TQM is an approach to management that seeks continual improvement in everything that an organization does. It is concerned with the performance of all the processes in the organization and the products and services that are the outcomes of those processes.
Business excellence is the use of TQM and other world class practices in managing the organization to achieve desired results which themselves are capable for becoming benchmarks.
TQM and Business Excellence stresses the creative involvement of everyone from the Chief Executive Officer down, in the quest for quality. It emphasizes team activity, brings pride in performance to all levels of the organization, develops more informed and supportive managers and supervisors, and so leads to an improved climate in the workplace.
It offers lower costs and improved productivity, leading to greater effectiveness, long-term competitive advantage, and improved job prospects.
Various TQM awards are available for those who demonstrate excellence in deploying TQM in their organization such as Malcolm Baldrige, EFQM etc.