Process improvement on a small business scale
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Entrepreneurs that captain small businesses may regard Lean Six Sigma as a process improvement tool that's only useful for their larger competitors.
Indeed, the methodology originated in the manufacturing industry and was made famous by the Toyota Production System. According to the company's website, the approach is made up of two concepts - a focus on quality and the elimination of waste by producing and using only what is needed and nothing more.
However, as Business News Daily notes, the root of Lean Six Sigma pertains to efficient use of materials. While Toyota used it to streamline processes on its production line, small companies can realize improvements simply by rearranging the layout of a store to allow workers to move from one area to another with the minimum amount of walking.
"No task is too small for an efficiency makeover," Ginny Miori, an assistant professor at Philadelphia's St. Joseph's University, told the news source. "Once your business grows, even the smallest inefficiencies can become costly in both time and money."
Financial institutions achieve operational efficiency through technology
Indeed, the methodology originated in the manufacturing industry and was made famous by the Toyota Production System. According to the company's website, the approach is made up of two concepts - a focus on quality and the elimination of waste by producing and using only what is needed and nothing more.
However, as Business News Daily notes, the root of Lean Six Sigma pertains to efficient use of materials. While Toyota used it to streamline processes on its production line, small companies can realize improvements simply by rearranging the layout of a store to allow workers to move from one area to another with the minimum amount of walking.
"No task is too small for an efficiency makeover," Ginny Miori, an assistant professor at Philadelphia's St. Joseph's University, told the news source. "Once your business grows, even the smallest inefficiencies can become costly in both time and money."
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