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Rejects reduction in a retail bank using Lean Six Sigma

Rejects reduction in a retail bank using Lean Six Sigma AbstractLean Six Sigma (LSS) is a majestic process improvement methodology that has been proved to be a powerful management strategy across services. The influential synergy of Six Sigma and Lean aims at improving the processes, focusing on both rapid and robust improvements, reducing waste and variation in the process. LSS generates successful results in key performance indicators (KPIs) based environments, where process data gets measured and leveraged for making essential management decisions. The aim of this paper is to highlight the importance of LSS in banking industry through a real-time process improvement study. The article establishes the literature for the need for LSS in banks detailing on customer facing metrics and process KPIs. An action-research study conducted in a retail bank is presented in LSS DMAIC methodology which reaped a benefit of INR 1.6 million and is a classic example of how LSS can bring bottom-line impact to an organisation, alongside contributing to the process improvement mind-set in employees. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Production Planning & Control Taylor & Francis

Rejects reduction in a retail bank using Lean Six Sigma

Production Planning & Control , Volume 27 (14): 12 – Oct 25, 2016

Rejects reduction in a retail bank using Lean Six Sigma

Production Planning & Control , Volume 27 (14): 12 – Oct 25, 2016

Abstract

AbstractLean Six Sigma (LSS) is a majestic process improvement methodology that has been proved to be a powerful management strategy across services. The influential synergy of Six Sigma and Lean aims at improving the processes, focusing on both rapid and robust improvements, reducing waste and variation in the process. LSS generates successful results in key performance indicators (KPIs) based environments, where process data gets measured and leveraged for making essential management decisions. The aim of this paper is to highlight the importance of LSS in banking industry through a real-time process improvement study. The article establishes the literature for the need for LSS in banks detailing on customer facing metrics and process KPIs. An action-research study conducted in a retail bank is presented in LSS DMAIC methodology which reaped a benefit of INR 1.6 million and is a classic example of how LSS can bring bottom-line impact to an organisation, alongside contributing to the process improvement mind-set in employees.

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References (52)

Publisher
Taylor & Francis
Copyright
© 2016 Informa UK Limited, trading as Taylor & Francis Group
ISSN
1366-5871
eISSN
0953-7287
DOI
10.1080/09537287.2016.1187312
Publisher site
See Article on Publisher Site

Abstract

AbstractLean Six Sigma (LSS) is a majestic process improvement methodology that has been proved to be a powerful management strategy across services. The influential synergy of Six Sigma and Lean aims at improving the processes, focusing on both rapid and robust improvements, reducing waste and variation in the process. LSS generates successful results in key performance indicators (KPIs) based environments, where process data gets measured and leveraged for making essential management decisions. The aim of this paper is to highlight the importance of LSS in banking industry through a real-time process improvement study. The article establishes the literature for the need for LSS in banks detailing on customer facing metrics and process KPIs. An action-research study conducted in a retail bank is presented in LSS DMAIC methodology which reaped a benefit of INR 1.6 million and is a classic example of how LSS can bring bottom-line impact to an organisation, alongside contributing to the process improvement mind-set in employees.

Journal

Production Planning & ControlTaylor & Francis

Published: Oct 25, 2016

Keywords: Lean Six Sigma; retail banking; rejects; DMAIC; key performance indicators

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