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A Comparison Of Business Improvement Methodologies: Are They Converging Towards One Universal Approach - Dissertation Example

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Business Process Re-engineering, Six Sigma, Total Quality Management - there are many different business improvement methodologies. All the major business firms use these methodologies to improve their overall performance …
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A Comparison Of Business Improvement Methodologies: Are They Converging Towards One Universal Approach
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Download file to see previous pages Any change which brings about sustainable development in terms of quality improvement, cost reduction and ease of management is welcome by all the businesses. This paper examines the common features and the major differences between the most famous business methodologies through a research conducted among the top executives among various firms. The aim of the study is to evaluate whether these business improvement tactics are moving towards a universal goal or leading the businesses in a different path. The results captured in our analysis states that these methodologies are evolving towards developing a unique value or a brand name instead of concentrating on saving money and increasing profits in general. Introduction Every business is on the lookout for new strategies to improve themselves. Many business methodologies were developed to help the huge corporate conglomerates lower the administration cost, deliver high quality products and increase customer satisfaction methods. Following these business strategies have become a must for many companies. In fact, most of the management schools teach these principles and almost all business consultancies encourage huge companies to follow them when it comes to implementing change. Analyzing these business methodologies which have been in the picture for nearly a century is important now, because the market trends keep changing day by day. New platforms like the Mobile marketing and e-commerce keep arising pushing back the traditional way business was done. Comparing the major business improvement methodologies in practice today will give us an idea where these strategies are driving the current businesses. Observing their trend will allow us to examine whether there is a need for new strategies or the current strategies are sufficient enough to lead the businesses to success even in the new platforms. Objectives of the Study The main objective of this study is to evaluate the efficiently of the business improvement methodologies used widely in each and every organization these days. The study analyses 1. The common traits and the unique features of the three major business improvement strategies in practice today 2. It questions whether these strategies evolve towards a common goal or lead the businesses in a different road based on their industry This study will compare and contrast three important business improvement methodologies Business Process Re-engineering, Six Sigma, Total Quality Management. These three methodologies were selected among the many prevailing strategies in the market because of their high reputation and the long list of successful companies following them. Take any name form LG to General Motors or Samsung to P&G, one among these three business methodologies are followed. In fact, these strategies have helped these companies become what they are now and play a significant role in shaping their future too. Total Quality Management or TQM Total Quality Management or TQM started to appear in the middle of the previous century mostly in 1950's and spread widely in 1960's. Japanese companies spurting up from the huge loss after the Second World War during the 50's aimed in distinguishing themselves from others through their unmatched quality. The TQM concept spread from Japan to the western world gradually in 1970's (Garvin, 1998). Some famous companies which have benefited from TQM are Unilever and Philips. The main aim of TQM is to concentrate on the labour market and the technology. They mass produce various products and market them at a very cheap rate. Several products from electronic watches to calculators we use widely today were mass produced ...Download file to see next pagesRead More
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