WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 16, 2019
The Impact of Quality Management Systems on Financial Situation of SMEs Operating in Group Purchasing Organizations
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Abstract: In order to improve their financial condition small and medium-sized enterprises combine and operate together in various types of multi-stakeholder organizations. Cooperation, for example, within units functioning as group purchasing organization (GPOs) is a great chance for them to improve their performance and financial safety. This is due primarily to the economies of scale in the joint purchases and establishing cooperation and exchange of experiences between group participants. An additional factor that should increase the benefits of companies operating in GPOs are quality management systems. The introduction of such systems should improve control in all areas of business management, which in turn should reduce costs and improve financial results in the long run. The aim of the article is to analyze and assess the financial condition of enterprises operating within group purchasing organizations that have implemented and used standardized quality management systems.
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Keywords: financial situation, quality management, SMEs, group purchasing organization JEL Classification: G3,L15,L00
Pages: 456-462
WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 16, 2019, Art. #50