Six Sigma Advantages in Finance and Accounting
The lean six sigma full course methodology got initially invented via the manufacturing process. However, today Lean gets implemented in the different technical and business processes. To eliminate useless processes, organizations leverage various Lean tools and their applications.
Lean implementation focuses on eliminating waste or "Muda" in a process. The Lean tools identify these wastes and help organizations build better technical, finance, and manufacturing processes, depending on the industry they are operating in. The Lean technique works best when implemented with Six Sigma.
Example of Lean tools that suits a particular requirement
- The "Just-in-Time" Lean tool is apt for a company needing an on-demand solution where products are manufactured only after receiving confirmation from the customer.
- The "Value Stream Mapping" tool is applicable when one wants to take a broader look into the organizational structure and holistically map out processes and activities of different verticals.
- The "Bottleneck analysis" tool is powerful to help organizations suffering from our lack of organized structure.
The lean principles help project managers to achieve greater efficiency by using them in the right way. The focus is to eliminate waste that has no value in addition to the internal process and the customer, optimizing the project.
Identify the end product value from the perspective of the customers
Any process that is not customer-centric is considered a waste as per Lean. Lean Team managers implement strategies after communicating with customers and understanding their demands.
- Mapping each step to understand where and how value creation is happening in the entire process
- Thus, the step is called "value stream mapping. “The project manager monitors each process and sees how it benefits the whole process. Mapping helps to get clarity and identify errors and wastes.
- Allows workflow to be seamless
Once the customer demand is identified and the work structure mapped out, the next challenge is maintaining a smooth workflow. For this, identification and elimination of waste are needed.
Lean categorizes wastes into seven different types, and organizations should identify the category to rectify and allow a smooth process.
- Inventory
- Wait-Time
- Defects
- Transport
- Motion
- Over-processing
- Overproduction
- Implement a " Pull System”
A pull system is when the team is pulled into a process when the work is to be prioritized, and to do it when the team is ready.
- Ensure continuous improvement
The organization workflow should be structured so that throughout the Lean process, improvement is maintained.
Knowing the lean principle will lead to the next logical thing: its application. For successful implementation, various Lean tool learning is available online.
Project managements require a Lean methodology to complete projects successfully by meeting the customer demands. Proper understanding of Lean principles, Lean tools, and its implementation can help teams in an organization to achieve higher success rates in managing projects. Individuals and enterprise teams must train in quality management and obtain lean tool certification. A knowledgeable workforce can help an organization realize the business benefits of Lean application.
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