ETQ, the leading provider of quality management solutions, released findings from a first-of-its-kind research study – The State of Quality Management: 2020. According to the survey, companies are investing more in quality as a strategic business growth initiative that brings a significant return on investment (an average 23 percent). The report also finds that poor quality is costing organizations $49M per year on average.
Read Also: SalesTech Star Primer: What Is Lead Generation?
“The results from The State of Quality Management: 2020 are eye-opening on many levels and reinforce the financial impact quality has on corporate performance”
ETQ commissioned a comprehensive study to uncover key trends and insights about quality management today and how it may evolve in the near future. Based on a survey of senior-level quality stakeholders in life science, food & beverage, and manufacturing firms, the study found that good quality is adding an average of $156M, or 11 percent to bottom-line revenues (based on average surveyed company revenue of $25M to $1B-plus). On the other hand, the high cost of poor quality is attributed to sweeping product recalls, with 96 percent of respondents experiencing a recall in the last five years.
Read More: Popular Pays Announces Partner Program And Collaboration With Group RFZ
Results of the survey will be discussed during a live webinar today (April 14) at 2:00 p.m. ET— The Rise of Quality as a Strategic Business Initiative. It will be presented by ETQ leaders and industry experts, along with findings from a separate informal ETQ survey concerning the business and quality process impacts of COVID-19. To register, visit the ETQ website.
“The results from The State of Quality Management: 2020 are eye-opening on many levels and reinforce the financial impact quality has on corporate performance,” said Rob Gremley, CEO, ETQ. “As the survey shows, companies committed to quality as a strategic business driver benefit from stronger customer loyalty, less costly product recalls, competitive differentiation, and ultimately, stronger revenues.”
Read More: Gartner Identifies The Top Five Customer Service Technology Trends For 2020