The concept of the new EFQM model of business excellence

Abstract

The European Foundation for Quality Management (EFQM) provides organizations around the world with a model to develop a culture of improvement and innovation. The article presents the up-to-date content of the model, revised in 2020, which include a summary of megatrends and various global shifts that are reshaping the modern world, formalized in evaluation criteria. The business excellence model is a flexible framework suitable for any organization in its approach of progress and improvement in economic, environmental and social conditions in the ecosystem in which it operates. The predictability of this behaviour represents and determines an increased credibility, providing support in achieving success by measuring opportunities in creating sustainable value. The strategic nature of the EFQM Model, combined with its focus on operational performance and a results orientation, makes it the ideal framework for testing the coherence and alignment of an organization’s ambitions for the future in terms of ways of working and its responses to challenges and pain-points. JEL: M1 Business Administration.