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Volume 31, Issue 2

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Wednesday, 04 April 2018 14:46

Secrets of business success in new ISO standard

The average lifespan of businesses is shrinking, yet some have been around for hundreds of years. How to stay afloat in a rapidly changing world? A newly published standard aims to help.

By 2027, the average company on the Standard & Poor’s 500 Index (S&P 500) – an index of 505 stocks issued by 500 large companies with market capitalizations of at least USD 6.1 billion – will last just 12 years, according to the 2018 Corporate Longevity Forecast1). New technologies, economic shocks, disruptive competitors and failure to adequately anticipate and prepare for future challenges are the key reasons cited for their demise.

The freshly published ISO 9004, Quality management – Quality of an organization – Guidance to achieve sustained success, divulges the secrets and strategies of some of the longest lasting businesses around the world to help other organizations prepare for such challenges, optimizing their performance at the same time.