ILLUSTRATION OF THE CONCEPT OF BUSINESS EXCELLENCE & ITS IMPLICATIONS AS A STRATEGIC TOOL
Business Excellence an Overview We live in a competitive business world. Each organization is vying for a larger share of the market by building a competitive advantage. Also, we live in a world that is volatile, unpredictable, complex and ambiguous. It is not only about the product and profitability, but it is also about building robust systems and processes that drive Total Quality Management and Business Excellence Models. The world has moved on from focus on Product Quality to Customer Satisfaction to Delight to Loyalty & Advocacy. Loyalty and Advocacy align with the proposition of Business Excellence as it takes a holistic approach to business. Business Excellence is described as outstanding practices in managing the organization and achieving results, based on a set of fundamental concepts or values. These practices have evolved into models for how a world-class organization should operate. Thus, Business Excellence (BE) is about developing and strengthening and sustaining the management systems and business and operations processes of an organization to improve performance and create value for stakeholders. BE is about achieving excellence in everything that an organization does (including leadership, strategy, customer focus, information management, people and processes) and most importantly achieving superior business results. BE is much more than having a quality system in place. Business Excellence Frameworks build sustainable organizations and are the fundamental aspect of differentiation. Business Excellence frameworks and models discussed hereunder bring a fact out for sure that this holistic approach secures the sustainability of the organizations that practice it. It is an outcome of pushing organizations to consistently question its assumptions of the past and embark on the journey of continual excellence through BE fundamental core values on which various Business Excellence Frameworks are modelled. Business Excellence Core Values and Concepts BE core values and concepts are the attributes, beliefs and behaviours that BE organizations exhibit. They are the foundations of BE and are embedded in the fabric of successful organizations. They are as under: Visionary Leadership: An organization’s senior leadership must set directions and create a customer focus, clear and visible organizational values, and high expectations for the workforce. The directions, values, and expectations should balance the needs of all stakeholders.
authored and complied by Niket Karajagi
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