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Home arrow News arrow Alliances and Joint Ventures arrow FICCI inks 50:50 JV with American Society for Quality (ASQ), USA
FICCI inks 50:50 JV with American Society for Quality (ASQ), USA Print E-mail
Written by Viswanath   
Saturday, 22 November 2008

Enters into first ever International Joint Venture

New Delhi: In a landmark move, the Federation of Indian Chambers of Commerce and Industry (FICCI, has signed its first ever International Joint Venture in the sphere of Quality.  FICCI has entered into a 50:50 joint venture with ASQ. USA – (American Society for Quality) - the Worlds leading knowledge brand in Organizational Excellence and Quality. This momentous JV is also the first ever Joint Venture signed by ASQ outside the US.

The new entity known as-‘FICCI- ASQ Foundation for Innovation and Excellence’ with equal equity participation from both bodies assumes special significance in the light of the current global financial crisis and the imperative need to emphasize on quality, cost reduction and customer satisfaction.

FICCI as a change leader and part of its mission to enhance competitiveness of industries in India has established the biggest institution to promote Quality and Innovation with a large portfolio in India through this JV with ASQ.

While addressing the media, Mr. Paul Borawski, Executive Director & Chief Strategy Officer, ASQ on his maiden visit to India for formalizing the JV with FICCI, said, “This alliance will herald a new era in the history of Quality movement in India-one of the world’s fastest growing and most important economy.”

“The joint venture would serve as a resource hub for complete Asia- Pacific region, Mid East and South Asian region for FICCI-ASQ especially in the times of current Global Financial Meltdown.” He further added.

Speaking on the occasion Dr. Amit Mitra, Secretary General, FICCI, said “The FICCI- ASQ JV would provide a completely new dimension to the quality movement in India and help counter the challenge to India from China and other Asian countries. This Joint Venture is unique in India, as it would create the only internationally recognized institution (Foundation for Innovation & Excellence) of its kind in India, to facilitate the adoption of global best practices in Quality, which besides enhancing competitiveness of Indian industries will also help them to become truly World Class.”

 “It is a landmark in the history of Quality movement in India and play an active role in evolving a blueprint for the evolution of this new ASQ entity,” said Mr. Mitra.

The management team of FICCI- ASQ Foundation for Innovation and Excellence would comprise of a chief Executive and six Board of Directors.”

The timing of the JV assumes even greater significance in today’s context for countering global recession. The deployment of ASQ technologies such as Lean Six Sigma etc., focus on revenue growth and thereby facilitates generation of free cash flows. This in turn motivates organizations to focus on operational excellence and deriving profitability by reducing operating costs through more effective inventory management, cycle time reduction, supply chain management, improving customer interface processes and retention etc.

These approaches provide more sustainable and viable options while diverting the need to slash costs by reducing manpower through job cuts and retrenchment strategies. Cost reduction strategies that primarily focus on manpower reduction involving layoffs are short lived and cuts precious revenue generating resources as well as deplete employee morale leading to multiplying effects of recessive forces which only spirals the economy into deeper recession.

Hence ASQ Certification programs based on their internationally accepted body of knowledge developed by the Quality gurus of the likes of Deming, Juran, Crosby, Shewart, Figenbaum etc would ensure the development of world class human capital in India which would ensure effective delivery. It would also bridge the gap of availability of such skilled professionals in India as most quality professional do not meet the international norms, and most available certifications in India are substandard and do not follow the stringent international norms of ASQ which is considered the global benchmark.

It is hence imperative that Indian companies embrace these best practices in quality technologies at this stage to counter the emerging competitive forces from other low cost South Asian countries and also bridge the gap w.r.t countries such as China and Korea who are already considered global economic forces based on brand Quality.  It is time for India Inc to respond and establish itself as a Quality brand before it is too late and counter the competitive threats especially from China.

 

 
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