The Significance of Product Quality Analytics for an Increased ROI

3542817.jpg


When we spend money on a business, it is standard to think – “what it will cost and how much will I get back from the investment, right?”Answering the WIIFM: “What’s in it for me?” is the norm for any business. The best way to look at this question is to find a means for an effective product return. A successful product return strategy and its implementation results in lowered investment costs, improved levels of customer service, increased revenue and profitability. 93% of organizations say that the quality management system is a significant driver of success.For instance, Apple uses Total Quality Management (TQM) and emphasizes more on social and quality responsibilities. Apple’s employees are dedicated to making the best quality products on earth and the company posted record revenue of USD 64.7 billion this September quarter. Companies like Coca-Cola and Starbucks have grown as brand powerhouses. Porsche ranks no.1 in automobile brand rankings. All these and many more companies enforce quality control. They ensure the best possible products or services for their clients or consumers. Let’s understand the importance of product quality for an organization. Why product quality is important? Greater quality means reduced investment cost, less rework, …

Read More on Datafloq
Credit: Source link