Errors or non-conformances cost us big time, but most organizations don’t realize it. Not only are there hard costs, but there are many hidden costs that add up to reduced profits – logging the issue, containing it, deciding on a cause, implementing a solution, checking it for effectiveness and reviewing risk management to see if it could have been avoided! And much more…
Anyone who touches a product during the workflow or is part of service delivery can have an impact. They can think, ‘So what? – it’ no big deal’. Or they can realize that they’ve impacted the results you’re after.
One thing to understand is the math around costs and profit – if your organization is earning a 2% net profit, it will take $50,000 of new revenue to replace that $1000 you just lost. This is not a theory – $50,000 X .02 = $1,000. It’s a fact!!
So get your folks on board to be proactive – flex your risk management muscles and stop errors before they happen. It’s a great source of pride and will hit the bottom line on the ‘good’ side!
Know Quality, Know Profits…No Quality, No Profits
If you’d like to see if our platform could help you put your management system at everyone’s fingertips,