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Transformation using Lean Six Sigma measures for service processes
TLDR
This article has discussed establishing measures, and given some examples of measures within the financial industry, and shared some tools, such as the SIPOC, measures matrix, and how to clarify your customer’s needs.Abstract:
Measuring the performance of your processes is the first step in transforming your business. If you do not know something about your business, then you cannot improve it. I believe you should have measures in place for understanding your business performance all the time. They should be continuously measured, and whenever possible put on some type of control or metric chart which allows you to monitor trends that are occurring. When you have these measures, you can then make improvements whenever it is determined that you have a gap between where the processes are performing and where you need to be performing to compete. In this article, I have discussed establishing those measures, and given some examples of measures within the financial industry. I have also shared some tools, such as the SIPOC, measures matrix, and how to clarify your customer’s needs.read more
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Cost‐based process weights for DPMO and the overall performance of an organization
TL;DR: A new approach in which cost‐based process weights are used to determine a unique weighted‐defects per million opportunity (DPMO) and its corresponding overall sigma level in order to classify an organization as either “world‐class,” “ industry average” or “non‐competitive.”