The initial post is the one I submitted. Following my post is the professor response to my post.
2nd is a students post that I will need to respond to as well.
Each response made should be 150-200 words with an APA citation.
The Bank of America Corporation is the eighth largest bank in the world in terms of assets. The bank was founded in 1998 as a result of the acquisition of Bank America by Nations Bank. The bank is headquartered in Charlotte, North Carolina with banking hubs in Toronto, London, New York City, Hong Kong, and Minneapolis. Total Quality Management is important to a service-based industry because it helps the management have a structured approach to management. The process is key to helping enterprises in the service industry improve the quality of their services, outputs, through continuous improvement (Androniceanu, 2017).
The International Standardization Organization certification is good for companies because it helps position them as an entity that is concerned with quality. However, for ISO certification to happen the management of companies must be ready to commit resources and goodwill since the certifications are beyond paperwork (Aba, Badar, & Hayden, 2015). The Bank of America might be prompted to acquire the ISO certifications for sales and marketing advantage, and for the value of the standard. The standards help improve business processes of an entity and also help position them as an entity committed to quality.
Embracing ISO international quality standards is key to improving the competitive advantage of companies because this can differentiate one from the competitors (Aba, Badar. & Hayden, 2015). Companies in the service industry like the Bank of America are not required to acquire the certifications; however, going by their position in the industry, there is an immense need for the certifications. Gaining the ISO international quality standards helps and motivates a company to improve their businesses, and also adds value to the business (Ingason, 2015). The bank has the ISO 9001:2015 for Quality Management Systems (QMS), which is key to quality management. They have implemented the certification to enable them to maintain quality management.
Aba, E. K., Badar, M. A., & Hayden, M. A. (2015). Impact of ISO 9001 certification on firms financial operating performance. International Journal of Quality & Reliability Management.
Androniceanu, A. (2017). The three-dimensional approach of Total Quality Management, an essential strategic option for business excellence. Amfiteatru Economic, 19(44), 61-78.
Ingason, H. T. (2015). Best project management practices in the implementation of an ISO 9001 quality management system. Procedia-Social and Behavioral Sciences, 194, 192-200.
What we learn as we work down through all the reviews is that TQM is founded on continuous improvement. And a great deal more — but I see that continuous improvement as a key to quality. Of course, add 6Sigma and the intent is to really drive that to the highest level.
This was one of the pieces of what W Edwards Deming brought to Japan –constantly improving. They even developed a name for it KaiZen. Here is the word.
If you remember the history of Japan, I do, it was after WWII and they were pretty busted. They worked to rebuild, but had not developed any modern industry. The big product of my youth was the transistor radio. I bought one. Everyone knew the quality was terrible, but it was also cheap. They usually worked for a few weeks.
Then along came Deming. He retrained the Japanese completely. You know the rest. No more cheap transistor radios.
Quality of service in a service-based business is an extremely important factor. With customers as the main focus, there is a level of quality that must be met in order to keep the customers happy and coming back or referring new business. With such a competitive industry, customer satisfaction is key and therefore quality must be a major focus of the business. Total Quality Management, or TQM is a process in which errors are detected in order to assure that they are reduced within the business. According to Talib, Rahman & Qureshi (2019), TQM integrates organizational functions to focus on meeting and surpassing customers’ requirements and organization objectives while empowering all of the members in the organization by offering the opportunity to participate, contribute and develop a sense of ownership. TQM provides a real competitive advantage within the service industry, making it a crucial component of businesses within the industry today.
According to Hayes (2019), Six sigma is a business management philosophy, focused on meeting customers requirements, improving customer retention, and improving and sustaining business products and services. Six Sigma has the ability to be applied to all industries. There are steps to applying the six sigma philosophy that are important to follow in order to assure that it is done correctly and does not apply harm to a business. According to Limitations of Six Sigma Steps and What to do about them (2018), this data-driven approach is a way to steam-line production and manufacturing although, it should be recognized that it can not replace human ingenuity and hard work.
Hayes. (2019). Retrieved from https://www.investopedia.com/terms/s/six-sigma.asp
Limitations of Six Sigma Steps and What to do about them. (2018). Retrieved from
Total quality management in service sector: A literature review *2019). International Journal of
Business Innovation and Research. Retrieved from https://www.researchgate.net/publication/237087016…