How Does ISO 9001 Affect the Bottom Line?
ISO standards impact businesses, governments and societies worldwide in a powerful and positive manner by providing practical tools for sustainable development. This sustainability is incorporated economically, environmentally and socially, but many business owners want to know how these standards will affect their bottom line.
According to the U.S. Department of Commerce, standards and conformity assessment (checking that products and services measure up to standards) have an impact on 80% of the world’s global commodity trade. These results come from more efficient production and better decision making. But taking a look more specifically at the results of ISO 9001 certification provides an even clearer picture of the positive outcomes to an organization’s profitability.
Former Director of ISO Certification at BSI Group, the national standards body of the UK and global certification company, Neil Hannah, states that over a 10-year period, ISO 9001 certified companies outperformed the market by more than 100%. These results were measured by comparing the performance of firms before and after certification and a more complex method, carrying out longitudinal analysis in which the performance of equally matched companies were measured against each other, during the timeframe in which one party sought and later earned ISO 9001 certification while the other did not.
At simpleQuE, we have found what we consider to be the top five ways that ISO 9001:2015 can help your bottom line but we are confident there are many more. They include:
- Competitive Edge
- Efficiency/Cost Savings
- Innovative Products and Services
- Customer Confidence/Satisfaction
- Market Access/Trade
BSI has developed an ROI Tool that helps organizations identify the likely financial benefits they could see if they implemented a certified ISO 9001 system. This tool takes the organization’s current revenue, assets, profit and staff numbers and makes a rough estimate of the cost of getting certified versus the profit increases that might be expected. Utilizing such a tool can help organizations and business owners feel confident that the time and investment of becoming ISO 9001 certified will contribute to better performance and return on investment.
If you are interested in learning more about how your organization can receive a customized ISO 9001:2015 consulting plan, please contact us today.
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