Global survey conducted on behalf of Dow Corning reveals perceptions about most significant Business innovations
In international research study of companies has revealed that corporate executives perceive that online purchasing and total quality management were the most significant business innovations for their companies. The research results were the result of a HI Europe study, conducted on behalf of Dow Corning Corp. HI Europe is a wholly owned subsidiary of London-based Harris Interactive.
Findings show that 40 percent of executives surveyed rank total quality management as the most important business innovation for their organizations in the past three years. The study also shows that 19 percent of executives predict that more than half of their specialty chemicals purchases will be transacted online within the next three years.
Respondents included 691 executives in the Americas, Europe and Asia from a range of industries, including textiles, rubber, plastics, paper, health care, electronics, construction, paints and coatings, beauty and personal care, and automotive.
"These results reflect clear trends in the external business environment," explained Scott Fuson, Global Executive Director for Marketing, Sales and Customer Service at Dow Corning. "It indicates that companies seeking to compete in the global marketplace need to maintain a consistently high standard of product quality around the world. Total Quality Management, as well as Six Sigma, has provided proven means to accomplish that."
Perceptions about the importance of total quality management ranked highest in Asia, as compared to the other regions. Forty-five percent of respondents in Asia cited it as the most significant business innovation for their companies, as compared to the global average of 40 percent.
"We recognized the importance of maintaining high quality standards early on, which is the reason we are pleased that Dow Corning has been granted global ISO 9001 registration," Fuson said.
The ISO 9000 family of standards represents an international consensus on good management practices with the aim of ensuring that an organization can continually deliver the product or services that meet a customer's quality requirements. To be certified to the standard, companies must implement a quality management system embracing all company activities.
Process engineering and supply chain management ranked as the second and third most significant business innovations, respectively. Among respondents who cited process engineering, the results were strongest in Europe, where 27 percent felt it was the most significant business innovation.
Among those who ranked supply chain management as most significant, respondents in the Americas gave it the highest preference, with 21 percent identifying it as the most significant, compared to the global average of 15 percent.
Research results also revealed that companies intend to move an increasing amount of their raw materials purchases from traditional sales channels to online purchasing channels.
A total of 7 percent of respondents indicate their companies currently transact more than half of their specialty chemical material purchases online, while 19 percent predict in three years they will transact more than half online.
"The movement toward increased online purchasing demonstrates the benefits of web-based purchasing channels have been recognized and are being acted upon by businesses around the world," Fuson said.
The survey showed that the speed of this transition to online purchasing channels varied by region. Respondents in the Americas showed the fastest transition to online transactions.
"At Dow Corning, we are committed to staying ahead of the information technology curve and have addressed customer demand for online sales channels through our broad range of web-enabled services," explained K. Michael Lanham, Executive Director for Xiameter. "These survey findings demonstrate what we have held to be true from years of customer research - that customers will choose an online purchasing channel in return for convenience, 24/7 access to their purchasing information, and lower prices."
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