Companies that produce goods at lower cost than their competitors and also deliver quality products that satisfy their customers will have an advantage over those companies that do not do so. Implementing TQM can help a company gain a competitive advantage in their business. TQM helps in following ways: 1) Reducing Costs
2) Helping Suppliers
3) Customer Satisfaction
A company that can produce goods at lower...