Comparative Analysis of Quality Assurance Models for Business Excellence: with special reference to ISO 9001 and EFQM model

Global business environment in the modern times is being impacted by various forces such as advancement in technology, borderless trade, economic tremors and disruptions of business which have resulted in organizations adopting and using business excellence practices in order to achieve success in all domains of their business. There are several business excellence models available which are very famous amongst businesses, government and private accreditation agencies, regulators and policy makers. ISO has remained an all-time favorite quality standard for businesses. In the journey of excellence, most of the companies start with getting them in line with ISO standards and get certification. EFQM has also become very popular amongst modern day businesses as it sets more comprehensive view of business excellence and quality assurance. The aim of this paper is to understand the significance of business excellence and its internationally recognized models such as EFQM and ISO which assist in improving business performance. The paper also intends to highlight the similarities and dissimilarities between the two models and their implementation. Also, this is an effort to compare the two models (ISO and EFQM) to see their relevance and impact in the area of quality assurance and business excellence.