Trust Over Transactions: Exploring Deming’s Fourth Point

In this episode we continue our series on Deming's Fourteen Points of Management, focusing on his Fourth point and the critical shift from price-driven transactions to value-driven partnerships. Jay Patel, CEO of Amtech, joins us for a conversation on why ending the practice of awarding business based on price alone can lead to greater overall efficiency and innovation, with insights on how focusing on long-term relationships with suppliers can minimize total costs and build mutual trust and loyalty, contrary to the traditional procurement strategy. We explore the tangible benefits of this approach, from operational stability to improved product quality, and talk about how leadership is pivotal in steering this transformative mindset. Join us as we explore how businesses can thrive by prioritizing trust over transactions. Featuring Jay Patel