It has already been established that the deployment of Lean Six Sigma, Design Thinking, and Agile independently are already quite effective in solving issues within an organization. So, imagine how powerful they can be when integrated together. This article briefly describes each of these methodologies and how their integration can be used to provide a…
What is Kaizen Event? ‘Kaizen Event’ is a focused and structured continuous improvement project, using a dedicated cross-functional team to address a targeted work area to achieve specific goals in an accelerated time frame (usually 1 week or shorter) [1, 2, 3, 4]. In layman’s terms, a Kaizen event is an intensive and short-term project…
WHAT IS BENCHMARKING? ‘Benchmarking’ is a systematic management tool in process improvement that measures and compares an organization’s process, product, or service performance[1,2] with those with better performance or those using world-class strategies – a.k.a. best practices[3,4]. Robert Camp (1989)[5], considered the founder of best practice benchmarking, defined the tool as the “search for industry best…
Finance organizations are experiencing challenges due to the growing competition in today’s advanced business environment (Madhani, 2020; Singh & Rathi, 2018). To gain a competitive advantage and stay in business, these organizations need to eliminate operational waste and enhance their efficiency and productivity to better manage their operational capabilities, increase customers’ satisfaction, and achieve their…
