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QICID: 24567
Title: Finding the Invisible Hand: From Invisible Hand to Hand-in-Hand
Copyright: ASQ
Author: Winder, Richard E.; Robison, Lindon J.
Organization: Leadership Dynamics Research Institute; Michigan State University
Subject: Business process; Quality philosophy; Organizational culture; Customer focus; Customer requirements; Customer supplier relationships;
Series: ASQ World Conference on Quality and Improvement Proceedings, Houston, TX, Vol. 62, No. , May 2008, pp. 1-14
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Abstract: [This abstract is based on the authors' abstract.]
The quality movement is changing the economic paradigm on which modern successful businesses operate. Companies using the "invisible hand" paradigm provide goods or services to enhance their own self-interest, whereas enlightened companies focus on delighting the customer, which balances their own interest with those of their customers. This moves them from the invisible hand to a hand-in-hand relationship with their customers. This relational dynamic not only increases responsiveness to customer need, but also increase economic efficiency, organizational effectiveness, and profitability. It is shown how the economic principles that have emerged from the quality movement can be integrated into the organizational culture to enhance excellence.
Number of pages: 14
Price for ASQ Members: $5.00
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