Introduction The economic environment is changing constantly and competition among business organisations is becoming stiffer every day. This is a call for organisations to take major actions that will help them stay in competition. No organisation can risk losing to a competitor since that would act as a major blow on its financial performance. Market failure or organisational failure is a catastrophic phenomenon and organisations should avoid at all costs. Organisations need to be producing quality goods and offering quality services consistently. Managers should ensure that their organisations engage in activities that give competitive advantage to the organisation (Sukhija, 2009). Some of the factors that can give the organisation competitive advantage include quality management, innovation and change. Quality management is the form of management whereby the manager directs all his or her duties towards ensuring that the organisation produces quality goods and services. To do this, there must be employees who are highly knowledgeable and skilled. Therefore, the human resource manager should be capable of managing a high quality human resource that would in turn be able to produce quality products and services (Bessant and Tidd, 2008). Under quality management, the organisation is expected to produce high quality goods in a consistent manner. Innovation, on the other hand, is the art of coming up with something new and better than what was there before. It involves improving what is already there to increase consumer satisfaction (Swann, 2009). Finally, the change is simply doing things in a different and better way. This essay focuses on the importance of quality management, innovation and change in an organisation. The paper will evaluate the reasons why an organisation needs to have the above factors and how the factors would give the organisation competitive advantage. Value of quality management in organisations Quality management is a skill that has become highly significant among organisational leaders and managers. Quality management is a distinct skill of management and most managers are thriving to add it to their skill set (Charantimath, 2009). Quality management is guided by the quality management principles. Quality management principles can be defined as the rules that are adopted by leaders and managers in leading an organisation. The rules are aimed at improving the long term performance of the organisation, as well as addressing the needs of customers and those of other organisational stakeholders, such as the employees and shareholders. There are eight principles of quality management that are all aimed at improving the performance of an organisation. In discussing the benefits of quality management, it is advisable to look at each quality management principle and its associated benefit. In Australia, quality management has been there for a long time. However, it was not enforced seriously until around the year 1990. In 1991, an award for quality management was launched where best companies would be awarded each year. Today, quality management is a priority to most companies in Australia (Funk, 2004). The first quality man