Cost of Poor Quality is Very Expensive
Originally Published 8.27.2013
Federal Reserve (US Central Bank) printed defective 30 million pieces of new $100 bills to be shredded because of ink errors. I hope our Bangko Sentral will not find itself in the same situation.
The point is the cost of Poor Quality (COPQ) processes is VERY EXPENSIVE.
Process delays, defects, and variations are cash leaks that flush out your business' profits. These are your hidden expenses. Invest in a quality program like Lean Six Sigma, to reduce your COPQ.
82% of Fortune 100 Companies & 53% of Fortune 500 companies have a Lean Six Sigma Program.
Over the past 20 years, the use of Six Sigma, the popular business improvement methodology, has saved Fortune 500 companies an estimated $427 billion, according to research published in the January/February 2007 issue of iSixSigma Magazine.
Not only will you get ROI on your Six Sigma program, but will also reap non-financial benefits that are priceless: an increase in employee motivation, a decrease in employee burn-out due to unending firefighting, a decrease in employee turnover, an increase in customer satisfaction, etc.
Start your Lean Six Sigma journey for free!
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