CIMdata PLM Industry Summary Online Archive
14 February 2008
Financial News
IQS’ Record Growth for Enterprise Quality Management
IQS announced record sales of its IQS Enterprise Quality and Compliance Management software for 2007. IQS posted a record growth of 40% for 2007 and anticipates increased growth for 2008 as companies turn to quality programs to reduce waste, create leaner and more competitive organizations. IQS was chosen by customers because it provides an end-to-end solution that goes beyond compliance and quality control, and actually improves the way products are delivered. In cost-sensitive economic times, solutions that solve a headline-generating business problem like quality– AND reduce costs, go to the top of buyers lists.
“IQS has been proven across many industries as a critical and strategic change-agent, not only for quality and compliance, but also providing fundamental business improvement. Quality has a direct impact on cost reduction. Our clients have repeatedly documented hard savings from reduced defects, scrap, and labor that pay for the product ten times over. In today’s economy, this kind of project goes to the top of the list,” says Michael Rapaport, CEO of IQS. “Our enterprise quality solution connects every division, department, team member and supplier with the real-time quality data to allow companies and their suppliers to build products right the first time, saving labor, rework and warranty costs. Our customers don’t just talk about savings – they can document them.”
IQS customer case studies clearly validate the efficiencies gained and costs reduced by implementing the IQS enterprise quality solution. Results include:
• Lowering PPM from 5679 to 556 in 12 months
• Reducing product rework to 2.5%
• Reducing audits from days to hours
• Saving hundreds of thousands of dollars in audit preparation costs annually
• Recovering $6M in supplier costs due to bad parts
• Taking a company from Three Sigma to Six Sigma in 12 months
IQS also grew its customer base by 38% in 2007. Quality was once considered the domain of automotive and aerospace, but in what seems an epidemic of quality issues, IQS’ recent growth was lead by medical device and a wide variety of discreet manufactures. IQS has also added several pet food clients during 2007.
“Regardless of the industry or product manufactured, IQS gives companies an incredible competitive advantage in a time where product quality is highly scrutinized in the media and by customers,” says Lori Gipp, VP of Marketing for IQS. “Our customers use IQS save money and reduce risk. They understand their quality processes are more manual and waste-laden than other areas that have already been automated, and smart companies see quality and compliance as a way to save money – not just a sunk cost.”
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