Planning is key to optimizing a company’s production. The Deming Circle or continuous improvement spiral is a planning process that companies apply to improve their quality standards and efficiency. Naturally, all these factors have a direct impact on the valuations carried out in the Fair Value division of Fellow Funders.
Therefore, the Deming Circle is a strategy to be considered to improve the company’s competitiveness. This cyclical process consists of four stages that complement each other:
- Plan. This phase involves a diagnosis of the company’s status. This first stage aims to define the objectives and their necessary measures, and an evaluation system.
- Do. implementation of the actions planned in the first stage.
- Check. the actions taken are assessed through the evaluation system defined in the first stage. This step is critical to check to what extent the objectives have been met and to see which actions have worked.
- Act. Collection of documentation, reports, and comparisons in order to create the next improvement plan and start again with the first phase. The knowledge acquired allows corrective actions to be defined or those that have worked adequately to be promoted.
Implementing the Deming Circle can increase efficiency, productivity, and competence, and, therefore, be of great benefit to your company’s value. As can be seen, its cyclical nature allows for continuous self-assessment of processes and identification of opportunities for improvement. Get ready to take your company to the next level!