What are the Benefits of Implementing IATF 16949?
IATF 16949 is intended to make large and small companies discover their costs and efficiency to improve their performance and profitability. The implementation of this standard has excellent benefits regardless of the company size. The increase in profits, customer satisfaction, and savings on unnecessary costs are the main reasons companies have embraced the internationally recognized standard.
Here are the benefits that your company will reap from implementing IATF 16949:
Improved Customer Satisfaction
IATF 16949 has the foundation requirement of improving customer satisfaction through proper planning and meeting the customers’ expectations. Increased customer satisfaction gives your business the benefit of gaining repeat customers and creating new ones through referrals without incurring marketing costs. Happy and satisfied customers will also give your business positive reviews and ratings, hence increasing the profits.
Improved Decision
The standard requires evidence in making decisions, which is the second principle of this standard. Making evidence-based decisions rather than gut-feelings increases efficiency because you will allocate more resources to more productive areas. There are also fewer trial and error decisions hence saving costs that are brought by bad choices.
The monitoring process on the implemented changes improves learning and knowledge in your business processes based on data. The scrutiny done when following through the whole process allows better process integration to improve efficiency at all production levels.
Creating a Continuous Improvement Culture
This standard is the road to excellence because it promotes continuous improvement, which is the third quality of the standard. Your company stands to reap significant returns from improved efficiencies and cost savings.
Efficiency and cost-saving are achieved by the way you organize your processes and output throughout the production process. You will use systematic processes that increase the recovery speed and reduce impact when you face challenges.
Improved Credibility
IATF 16949 is the basis for creating a quality management system worldwide because it is an internationally recognized standard. Applying the standard in your business processes gives you a competitive edge when doing business locally and globally. Companies that need a supplier will consider the companies with QMS based on IATF 16949 over those that do not have implemented it because it is viewed as a mark of credibility.…
