Main Article Content
Abstract
In today’s emerging world, it has become important for an organisation to focus on innovation and idea generation. To cope up with dynamic and ever changing environment, organisations have started adopting new approach i.e., Business Excellence. Business Excellence helped organisations in formulating better operational and strategic decision making. There is an increasing need to enhance customer and employee satisfaction, organisational growth and reliability and the modern measurement frameworks (Business Excellence Models) have provided a groundwork for continuous improvement and to benchmark their performances. Business Excellence models provides holistic approach to all types of organisations to demonstrate best practices and the models have also proved their long-term viability and success. Business Excellence Models when incorporated properly have immensely contributed to the growth of an organisation and to tackle competition in a better way. The focus of this paper is to analyse the three well known Business Excellence Models- Malcolm Baldrige National Quality Award, the Australian Business Excellence Framework and the European Foundation for Quality Management Excellence Model. A brief about Japan Quality award is also mentioned in the paper. This paper also contributes to better understanding of the key elements and comparison of these business model. This paper also talks about TQM and its benefits and is also helpful for organisations to design and implement business excellence strategies in a more coherent and structured way. The information presented in the paper is obtained from various secondary data sources- books and academic journals from the relevant domain from library. All the information is based on significant literature review.