In my opinion, implementation of total quality management will greatly help the company in the following aspects:
1. Reduction of defects because TQM promotes quality awareness and participation of all members of the organization, not just the QA or QC department. It means quality at the source.
2. Total quality management system leads to ease of problem solving. Through measurements such as SPC and other techniques such as failure analysis, defects and failures (even potential failures) can be identified and addressed.
3. TQM also leads to continuous improvement of processes and products. TQM system should also improve the efficiency of people and machine.
4. TQM leads to quality products which leads to customer satisfaction.
5. And finally, by reducing defects and improving machine and personnel efficiency, TQM should lead to cost savings and profitability improvement (bottomline).
Hope this helps.