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One of the concerns of Financial Management and Management Accounting are the quality of the product or service the company is selling to the customers. In the modern business environment, speed and accuracy give meaning to quality and excellence.
Quality may be associated with the measure of satisfying the needs of a person. The business of commercial and industrial companies is to satisfy wants, desires, needs, and even vanity. Costumers are treated not only as rational but intelligent players in the market who know exactly what they need and what they want. In short, what the customers say is quality.
In order to serve the unending wants and needs of a costumer, a company needs change, a continuous change. Accordingly, there are only three permanent things in this world- taxes, death and change. Indeed, change is here to stay.
Change is the genesis of quality environment. Chang is precipitated and exacerbated by technological advancements in electronics, biogenetics, engineering, physics and other fields of science. Because of incessant changes in business environment, people and customers have re-created their needs necessitating adjustments on the way business are conducted.
Change is based on technology, which is based on inventions and discoveries, which, in turn, based on needs. There is change because of unsatisfied needs. In addition, to satisfy a need, quality becomes a necessity.
Instituting quality cannot happen overnight. It follows strategic stages of events and phasing that involves the whole aspects of integrated business operations and internal dynamics. It takes time to develop a quality environment.
One way of instituting quality is Kaizen. Kaizen refers to the process of continuous improving systems, policies, set- ups, interrelationships, processes and other details of activities. Improvement cannot be done in a wholesale fashion but in a piece-by-piece manner.
In order to be efficiently used, it needs to have process maps and process value analysis. Process maps meaning, the line- up of activities from the start to the end process to show the connections of the different activities in completing a particular project.
In relation, the principle of quality, change, and Kaizen is not only applicable to business but also to any organizations.
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Kaizen is a principle that relative to changes in quality. The terms vary in the business world. The best thing is to change certain services or qualities in meeting the demand and supply to a certain target market.
Yes, it is sir @Shavkat. Thanks for the additional information you have about KAIZEN.
The first time I heard the word KAIZEN during one of the seminars conducted in school, I got so curious if what does it really mean.
So I research about it and I come up an article.
@shantal It is a good thing that we learned this kind of principle. However, this principle should need to be applied. Acquiring it can be effective through practical application. It should not be known but also to apply it in our daily lives. Some people will just know the facts but never tried to see for themselves.