What is the Financial Impact of ISO?

From our experience businesses pursuing ISO 9001, ISO 27001, ISO 14001 or OHSAS 18001 do it for one of 3 reasons:

• To fulfil tender or customer requirements and win new work

• To drive Business or Process improvement

• Both of the above

I would guestimate from our experience 20% of businesses pursue certification to solely fulfil tender or customer requirements and win new work.

A similar percentage would use their certification project to focus mainly on driving Business or Process improvement.

The bulk of businesses want the certification to win new work but engage with the process of attaining certification, to benefit from both Business & process improvements.

For any Business considering implementing the standards we would always ask that they consider Return on Investment. Firstly obtain a costing for the certification route you think could best help you improve in your operations & best serve a positive outcome in gaining your chosen certification. See previous post for various methods of attaining certification.

The main financial benefit will be the additional tenders it qualifies you for & the extra work it may bring in – ask your potential clients if it could give you a more favourable outcome when bidding for work. Benefits outside of this most obvious financial reward are normally found in the project phase & can be –

ISO 9001 Project Phase

• Enables you to examine your current operating processes & identify areas for improvement

• Pushes you to rationalise & define systematic processes that ensures all are “singing off the same hymn sheet” within the business

• Clearly defined business processes support company growth “before things get out of control”

ISO 27001 Project Phase

• Ensures you identify all information stored within the company & it’s importance to your business

• Systematically guides you through risk assessing the threats & vulnerabilities to the information you hold

• Ensures you put in adequate controls to protect your information and ultimately your business

ISO 14001 Project Phase

• Identifies any aspect of your business that can impact the environment

• Makes you evaluate the impacts your business could have on the environment & identifies the controls needed to reduce the likelihood or prevent such impacts

• Ensures an awareness of Environmental Legislation & avoids any unnecessary & “crippling” fines

OHSAS 18001 Project Phase

• Identifies any Hazards within your business that could impact Human Health or cause Accidents

• Makes you evaluate the Risks associated with these Hazards & identifies the controls needed to reduce the likelihood of accidents or affects on Human Health

• Ensures an awareness of Health and Safety Legislation, avoids any unnecessary “crippling” fines & most importantly protects both your employees and anybody else who can be affected by your work

These are just a few bullet points on some of the ways certification can help your business, there are many more. So if you want any further info just get in touch.

grant@qmuk.co.uk

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