how standards can help in achievng ROI
Do I really need to comply with the standard if I want to be alive in the global eye? This was the question that could never hit, back in 20 years, when IT and standardization were considered as an overhead expense and were underrated to the most. After the recurrent economic uncertainty shift, companies found better ways to attach standardization to their processes to keep their existence and competitiveness in the global market. Now Most of all the businesses whether it’s a profit generating business unit or a small SME regard standardization as a critical part of their infrastructure and competitive advantage. In fact, companies that do not attach ISO standards as a key part of their business strategy to cut costs and increase productivity will die away soon.
International standards enable ISO to project business, technological governmental and societal benefits. For businesses, ISO play a vital role in cutting cost of production while making the supply chain mechanism work smoother and easier. Being an international symbol of excellence, it helps the SME’S to fight and compete with the bigger enterprises and helps them discover new avenues and markets for advancement and progression. They bring you a way to enter into export markets and leverage your potential there.
I read in one of the reviews from a foreign company
Without standards I would have had to close down… Not taking part (in standardization) would have cost me my company and my livelihood… What does it cost me if I do not get involved and others define rules that are out of line with my needs, interests and experiences, but which I have to comply with because they are laid down in a standard? Hence, it is best to join in right at the start.
This shows how companies are giving due diligence to become ISO certified right from the start.
ISO also help and train the developing countries to engage in the best practices to deepen up their penetration into the existing markets. Technological advances are enriched that lead in circulating innovation. For society ISO play its role in culminating the hazardous environment while preserving the health and safety for the citizens.
Governments are benefiting from international standards. As it’s a regulatory requirement throughout the world, Governments gain that edge to ensure that import and export trade are same throughout the world, opening up world trade center while facilitating the movement of goods and services from country to country. Thus international standards increase the market share that help increases the productivity and ROI of the organizations.
From the latest statistics on ISO’s, some organizations have achieved as high as a 1700% ROI by implementing ISO standards with 100% quality management coherence for the society. So we can undoubtedly say that the use of standardization and process driven architecture has made our world a better place and has increased the quality of life.