A Review on Business Excellence Models and its impact on Industries

Abstract

The paper "A Review on Business Excellence Models" presents a comprehensive analysis of the predominant models in business excellnce, focusing on their development, characteristics, and impact on organizational performance. This review critically examines several prominent models, including the European Foundation for Quality Management (EFQM) model, the Baldrige Performance Excellence Program, and the Deming Prize, providing a comparative analysis to highlight their unique features and applications in different business contexts. Key findings reveal that while each model has distinct advantages and limitations, their core principles universally emphasize quality management, continuous improvement, and stakeholder engagement. The paper concludes that choosing a business excellence model should be strategic and context-dependent, aligning with the organization's goals, culture, and operational environment. The study also identifies emerging trends and future directions in business excellence, suggesting a growing integration of digital transformation and sustainability considerations. This research contributes to a deeper understanding of business excellence models, offering valuable insights for organizations striving to achieve and sustain excellence in an increasingly complex and dynamic business landscape.