As a leading ISO consultancy, we’ve been asked a lot of questions since opening in 1994. However, one question that always seems to pop up is the classic, “is it really worth it?”. We get it; at IMSM, we’re enthusiastic about ISO, but we understand you may not be, and that’s okay because you are passionate about your business, and we’re passionate about ours. This dynamic is why partnering with an expert consultant can help you achieve your ISO goals and make sure ISO is ‘worth it’ for you.
Working with IMSM allows you to work on your business alongside an ISO specialist, learning from them and leaning on their expertise, which could be invaluable to your business. Several seemingly small benefits accumulate into an extremely valuable system.
Is ISO worth it for my business?
If you’re reading this, the chances are you’re familiar with the many benefits of an ISO management system, but might still wonder, “is ISO worth it for me?” This answer depends on your company values and corporate goals, but an ISO management system standard is well worth the investment for most businesses.
Let’s turn the question back to you, “what is efficiency worth to your company?” What about being more quality-driven? With ISO, your employees and customers will see a significant, positive difference; so, what is that worth?
With an ISO management system standard, you can:
- Better understand your business
- Improve your company operations
- Improve your products and services
- Improve morale and job satisfaction
- Improve customer satisfaction
- Earn more revenue
- Save more money
How much does ISO certification cost?
If you understand the value that ISO certification will bring, the next question you may have is, “how much will ISO cost?” There are two main costs to consider when obtaining ISO certification. Firstly, the cost involved with correctly implementing the standard and then the certification cost.
The fees of implementing an ISO standard will vary depending on different factors, which is why it’s essential to understand all costs and commitments upfront. Working with a consultancy that includes document production, implementation, and instruction will ensure you are fully supported and prepared for a successful certification.
At IMSM, we operate on a fixed fee based on the number of company sites and the employees you have, because so many variables affect the price, it’s always best to speak to a consultant who can give you a fixed quote based on your unique needs. You can then be confident knowing the cost of the implementation will not change, and there will be no costly surprises.
The second fee you should be aware of is the cost of certification. This fee will vary depending on your country, certification body, size of business, and standards you need implementing.
Above all, ISO is an investment in your business. In some instances, implementation or training costs are covered through available grants and government investments, which you can discuss with your local ISO specialist.
What is the ROI of ISO certification?
So, now you understand the value of ISO certification and the possible costs, the next question in your mind is probably, “what is the return on investment?” This answer usually extends further than traditional ROI; however, there are two primary ways to calculate your possible return on investment.
The first, straightforward way to determine the return on investment is if you obtained certification to win a bid or a tender. It’s easy to calculate investment cost versus the contract value you will receive from having the certification. However, if you decided to implement ISO for other reasons, calculating return on investment can be less straightforward.
To better understand, let’s break the benefits into cost savings and increased profit. Imagine a seesaw – on one side are your internal and external costs due to failures, and on the other side if the price of ISO. The expenses associated with those failures, such as faulty products, costly reworks, loss and waste, warranty coverage, and suffered business on one side, versus the savings if these mistake didn’t occur.
In addition, by calculating possible cost savings, such as appraisal charges on physical products, system reviews, and preventative cost savings by stopping issues in the first place, you start seeing multiple layers for determining return on investment. Then consider additional profit from new business, and the unmeasurable trust ISO adds to your brand reputation. Together, all these benefits can help you to identify your return-on-investment potential.
A great way to think about return on investment is that, on average, it costs your business ten times more to deal with an issue once it has reached the customer than if it had been discovered internally through audits and management processes.
What are the next steps?
If you still have questions or want to discuss all of the benefits of ISO implementation and certification, our experts can guide you through your ISO journey. Schedule a free consultation today to receive your fixed quote.
