Across the financial services, there are challenges which slow down business. Does your organization face a similar situation? Lean Six Sigma has spread from manufacturing to service sector with the ultimate purpose of satisfying customers.
Let’s take a look at some of the business challenges in the Financial and Banking Industry that may be addressed by the disciplined approach of Lean and Six Sigma.
- Reducing customer complaints
- Improving the credit evaluation process
- Resolving transactional errors in customer-facing processes such as account opening, loan application, and payment transfer
- Minimizing days outstanding in accounts receivable (A/R) process
- Reducing response delays
- Improving customer feedback and response processes
What is Lean Six Sigma?
Lean Six Sigma is a methodology that combines the elements of Lean (wastes reduction) with the elements of Six Sigma (variation reduction) to produce an overall strategy to improve processes.
Lean dramatically improves process speed while Six Sigma enhances the capability of process.
Together the two methodologies harmonize to produce fast and capable process.
What makes Whitehall different in implementing Lean Six Sigma to your organization?
Bias towards internal capability building
Our experiential capability building approach establishes process transformation leaders who are ready to take on broad issues across the business. The ultimate objective is to create an autonomous and sustainable program.
Driven by business value
Target the resources to drive most value based on potential. Once these processes have been identified, a capability assessment is performed to determine which processes require improvement, training and by how much. This allows the “size of the prize” to be determined and the development of the appropriate transformation journey roadmap.
Real business problem solving
Every component of the deployment is geared towards solving real business challenges. The appropriate tool set from the Lean Six Sigma library of best practices are assessed for fit and purpose. While deployment like these is mostly criticized for its long lead time to recoup the investment, we emphasize quick wins with equal rigor to keep the momentum and interest of stakeholders.
With Whitehall’s Lean Six Sigma center of excellence implementation approach, there has been a greater impact on the improvements and efficiency of resources.
An essential part is a tight collaboration with the client and our team of consultants to map out the Capability Transfer. The most effective way to “learn” is to “do.” The goal is to make the client autonomous in Lean, Six Sigma and Continuous Improvement capabilities. The three-way approach helps to implement the program in a simplified manner.
Focused competency development program for members (Yellow Belt), leaders (Green & Black Belt) and top management (Sponsors and Executives) are “action oriented” with a strong component of practical exercises leveraging on real projects.
Working side by side with our experienced practitioners, client resources will have the opportunity to apply in “real life” the lessons learned, increasing their confidence with the methodology and eventually becoming autonomous in the deployment of Lean Six Sigma tools.
To learn how to start building your organization’s Center of Excellence, contact firstname.lastname@example.org.